Three Leaders. Three Properties. One Next Chapter for The Star Entertainment Group
Australia’s most scrutinised casino group has just delivered its cleanest quarter in two years, and the numbers tell a more complicated story than the headline suggests.
The Star Entertainment Group reported Q4 FY26 revenue of $265 million and an EBITDA loss of $8 million before significant items in its quarterly activities report released to the ASX on 24 July 2026. That loss is 70 per cent smaller than the $27 million shortfall posted in the same quarter last year, a $19 million improvement driven almost entirely by cost savings rather than top-line growth. Revenue was flat against Q3 FY26 and 2 per cent below the prior comparable period.
The Star Q4 FY26 Results Property by Property
The group’s three markets are moving in very different directions. The Star Sydney recorded revenue of $150 million, up 2 per cent on the previous quarter but down 7 per cent year on year, with table games soft and electronic gaming machines doing the heavy lifting. The regulatory drag remains severe. Since mandatory carded play and $5,000 daily cash limits were fully implemented on 19 October 2024, average daily revenue to 30 June 2026 has fallen 20% compared to the 4-week average prior to 19 August 2024 (the initial phase of NSW regulatory reforms).
The Star Gold Coast is the outlier. Revenue rose 12 per cent year on year to $107 million, gaming revenue grew 21 per cent, and segment EBITDA of $13 million was up 584 per cent on the prior comparable period. One property is now carrying the group’s operating momentum.
The Star Brisbane cut the other way. Operator fee revenue dropped from $15 million in Q3 to $5 million ($4.5 million under the amended CMA basis), reflecting the amended Casino Management Agreement that took effect from 1 April 2026 and fixes The Star’s fee at $18 million a year plus performance incentives, still pending regulatory approval.
Star Entertainment Cash Position More Than Doubles After Refinancing
Liquidity is the quarter’s most consequential number. Available cash reached $267 million at 30 June 2026, up from $120 million three months earlier. Two moves made that possible. The completion of the first stage of the JVP Transaction on 1 April 2026 released The Star from its guarantee over 50 per cent of the Brisbane joint venture’s $1.4 billion debt facilities. Then in May, the group closed a USD 390 million secured term loan due May 2029 from WhiteHawk Capital Partners, lifting available liquidity by roughly A$130 million net of the required interest reserve.
Going Concern Risk Has Not Been Retired
The disclosure operators should read twice sits near the top of the announcement. The Star states plainly that its ability to continue as a going concern still depends on a limited number of material uncertainties, some outside its control. Progress is real. The DBC exit and the refinancing resolved two of the matters flagged in the H1 FY26 accounts. But the Sydney casino licence remains suspended, the Gold Coast suspension is only deferred, and all three regulatory oversight appointments currently run to 30 September 2026. For a business this size, that is an unusually compressed set of dependencies.
Future Outlook for The Star Entertainment Group
The next six months decide the shape of this company. Stage two of the JVP Transaction is expected to complete in the second half of CY2026 and no later than 31 March 2027. Regulatory approval of the amended Brisbane CMA will determine whether the reduced operator fee becomes permanent, alongside repayment of $7 million to the joint venture partners. Queensland’s carded play regulations remain unmade, and Sydney’s $5,000 cash limit holds until August 2027. The Star has bought itself time and balance sheet room. What it has not yet proven is that a smaller, cheaper version of this business can actually make money.
Source: The Star Entertainment Group
