Star Entertainment reports its annual loss of 2.435 billion Australian dollars. The Australian casino operator decreased its assets and kept in reserve cash for its continuing regulatory travails.

There are 21.9% fall in the country’s second-largest casino operator. And hit an all-time low of A$1.456. The reason for these losses is the casino tax hike in New South Wales. Reports say the hike in taxes is directly connected to helping communities affected by bushfires and floods.  

Star Entertainment proposed an urgent investigation into the operating model and assets of Sydney’s businesses.

“The A$400 million to A$1.6 billion range for the non-cash impairment charge to NSW Casino highlights the uncertainty around duty rates for Sydney,” Jefferies said in a note.

Star forecasts EBITDA of A$330 million to A$360 million for the financial year ending June 30, 2023. Down from the A$237 million it reported last year and a set of consensus figures of A$

6 million.

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News Source: https://rb.gy/ym6ij

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