The Star Entertainment Group Returns to EBITDA Profit in Q2 FY26
The Star Entertainment Group has reported a return to positive EBITDA in the second quarter of FY26, reflecting stabilised trading conditions across key properties and the growing contribution from The Star Brisbane operator fee.
For the three months ended 31 December 2025, the Group generated revenue of $301 million, representing a 6% quarter-on-quarter increase, while EBITDA before significant items reached $6 million, compared to a $13 million loss in Q1 FY26. The result highlights early signs of operational stabilisation despite ongoing regulatory and financial pressures.
Property Performance Shows Mixed Recovery
Sydney trading remained subdued, with revenue largely flat quarter-on-quarter at $163 million. Electronic gaming revenue improved, but table games softened following the implementation of mandatory carded play and daily cash limits. Since reforms were fully implemented in October 2024, average daily revenue in Sydney has declined approximately 19% compared to pre-reform levels.
The Gold Coast delivered stronger results, benefiting from seasonally higher volumes. Revenue rose to $108 million, while EBITDA increased 67% quarter-on-quarter to $10 million, supported by growth across table games and electronic gaming.
The Star Brisbane continued to emerge as a key contributor following its staged opening. The Group recognised $26 million in operator fee revenue, translating into an EBITDA profit of $4 million.
Liquidity and Capital Management in Focus
As of 31 December 2025, the Group reported available cash of $130 million. Strategic investments completed in November saw Bally’s Corporation acquire approximately 38% of issued capital, while Investment Holdings now holds approximately 23%, strengthening liquidity support.
The Group remains engaged in an active refinancing process ahead of covenant testing in February 2026, with successful refinancing critical to financial stability.
Looking Ahead
While regulatory uncertainty and refinancing risk persist, the quarter reflects measurable improvement in earnings momentum as management focuses on operational stabilisation and long-term sustainability.
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