Australia’s Star Entertainment suffers losses due to COVID-19 shutdowns

The Star Casino complex in Sydney illuminated at night on February 15, 2016. REUTERS/Jason Reed

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22 Aug (Reuters) – Australian casino operator Star Entertainment Group (SGR.AX) posted a yearly loss on Monday as it was hit by prolonged coronavirus-related facility and border closures and regulatory overhauls. I fell.

Since last year, Star has been embroiled in a government investigation into possible violations of anti-money laundering and anti-terrorism laws at its casinos, resulting in a major management more

The Brisbane-based company said it bore the brunt of one-off costs of around A$168 million ($115.48 million) this financial year. This included charges related to understated casino obligations, goodwill impairments and regulatory issues related to legal defenses. .

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Starr said in a previous trading update that earnings for the June quarter had rebounded strongly above pre-COVID levels, with all facilities operating unrestricted, but the full-year loss was further. did.

“COVID-19-related facility closures, operational restrictions, border closures and regulatory reviews have had a material impact on earnings,” the company said in a statement.

The country’s second-largest casino operator posted a net after-tax loss of A$198.6 million and a profit of A$57.9 million last year.

Star reported a 6% decline in revenue from its operations in Sydney, Australia’s second largest casino and Star’s primary money spinner. His total group income this year was A$1.53 billion, compared to his A$1.55 billion last year.

($1 = 1.4548 Australian dollars)

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Reported in Bangalore by Roushni Nair and Jaskiran Singh.Edited by Diane Kraft

Our standards: Thomson Reuters Trust Principles.

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