Star Entertainment Group Limited · ASX:SGR
Star Entertainment — FY2025 Earnings Presentation
30 slides from Star Entertainment's earnings presentation, Aug 29, 2025
Slide 1: ASX Announcement: FY25 Results Presentation
ASX Announcement 29 August 2025 FY25 RESULTS PRESENTATION Attached is the presentation regarding the unaudited financial results of The Star Entertainment Group Limited (ASX:SGR) for the year ended 30 June 2025. A briefing for investors and analysts will be held at 11:00am (AEST) today, Friday 29 Au
Slide 2: FY25 Results Presentation
FY25 RESULTS PRESENTATION 29 August 2025 The Star Entertainment Group Limited ABN: 85 149 629 023
Slide 3: Disclaimer
DISCLAIMER This presentation (Presentation) contains summary information about The Star Entertainment Group and its subsidiaries (TSEG or the Group) and their current activities. It should be read in conjunction with the Group’s other periodic and continuous disclosure announcements lodged with the
Slide 4: Basis of Preparation
BASIS OF PREPARATION • Information in this presentation is provided as at the date of the presentation unless specified otherwise. It should be read in conjunction with The Star Entertainment Group Limited’s (TSEG, The Star or the Group) Appendix 4E for the twelve months ended 30 June 2025 (Prelimin
Slide 5: Agenda
AGENDA 1. Business Update 2. FY25 Financial Results 3. Update on capital structure, trading and near-term priorities 4. Appendices 4
Slide 6: Business Update
Business UPdate 5
Slide 7: Business Update
Business Update • Normalised Group revenue of $1,187.5 million • On 25 June 2025, shareholder approval received for the • Group EBITDA loss (before significant items) of ($77.1) million $300m $300m strategic investment from Bally’s and Investment Holdings Fy25 results • Group Net Loss After Tax (bef
Slide 8: FY25 Financial Results
FY25 FINANCIAL RESULTS 7
Slide 9: Group Profit and Loss
GROUP PROFIT AND LOSS FY25 $’million FY24 $’million Variance % Commentary • Group revenue declined 29%, due primarily to a 37% decrease in gaming revenue which Gaming revenue 844.0 1,336.5 (36.8%) was impacted by regulatory reforms, implementation of The Star’s remediation program Non-gaming and oth
Slide 10: The Star Sydney Results Overview
THE STAR SYDNEY Results Overview Normalised result FY25 FY24 Variance COMMENTARY $’million $’million % Revenue • Gaming revenue declined 25% reflecting continued impact from implementation of uplifted EGMs 222.1 299.7 (25.9%) controls, regulatory reforms (including mandatory carded play and restrict
Slide 11: The Star Gold Coast Results Overview
THE STAR GOLD COAST Results Overview FY25 FY24 Variance COMMENTARY Normalised result $’million $’million % Revenue • Gaming revenue declined 14% from the continued impact of the implementation of uplifted EGMs 176.5 203.7 (13.4%) controls and regulatory reforms, implementation of The Star’s remediat
Slide 12: Treasury Brisbane Results Overview
Treasury Brisbane Results Overview Normalised result FY25 FY24 Variance $’million $’million % COMMENTARY EGMs 25.2 176.2 (85.7%) • Decline in gaming revenue due to the Treasury Brisbane Casino closing on 25 August 2024 ahead of the opening of The Star Brisbane on 29 August 2024 Tables 20.6 134.8 (84
Slide 13: The Star Brisbane Results Overview
The Star Brisbane Results Overview COMMENTARY Operator fee revenue: • $29.6 million revenue comprises the operator fee paid by DBC to The Star since the FY25 FY24 Variance property opened on 29 August 2024 Normalised result $’million $’million % • Following announcement of the DBC transaction (agree
Slide 14: Group Corporate Costs
Group Corporate COSTS Group Corporate Overhead Expenses ($m) -$119m / -32% COMMENTARY 375 • Over the period of FY22 to FY24, The Star’s corporate costs -4% increased by $86 million driven by increased spend on +18% transformation and remediation related activities +19% • At The Star’s FY24 results a
Slide 15: FY25 - Cash Flow Bridge
FY25 - Cash Flow Bridge Available cash as at 25 August 2025 was $189 million. There remains $67 million payable by Bally’s Cash Position the earlier of 9 October 2025 or when Bally’s receives regulatory approval Asset Value ($m) Asset Value ($m) Available cash 199 Available cash 234 Short term depos
Slide 16: Update on capital structure, trading and near-term priorities
Update on capital structure, trading and near-term priorities 15 15
Slide 17: Capital Structure Update
Capital Structure Update • The Star has a $438.0 million senior debt facility, $434.3 million of which is drawn. The Star’s senior debt facility comprises: • $100.9 million super senior facility which is fully drawn Group Senior • $302.6 million senior term loan which is fully drawn • $34.5 million
Slide 18: FY26 Trading Update
FY26 trading update Monthly average Monthly actual COMMENTARY Net revenue Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Jul-25 Jul-24 • Soft trading conditions continued during the month of July, particularly at The Star Sydney The Star Sydney 62.3 58.5 53.8 53.8 52.5 61.3 • July 2025 Group revenue was $92.1 mill
Slide 19: Near-term Priorities
Near-term priorities 1 Obtaining AUSTRAC judgement outcome to provide certainty on timing and quantum of penalty 2 Addressing financial covenant waiver requirements and ongoing review of capital structure Obtaining outstanding regulatory approvals for the Bally’s and Investment Holdings transactions
Slide 20: Appendices
APPENDICES 19 19
Slide 21: A Portfolio of Premium Properties
A PORTFOLIO OF PREMIUM PROPERTIES Phased opening from Casino permanently closed on 29 August 2024 25 August 2024 The Star Sydney The Star Gold Coast The STAR Brisbane Treasury Brisbane Year opened 1997 1985 Phase 1: 29 August 2024 1995 Gaming licence1 99 Years Perpetual Licence 99 Years from Opening
Slide 22: FY25 Financial Overview
FY25 FINANCIAL OVERVIEW EBITDA (before significant items) NPAT (statutory) Net revenue FY25 -$77.1m -$471.5m $1,187.5m1 FY24 $174.7M FY24 -$1,684.6M FY24 $1,667.8M EBITDA Margin (normalised) Significant items (after tax) 29.6 62.3 -6.5% -$212.4m FY24 10.4% FY24 -$1,696.5M 8% vs FY23 EBIT (before si
Slide 23: Corporate Allocation
Corporate Allocation Property normalised results ($m) The Star Sydney FY25 FY24 Net Revenue 685.0 877.5 Gaming taxes and levies (191.1) (247.2) Operating expenses (excl Corporate) (402.1) (397.8) • The group operates a centralised corporate Property EBITDA 91.8 232.5 function and allocates corporate
Slide 24: FY25 – Group Balance Sheet
FY25 – GROUP BALANCE SHEET June 2025 June 2024 $’million $’million Cash and cash equivalents 267.0 299.6 COMMENTARY Trade and other receivables 21.1 31.5 • Cash and cash equivalents of $267.0 million, represents $234.3 million Inventories 10.7 13.6 of available cash and $32.7 million of cage cash In
Slide 25: Normalised Results by Property
NORMALISED RESULTS BY PROPERTY Excludes Significant Items The Star Sydney The Star Gold Coast Treasury Brisbane The Star Brisbane Group FY25 FY24 fav/(unfav) FY25 FY24 fav/(unfav) FY25 FY24 fav/(unfav) FY25 FY24 fav/(unfav) FY25 FY24 fav/(unfav) EGMs 222.1 299.7 (25.9%) 176.5 203.7 (13.4%) 25.2 176.
Slide 26: Major Corporate Events
Major Corporate Events • On 12 August 2025, The Star executed binding long-form documentation with its Joint Venture Partners to exit DBC and consolidate its position on Transaction to EXIT the Gold Coast DBC and • The key aspects of the Transaction are materially consistent with the Heads of Agreem
Slide 27: Casino Licences and Remediation Plan Update
Casino Licences and Remediation Plan UPDATE • The Star Sydney – The Star Sydney’s licence remains suspended, with the term of the Manager’s appointment extended to 30 September 2025. The Star Sydney is finalising a submission on its suitability to hold a casino licence to be provided to the NICC by
Slide 28: Regulatory & Major Claims Update
REGULATORY & major claims UPDATE • On 5 August 2025, the NSW Government announced that the $5,000 daily cash limits for gaming customers at NSW casinos will be maintained Mandatory until 19 August 2027. Under the existing approved transitional arrangements, the current $5,000 daily cash limits at Th
Slide 29: Glossary of Terms
GLOSSARY OF TERMS Term Definition AML/CTF Anti-Money Laundering and Counter-Terrorism Financing AUSTRAC Australian Transaction Reports and Analysis Centre Bally’s Bally’s Corporation CAGR Compound Annual Growth Rate Capital expenditure (capex) Unless otherwise stated, capital expenditure is presente
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Star Entertainment Group — FY2025 Earnings Presentation on 6ix