Star posts FY loss after Sydney casino hit
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Casino operator Star Entertainment Group has swung to an annual loss, Online Casino weighed down by extended COVID-related closures and a hefty writedown at its flagship Sydney Online Casino amid regulatory troubles.
Australia's second-biggest casino operator on Monday posted a full year loss of $198.6 million for the year to June 30, compared to a $57.9 million profit a year earlier.
The company said it took a financial hit after its three properties on the east coast were collectively closed for 125 days in the first half of the year due to pandemic restrictions.
It also slashed the value of goodwill for its main Star Sydney property by $162.5 million "due to regulatory and other uncertainties".
Star said normalised net loss, Online Casino excluding the significant items, was $32 million.
Revenue for the year to June 30 dipped 1.
Australia's second-biggest casino operator on Monday posted a full year loss of $198.6 million for the year to June 30, compared to a $57.9 million profit a year earlier.
The company said it took a financial hit after its three properties on the east coast were collectively closed for 125 days in the first half of the year due to pandemic restrictions.
It also slashed the value of goodwill for its main Star Sydney property by $162.5 million "due to regulatory and other uncertainties".
Star said normalised net loss, Online Casino excluding the significant items, was $32 million.
Revenue for the year to June 30 dipped 1.
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