Major Estimate Revision • Mar 06
Consensus EPS estimates upgraded to AU$0.026 loss The consensus outlook for fiscal year 2026 has been updated. 2026 losses forecast to reduce from -AU$0.127 to -AU$0.026 per share. Revenue forecast steady at AU$1.17b. Hospitality industry in Australia expected to see average net income growth of 85% next year. Consensus price target up from AU$0.12 to AU$0.13. Share price was steady at AU$0.13 over the past week. Price Target Changed • Mar 03
Price target increased by 13% to AU$0.13 Up from AU$0.12, the current price target is provided by 1 analyst. New target price is 8.3% above last closing price of AU$0.12. Stock is up 9.1% over the past year. The company is forecast to post a net loss per share of AU$0.026 next year compared to a net loss per share of AU$0.15 last year. Reported Earnings • Mar 02
First half 2026 earnings released: AU$0.031 loss per share (vs AU$0.10 loss in 1H 2025) First half 2026 results: AU$0.031 loss per share (improved from AU$0.10 loss in 1H 2025). Revenue: AU$584.9m (down 10.0% from 1H 2025). Net loss: AU$109.7m (loss narrowed 64% from 1H 2025). Revenue is forecast to stay flat during the next 3 years compared to a 5.4% growth forecast for the Hospitality industry in Australia. Over the last 3 years on average, earnings per share has increased by 72% per year but the company’s share price has fallen by 57% per year, which means it is significantly lagging earnings. New Risk • Feb 20
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Australian stocks, typically moving 13% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$213m free cash flow). Shareholders have been substantially diluted in the past year (131% increase in shares outstanding). Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (AU$168m net loss in 3 years). Share price has been volatile over the past 3 months (13% average weekly change). Price Target Changed • Dec 31
Price target increased by 20% to AU$0.16 Up from AU$0.13, the current price target is an average from 2 analysts. New target price is 11% below last closing price of AU$0.18. Stock is down 5.3% over the past year. The company is forecast to post a net loss per share of AU$0.13 next year compared to a net loss per share of AU$0.15 last year. New Risk • Dec 03
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 131% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$213m free cash flow). Shareholders have been substantially diluted in the past year (131% increase in shares outstanding). Minor Risk Currently unprofitable and not forecast to become profitable over next 3 years (AU$72m net loss in 3 years). Announcement • Dec 01
The Star Entertainment Group Limited Announces Board and Committee Changes, Effective 28 November 2025 The Star Entertainment Group Limited announced the following changes to the officeholders of The Star that were made during a meeting of the Board held November 28, 2025: Mr. Soo Kim and Mr. George Papanier were appointed to the Board of The Star as nominees of Bally’s Corporation; The Star’s Chairman, Ms. Anne Ward, has resigned as a director of The Star; Non-Executive Director, Ms. Deborah Page AM, has resigned as a director of The Star; Mr. Bruce Mathieson Jnr has been elected Chairman of the Board of The Star; Mr. Peter Hodgson has been appointed as interim Chair of The Star’s Audit Committee; and Ms. Eirene Garnsey has been appointed as an additional Company Secretary of The Star. These changes are now in effect. Reported Earnings • Oct 05
Full year 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2025 results: AU$0.15 loss per share (improved from AU$0.67 loss in FY 2024). Revenue: AU$1.36b (down 19% from FY 2024). Net loss: AU$427.9m (loss narrowed 75% from FY 2024). Revenue exceeded analyst estimates by 10%. Earnings per share (EPS) missed analyst estimates by 146%. Revenue is forecast to stay flat during the next 3 years compared to a 4.8% growth forecast for the Hospitality industry in Australia. Announcement • Sep 13
The Star Entertainment Group Limited, Annual General Meeting, Nov 25, 2025 The Star Entertainment Group Limited, Annual General Meeting, Nov 25, 2025. Location: at the star gold coast, 1 casino drive, broadbeach island, broadbeach, queensland Australia New Risk • Aug 30
New minor risk - Profitability The company is currently unprofitable and not forecast to become profitable over the next 3 years. Trailing 12-month net loss: AU$472m Forecast net loss in 3 years: AU$72m This is considered a minor risk. Companies that are not profitable are more likely to be burning through cash and less likely to be well established. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. Without profits, the company is under pressure to grow significantly while potentially having to reduce costs and possibly needing to take on debt or raise capital to remain afloat. Currently, the following risks have been identified for the company: Major Risk Less than 1 year of cash runway based on free cash flow trend (-AU$213m free cash flow). Minor Risk Currently unprofitable and not forecast to become profitable over next 3 years (AU$72m net loss in 3 years). New Risk • Aug 29
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -AU$213m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. This is currently the only risk that has been identified for the company. Reported Earnings • Aug 29
Full year 2025 earnings released: AU$0.16 loss per share (vs AU$0.67 loss in FY 2024) Full year 2025 results: AU$0.16 loss per share (improved from AU$0.67 loss in FY 2024). Revenue: AU$1.37b (down 19% from FY 2024). Net loss: AU$471.5m (loss narrowed 72% from FY 2024). Revenue is forecast to stay flat during the next 3 years compared to a 4.7% growth forecast for the Hospitality industry in Australia. Announcement • Aug 13
Far East Consortium International Limited (SEHK:35) and Chow Tai Fook Enterprises Limited entered into binding long-form documentation to acquire an additional 50% stake in Destination Brisbane Consortium Integrated Resort Financing Pty Ltd from The Star Entertainment Group Limited (ASX:SGR) for AUD 278 million. Far East Consortium International Limited (SEHK:35) and Chow Tai Fook Enterprises Limited entered into binding long-form documentation to acquire an additional 50% stake in Destination Brisbane Consortium Integrated Resort Financing Pty Ltd from The Star Entertainment Group Limited (ASX:SGR) for AUD 278 million on August 12, 2025. A cash consideration of AUD 45 million has been paid by Far East Consortium International Limited and Chow Tai Fook Enterprises Limited, during March 2025. Far East Consortium International Limited and Chow Tai Fook Enterprises Limited will pay an earn-out payment of AUD 225 million cash, based on the lower of AUD 225 million or 50% of DBC’s pro forma equity value and deferred payments of AUD 8 million cash. As part of consideration, AUD 278 million is paid towards common equity of Destination Brisbane Consortium Integrated Resort Financing Pty Ltd. The binding long-form documentation supersedes all previous arrangements regarding the transaction, including the heads of agreement with the buyers, which was terminated on August 1, 2025. The key aspects of the Transaction are materially consistent with the Heads of Agreement announced to the ASX on March 7, 2025. The Star Entertainment Group Limited has also received the consent of its subordinated lenders Bally’s Corporation and Investment Holdings Pty Ltd to support the Transaction on the basis of the executed terms.
The transaction is subject to approval by the applicable regulatory authorities, the approval of accommodations requested by the Joint Venture Partners from the Queensland State Government, approvals from lenders to The Star, DBC, and DGCC, amendments to DBC facility documentation, the release of The Star’s parent company guarantees in relation to DBC, and other required third-party consents. The expected completion of the transaction is November 30, 2025 to March 31, 2027, specifically, the transaction will complete in two separate stages. The first stage involves the completion of the exit from DBC, which has a sunset date of November 30, 2025. The completion of the remaining assets included in the Transaction (including DGCC and The Treasury Hotel in Brisbane) is subject to a separate set of conditions precedent, which are currently expected to be satisfied during the second half of calendar year 2026 (2H CY2026).
UBS Securities Australia Ltd acted as financial advisor for The Star Entertainment Group Limited. Allens acted as legal advisor for The Star Entertainment Group Limited. Announcement • Jun 26
The Star Entertainment Group Limited Announces Series of Executive Management and Subsidiary Director Appointments The Star Entertainment Group Limited announced a series of executive management and subsidiary director appointments. Executive appointments - Group Leadership Team: The Star Gold Coast - Interim CEO - Jennifer Cronin: Ms Jennifer Cronin has been appointed as Interim Chief Executive Officer (CEO) for The Star Gold Coast, subject to all regulatory and Ministerial approvals. Ms Cronin will act as interim CEO for a maximum term of 12 months while The Star continues its search for a permanent CEO. Ms Cronin is an experienced executive with an extensive international career in the hospitality industry. Ms Cronin's previous role was as President and Chief Executive Officer of Wharf Hotels, Marco Polo Hotels and Niccolo Hotels in Hong Kong with 17 hotels located across China, Hong Kong SAR, and Philippines. Group Chief Risk Officer Rowena Craze: Ms Rowena Craze has been formally appointed to the Group Chief Risk Officer role after joining The Star in April 2024 as Group Chief Audit Officer, leading Internal Audit and Regulatory Assurance. Ms Craze brings significant expertise in governance and risk and compliance, having previously served as KPMG's National Partner in Charge for Governance, Risk and Compliance. Her career spans internal audit and risk leadership across complex, multinational organizations in financial services, corporates, and mining. Ms Craze holds a Bachelor of Commerce, Master of Business Administration, and is also a Member of the Institute of Internal Auditors, a CPA and Graduate of the Institute of Company Directors (GAICD). Group Chief Legal Officer - Patrick McGlinchey: Mr. Patrick McGlinchey joined The Star on 20 August 2024 as Interim Group Chief Legal Officer with executive responsibility for all legal and corporate governance matters. Mr. McGlinchey has now been formally appointed to the role. Mr. McGlinchey has 30 years' experience specialising in legal, risk, regulatory and listed company governance matters with significant exposure to global markets, gambling entertainment, mergers and acquisitions and major company transformations and restructuring. Prior to The Star, Mr. McGlinchey was Chief Legal & Risk Officer and Co-Company Secretary at The Lottery Corporation Limited and previously held the same role at Tabcorp Holdings Limited. He holds a Bachelor of Economics (Soc Sc) and a Bachelor of Laws (Hons) from the University of Sydney. Mr. McGlinchey is also a graduate of the Australian Institute of Company Directors (GAICD). Chief People Officer - Sarah Derry: Ms Sarah Derry joined The Star on 31 March 2025 as Chief People Officer subject to regulatory approvals. Ms Derry has now received all regulatory approvals and will move into the Chief People Officer role on a full time basis, effective on 1 July 2025. Ms Derry is an experienced business leader, with over 30 years of diverse industry experience including deep exposure to hotels and resorts. Prior to joining The Star, Ms Derry ran her own business and was also employed by Accor for a number of years, including as CEO of Accor Pacific. Group Chief Information Officer - Peter Meliniotis: Mr. Peter Meliniotis joined The Star on 28 January 2025 as Group Technology Transformation Executive and commenced as Group Chief Information Officer effective from 23 June 2025. Mr. Meliniotis brings over two decades of expertise in technology advisory and implementation services, with a background in digital transformation, information management, software engineering and architecture, having worked for a number of consulting firms worldwide. He has a Masters in Business Administration and a Masters in Information Technology, majoring in database management systems. Independent Chair of The Star Sydney - Helen Galloway: As announced at the Company's AGM in November 2024, the Company is continuing its decentralisation to its properties while also embedding its new Governance Framework as agreed with its regulators, the NSW Independent Casino Commission (NICC) and the Queensland Office of Liquor and Gaming Regulation (OLGR). As part of this programme, The Star Sydney has appointed Ms Helen Galloway as the independent Chair of The Star Pty Limited (the licensee of The Star Sydney Casino), subject to all regulatory and Ministerial approvals. Her appointment as Chair of The Star Sydney will be for an initial term of 3 years. Ms Galloway has commenced as an observer on The Star Sydney Board and will take up her role as Chair in due course and upon receipt of regulatory and Ministerial approvals. Ms Galloway has been an independent member of each of the Compliance Committees of The Star Brisbane, The Star Gold Coast and The Star Sydney since 2023. She is an accomplished company director with a decade of experience in governance roles. Ms Galloway currently serves as Chair of Bank of us (B&E Ltd) and a Director of Hockey Australia. The Star Gold Coast - appointment as a director - Jennifer Cronin: Ms Jennifer Cronin has also been appointed as a director of The Star Entertainment Qld Custodian Pty Ltd. (the licensee of The Star Gold Coast Casino), subject to all regulatory and Ministerial approvals. Ms Cronin's appointment as a director of The Star Entertainment Qld Custodian Pty Limited is also facilitated by the Company's continued decentralisation to its properties while also embedding its new Governance Framework as agreed with its regulators, the NICC and the OLGR. Her appointment as a director is for an initial term of 3 years. Announcement • Apr 29
The Star Entertainment Group Limited(ASX:SGR) dropped from FTSE All-World Index (USD) The Star Entertainment Group Limited(ASX:SGR) dropped from FTSE All-World Index (USD) Major Estimate Revision • Apr 25
Consensus EPS estimates upgraded to AU$0.066 loss, revenue downgraded The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast fell from AU$1.25b to AU$1.23b. 2025 losses expected to reduce from -AU$0.075 to -AU$0.066 per share. Hospitality industry in Australia expected to see average net income growth of 70% next year. Consensus price target down from AU$0.14 to AU$0.13. Share price rose 5.0% to AU$0.10 over the past week. Price Target Changed • Apr 16
Price target decreased by 9.0% to AU$0.15 Down from AU$0.17, the current price target is an average from 3 analysts. New target price is 39% above last closing price of AU$0.11. Stock is down 73% over the past year. The company is forecast to post a net loss per share of AU$0.075 next year compared to a net loss per share of AU$0.67 last year. Board Change • Apr 16
High number of new and inexperienced directors There are 6 new directors who have joined the board in the last 3 years. The company's board is composed of: 6 new directors. No experienced directors. No highly experienced directors. Independent Non-Executive Director Michael Issenberg is the most experienced director on the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Announcement • Apr 09
The Star Entertainment Group Limited announced that it expects to receive AUD 300 million in funding from Bally's Corporation The Star Entertainment Group Limited, announced the binding term sheet with respect to a multi-tranche convertible note and subordinated debt instrument aggregate principal value of AUD 300,000,000 on April 7, 2025.The transaction involves participation of Bally’s Corporation and as a new investor AUD 100,000,000 is expected to be raised in first tranche by April 9, 2025, subject to receipt of required consents from company's senior lenders. AUD 200,000,000 is expected to be raised in second tranche following shareholder's approval and regulatory approval AUD 100,000,000 raised after shareholder approval with a further AUD 100,000,000 raised following the receipt of all required regulatory approvals by October 7, 2025.Tranche 1A Notes: shall be convertible into a number of conversion shares equal to 9.71% of the Issuer’s existing issued share capital on a pre-Notes issuance basis..Tranche 1B Notes: shall be convertible into a number of Conversion Shares equal to 4.85% of the Issuers existing issued share capital on a pre-Notes issuance basis. Tranche 1C Subordinated Debt Instrument. Tranche 2 Notes: shall be convertible into a number of Conversion Shares which when aggregated with the number of Tranche 1A Notes Conversion Shares and Tranche 1B Notes conversion shares. Tranche 1A Notes: the aggregate principal amount is AUD 22,281,428.80, Tranche 1B Notes,the aggregate principal amount is AUD 11,140,714.40 and sub debt instrument: is AUD 66,577,856.80.100.0% of the aggregate principal amount of the applicable Sub Debt Instrument / Notes. The convertible notes have 9 % per annum coupon rate. The conversion price is AUD 0.08 per share subject to customary adjustments as set out in the binding term sheet. Notes are Unsecured and subordinated. Tranche 1 is not subject to shareholder or other approval..The maturity of the notes is July 2, 2029.The transaction may also involve Investment Holdings Pty Ltd as a investor in future. The number of Shares to be issued on conversion of the Notes shall be subject to any restrictions in the constitution of the Issuer or under any applicable law or regulation, including under any Regulatory Approvals. Major Estimate Revision • Mar 05
Consensus EPS estimates fall by 15% The consensus outlook for fiscal year 2025 has been updated. 2025 expected loss increased from -AU$0.066 to -AU$0.075 per share. Revenue forecast unchanged at AU$1.30b. Hospitality industry in Australia expected to see average net income growth of 55% next year. Consensus price target of AU$0.17 unchanged from last update. Share price fell 15% to AU$0.11 over the past week. New Risk • Feb 16
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Australian stocks, typically moving 16% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (16% average weekly change). Minor Risk Currently unprofitable and not forecast to become profitable over next 3 years (AU$68m net loss in 3 years). Announcement • Feb 11
Far East Consortium International Limited (SEHK:35) and Chow Tai Fook Enterprises Limited signed a letter of intent to acquire 50% stake in Destination Brisbane Consortium Integrated Resort Financing Pty Ltd from The Star Entertainment Group Limited (ASX:SGR). Far East Consortium International Limited (SEHK:35) and Chow Tai Fook Enterprises Limited signed a letter of intent to acquire 50% stake in Destination Brisbane Consortium Integrated Resort Financing Pty Ltd from The Star Entertainment Group Limited (ASX:SGR) on February 10, 2025.
The transaction is subject to approval of merger agreement by target board. On The deal has been rejected by the board due to inadequate offer price. The The Star Entertainment Group Limited (ASX:SGR) continues to engage with Far East Consortium International Limited (SEHK:35) and Chow Tai Fook Enterprises Limited to ascertain whether a sale of The Star’s 50% interest in Destination Brisbane can be negotiated on terms satisfactory to The Star. Announcement • Feb 04
Blackstone Reportedly Considers to Buy Star Entertainment New York-based private equity firm Blackstone Inc. (NYSE:BX) is believed to considering acquiring The Star Entertainment Group Limited (ASX:SGR). There's talk that Blackstone is once again having some serious conversations about taking over Star Entertainment, which would provide synergies with its existing Australian casino operator, Crown Resorts, which operates in Melbourne, Sydney and Perth. Earlier, the understanding was that the NSW government was opposed to both Sydney casinos being owned by one operator, but with the possibility of a Star collapse, it may be changing its -position. It's likely that Blackstone would make a move on Star once it has entered voluntary administration. Sources say the chance to gain Star's gaming machines, should the NSW government allow Crown operate pokies, is a key attraction. Price Target Changed • Jan 12
Price target decreased by 23% to AU$0.21 Down from AU$0.27, the current price target is an average from 7 analysts. New target price is 90% above last closing price of AU$0.11. Stock is down 79% over the past year. The company is forecast to post a net loss per share of AU$0.06 next year compared to a net loss per share of AU$0.67 last year. Major Estimate Revision • Jan 11
Consensus EPS estimates fall by 14% The consensus outlook for fiscal year 2025 has been updated. 2025 expected loss increased from -AU$0.055 to -AU$0.062 per share. Revenue forecast unchanged at AU$1.31b. Hospitality industry in Australia expected to see average net income growth of 28% next year. Consensus price target down from AU$0.27 to AU$0.25. Share price fell 42% to AU$0.11 over the past week. Announcement • Jan 08
The Star Entertainment Group Limited to Report First Half, 2025 Results on Feb 28, 2025 The Star Entertainment Group Limited announced that they will report first half, 2025 results on Feb 28, 2025 Announcement • Jan 06
The Star Entertainment Group Limited to Report Fiscal Year 2025 Results on Aug 21, 2025 The Star Entertainment Group Limited announced that they will report fiscal year 2025 results on Aug 21, 2025 Announcement • Dec 13
The Star Entertainment Group Limited Announces Resignation of Mark Mackay as Chief Executive Officer of the Star Gold Coast The Star Entertainment Group Limited (The Star) refers to its previous announcement on 9 September 2024 in relation to the appointment of Mark Mackay as Chief Executive Officer of The Star Gold Coast (subject to receipt of all necessary regulatory approvals). Mr. Mackay has resigned as Chief Executive Officer of The Star Gold Coast effective immediately. Accordingly, The Star has commenced a process for recruiting a new Chief Executive Officer for The Star Gold Coast. Major Estimate Revision • Nov 02
Consensus EPS estimates upgraded to AU$0.045 loss, revenue downgraded The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast fell from AU$1.36b to AU$1.32b. 2025 losses expected to reduce from -AU$0.055 to -AU$0.045 per share. Hospitality industry in Australia expected to see average net income growth of 28% next year. Consensus price target down from AU$0.33 to AU$0.28. Share price fell 15% to AU$0.23 over the past week. Announcement • Oct 29
The Star Entertainment Group Limited to Report Fiscal Year 2024 Final Results on Oct 30, 2024 The Star Entertainment Group Limited announced that they will report fiscal year 2024 final results on Oct 30, 2024 Major Estimate Revision • Oct 07
Consensus EPS estimates fall by 242% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from AU$1.50b to AU$1.36b. Losses expected to increase from AU$0.016 per share to AU$0.055. Hospitality industry in Australia expected to see average net income growth of 37% next year. Consensus price target down from AU$0.49 to AU$0.33. Share price fell 3.4% to AU$0.28 over the past week. New Risk • Sep 30
New minor risk - Profitability The company is currently unprofitable and not forecast to become profitable over the next 3 years. Trailing 12-month net loss: AU$1.7b Forecast net loss in 3 years: AU$21m This is considered a minor risk. Companies that are not profitable are more likely to be burning through cash and less likely to be well established. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. Without profits, the company is under pressure to grow significantly while potentially having to reduce costs and possibly needing to take on debt or raise capital to remain afloat. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (17% average weekly change). Shareholders have been substantially diluted in the past year (77% increase in shares outstanding). Minor Risk Currently unprofitable and not forecast to become profitable over next 3 years (AU$21m net loss in 3 years). New Risk • Sep 27
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Australian stocks, typically moving 16% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Shareholders have been substantially diluted in the past year (77% increase in shares outstanding). Minor Risk Share price has been volatile over the past 3 months (16% average weekly change). Board Change • Sep 27
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. No experienced directors. No highly experienced directors. Independent Non-Executive Director Michael Issenberg is the most experienced director on the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Announcement • Sep 11
The Star Entertainment Group Limited Appoints Mark Mackay as Chief Executive Officer of The Star Gold Coast The Star Entertainment Group Limited announced the appointment of Mark Mackay as Chief Executive Officer of The Star Gold Coast, pending all necessary regulatory approvals. Mr. Mackay will commence with The Star on 10 September 2024. Mr. Mackay brings over 18 years of experience in integrated resorts and gaming, his most recent role was the Chief Operating Officer for Crown Resorts Melbourne, where he was responsible for managing the operation and strategic direction of Crown Melbourne. Prior to joining Crown Resorts in 2017, Mr. Mackay was Chief Operating Officer of The Star Gold Coast (then Jupiters Hotel and Casino) and is well known to The Star having originally joined Jupiters Casino (then part of TABCORP, now The Star) across various roles between 2006 and 2017. This appointment completes the new leadership team structure of decentralised management across three integrated resort developments in Brisbane, Gold Coast and Sydney. Announcement • Aug 19
The Star Entertainment Group Limited to Report Fiscal Year 2024 Results on Aug 30, 2024 The Star Entertainment Group Limited announced that they will report fiscal year 2024 results on Aug 30, 2024 New Risk • Jul 16
New minor risk - Profitability The company is currently unprofitable and not forecast to become profitable over the next 3 years. Trailing 12-month net loss: AU$1.2b Forecast net loss in 3 years: AU$35m This is considered a minor risk. Companies that are not profitable are more likely to be burning through cash and less likely to be well established. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. Without profits, the company is under pressure to grow significantly while potentially having to reduce costs and possibly needing to take on debt or raise capital to remain afloat. Currently, the following risks have been identified for the company: Major Risk Shareholders have been substantially diluted in the past year (69% increase in shares outstanding). Minor Risk Currently unprofitable and not forecast to become profitable over next 3 years (AU$35m net loss in 3 years). Major Estimate Revision • Jun 25
Consensus EPS estimates upgraded to AU$0.0077 loss The consensus outlook for fiscal year 2024 has been updated. 2024 losses forecast to reduce from -AU$0.0103 to -AU$0.0077 per share. Revenue forecast steady at AU$1.68b. Hospitality industry in Australia expected to see average net income growth of 69% next year. Consensus price target down from AU$0.58 to AU$0.54. Share price fell 5.1% to AU$0.47 over the past week. Announcement • May 30
The Star Entertainment Group Limited Appoints Jeannie Mok as Group Chief Operating Officer, Effective June 11, 2024 The Star Entertainment Group Limited announced the appointment of Ms. Jeannie Mok as Group Chief Operating Officer, subject to casino regulatory approvals being obtained. Ms. Mok will commence with The Star effective on 11 June 2024 and will lead the remediation efforts. Ms. Mok's most recent role was the Chief Transformation Officer for Crown Resorts, which included designing and launching Crown Resorts' transformation strategy and overseeing the delivery of its culture, governance, technology and operations remediation programs. Prior to her work at Crown Resorts, Ms. Mok held a number of senior positions in Lendlease Group, including Head of Operational Excellence for its Property business and, prior to that, Head of Legal & Business Operations for its Investment Management business. With over 20 years of experience, Ms. Mok has also served as a board director and company secretary of trustee entities which hold Australian Financial Services Licences. Buy Or Sell Opportunity • May 20
Now 24% overvalued after recent price rise Over the last 90 days, the stock has risen 20% to AU$0.54. The fair value is estimated to be AU$0.43, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has declined by 87%. For the next 3 years, revenue is forecast to grow by 1.5% per annum. Earnings are also forecast to grow by 98% per annum over the same time period. Price Target Changed • May 01
Price target decreased by 9.2% to AU$0.58 Down from AU$0.64, the current price target is an average from 9 analysts. New target price is 45% above last closing price of AU$0.40. Stock is down 68% over the past year. The company is forecast to post a net loss per share of AU$0.01 next year compared to a net loss per share of AU$2.12 last year. Major Estimate Revision • Apr 13
Consensus EPS estimates increase from loss to AU$0.0005 profit, revenue downgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast fell from AU$1.69b to AU$1.67b. EPS estimate of -AU$0.0009 up from expected loss of AU$0.0005 per share previously. Hospitality industry in Australia expected to see average net income growth of 70% next year. Consensus price target down from AU$0.64 to AU$0.62. Share price fell 6.5% to AU$0.51 over the past week. Buy Or Sell Opportunity • Apr 12
Now 23% undervalued after recent price drop Over the last 90 days, the stock has fallen 2.9% to AU$0.51. The fair value is estimated to be AU$0.65, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has declined by 87%. Revenue is forecast to decline by 6.2% in a year. Earnings are forecast to grow by 99% in the next year. Announcement • Mar 27
The Star Entertainment Group Limited, Annual General Meeting, Nov 12, 2024 The Star Entertainment Group Limited, Annual General Meeting, Nov 12, 2024. Announcement • Mar 22
The Star Entertainment Group Limited Announces CFO Changes The Star Entertainment Group Limited (The Star or Company) announced that Christina Katsibouba has decided to step down as Group Chief Financial Officer after nine years with the Company. Ms Katsibouba will be succeeded by Neale O'Connell who will join The Star as Interim Group CFO on 25 March 2024, bringing extensive listed company CFO experience in the gaming and leisure industries. Mr. O'Connell was Global CFO of Corporate Travel Management (2019-21) and Group CFO at Tatts Group (2012-18), culminating in a 14-year career at Tatts Group. His extensive finance leadership experience includes overseeing the merger of Tatts and Tabcorp. Having steered the finance function for the past two years, and nine years overall with the Company, Ms Katsibouba has decided to leave to pursue other interests. During her term Ms Katsibouba was instrumental in implementing the Company's capital structure initiatives during 2023. Major Estimate Revision • Mar 06
Consensus EPS estimates upgraded to AU$0.0013 loss, revenue downgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast fell from AU$1.75b to AU$1.69b. 2024 losses expected to reduce from -AU$0.0179 to -AU$0.0013 per share. Hospitality industry in Australia expected to see average net income growth of 69% next year. Consensus price target down from AU$0.72 to AU$0.64. Share price rose 6.3% to AU$0.51 over the past week. Price Target Changed • Mar 02
Price target decreased by 11% to AU$0.64 Down from AU$0.72, the current price target is an average from 9 analysts. New target price is 24% above last closing price of AU$0.52. Stock is down 65% over the past year. The company is forecast to post a net loss per share of AU$0.0013 next year compared to a net loss per share of AU$2.12 last year. Reported Earnings • Mar 01
First half 2024 earnings released: EPS: AU$0.004 (vs AU$1.33 loss in 1H 2023) First half 2024 results: EPS: AU$0.004 (up from AU$1.33 loss in 1H 2023). Revenue: AU$865.7m (down 15% from 1H 2023). Net income: AU$9.10m (up AU$1.27b from 1H 2023). Profit margin: 1.1% (up from net loss in 1H 2023). Revenue is forecast to grow 3.5% p.a. on average during the next 3 years, compared to a 6.6% growth forecast for the Hospitality industry in Australia. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 39 percentage points per year, which is a significant difference in performance. Buy Or Sell Opportunity • Feb 29
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 2.0% to AU$0.52. The fair value is estimated to be AU$0.42, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has declined by 117%. Revenue is forecast to decline by 6.4% in a year. Earnings are forecast to grow by 96% in the next year. New Risk • Feb 28
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -AU$91m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$91m free cash flow). Shareholders have been substantially diluted in the past year (202% increase in shares outstanding). Announcement • Feb 26
The Star Entertainment Group Limited to Report First Half, 2024 Results on Feb 29, 2024 The Star Entertainment Group Limited announced that they will report first half, 2024 results on Feb 29, 2024 Announcement • Feb 07
The Star Entertainment Group Limited Appoints Peter Hodgson as Non-Executive Director The Star Entertainment Group Limited announced the proposed appointment of Peter Hodgson on 6 July 2023. Further to the announcement, The Star announced that all necessary regulatory approvals have been received and Mr. Hodgson will join The Star Board as an Independent Non-Executive Director effective from 7 February 2024. Major Estimate Revision • Feb 06
Consensus EPS estimates upgraded to AU$0.016 loss The consensus outlook for fiscal year 2024 has been updated. 2024 losses forecast to reduce from -AU$0.021 to -AU$0.016 per share. Revenue forecast steady at AU$1.75b. Hospitality industry in Australia expected to see average net income growth of 73% next year. Consensus price target down from AU$0.82 to AU$0.78. Share price rose 6.6% to AU$0.56 over the past week. Announcement • Jan 25
The Star Entertainment Group Limited Appoints Janelle Campbell as Sydney Chief Executive Officer, Effective 25 February 2024 The Star Entertainment Group Limited (The Star) announced the appointment of Janelle Campbell as chief executive officer of The Star Sydney, pending all necessary regulatory approvals. Ms. Campbell has more than two decades experience in the casino industry as Director of Finance and Financial Controller at Conrad Treasury in Brisbane (1994-2003), Executive Director of Finance for Conrad Jupiters and Treasury Casinos Queensland (2003-2004), and Senior Vice President Finance for Melco Resorts & Entertainment in Macau (2008-2018). In her career, Ms. Campbell has also held a senior executive role with a leading hotel company in Australia. Together with Jessica Mellor (CEO Gold Coast) and Daniel Finch (CEO Brisbane), Ms. Campbell will report to the Group CEO and Managing Director, Robbie Cooke. Ms. Campbell will start in her new role on 25 February 2024. Announcement • Jan 23
The Star Entertainment Group Limited Appoints Daniel Finch as Chief Executive Officer of its Brisbane Operations The Star Entertainment Group Limited announced the appointment of Daniel Finch as Chief Executive Officer of its Brisbane operations, pending all necessary regulatory approvals. Mr. Finch takes on the role after nine years as Managing Director at Expedia Australia. His distinguished career in the travel and hospitality industry, including a well-credentialled history with major hotel groups, spans more than 20 years and includes key executive positions with responsibilities across Australian, New Zealand, UK and Asian markets. Mr. Finch will report to the Group CEO and Managing Director Robbie Cooke. Mr. Finch is expected to start in his role mid-February 2024. Price Target Changed • Jan 06
Price target decreased by 11% to AU$0.82 Down from AU$0.92, the current price target is an average from 8 analysts. New target price is 57% above last closing price of AU$0.52. Stock is down 71% over the past year. The company is forecast to post a net loss per share of AU$0.014 next year compared to a net loss per share of AU$2.12 last year. Announcement • Oct 18
The Star Entertainment Group Limited Announces Appointment of Toni Thornton as Independent Non-Executive Director The Star Entertainment Group Limited announced the proposed appointment of Toni Thornton on 11 November 2022. Further to those announcements, the company announced that all necessary regulatory approvals have been received and Ms. Thornton will join the company Board as an Independent Non-Executive Director on October 17, 2023. Announcement • Oct 05
The Star Entertainment Group Limited, Annual General Meeting, Oct 30, 2024 The Star Entertainment Group Limited, Annual General Meeting, Oct 30, 2024. Buying Opportunity • Sep 27
Now 29% undervalued after recent price drop Over the last 90 days, the stock is down 44%. The fair value is estimated to be AU$0.89, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has declined by 117%. Revenue is forecast to decline by 5.2% in a year. Earnings is forecast to grow by 98% in the next year. Price Target Changed • Sep 27
Price target decreased by 19% to AU$1.13 Down from AU$1.38, the current price target is an average from 8 analysts. New target price is 79% above last closing price of AU$0.63. Stock is down 76% over the past year. The company is forecast to post a net loss per share of AU$0.0046 next year compared to a net loss per share of AU$2.12 last year. Announcement • Sep 20
The Star Entertainment Group Limited Announces Management Changes The Star Entertainment Group Limited announced the proposed appointment of Hamish Macdonald, Group Company Secretary, as additional company secretary subject to all necessary regulatory approvals being obtained. Mr. Macdonald is a senior executive with extensive legal, regulatory and governance experience, having previously held positions including General Counsel and Company Secretary for the New Zealand Stock Exchange (NZX), and Chair of the NZX Corporate Governance Institute. Until all necessary approvals have been obtained for Mr. Macdonald's proposed appointment, Jennie Yuen remains the person responsible for communication with the ASX under Listing Rule 12.6. Further to the announcement on 12 September 2022, The Star advises that Nawal Silfani has accepted a strategic governance role with The Star. Announcement • Sep 07
Bain Capital Reportedly Keen to Add Accolade Wines Another suitor has emerged for the embattled Australian wine company Accolade Wines Australia Limited - Bain Capital, LP, which is understood to have added Accolade to its shopping list of distressed targets. It's already eyeing a debt deal with Star Entertainment after refinancing Sanjeev Gupta's steel business InfraBuild and buying Virgin Australia out of administration in 2020 for $700 million. The talk in the market is that Bain - like another Australian mystery suitor - is looking to gain control of the company through the back door by acquiring its debt at a price between 25c and 35c in the dollar. It comes after DataRoom reported that an Australian fund was making efforts to buy Accolade's debt at 40c in the dollar from its lenders, which are advised by Moelis. The play has been to acquire the business and break it up. Accolade last week sold its House of Arras brand to Handpicked Wines, with sources suggesting the business may be worth about $60 million or $70 million. The company is advised by Rothschild & Co SCA (ENXTPA:ROTH). Major Estimate Revision • Sep 04
Consensus EPS estimates fall by 71% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from AU$1.90b to AU$1.80b. Losses expected to increase from AU$0.022 per share to AU$0.038. Hospitality industry in Australia expected to see average net income growth of 88% next year. Consensus price target down from AU$1.42 to AU$1.35. Share price rose 3.7% to AU$0.98 over the past week. New Risk • Aug 30
New minor risk - Financial position The company has less than a year of cash runway based on its current free cash flow. Free cash flow: -AU$91m This is considered a minor risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risk Shareholders have been substantially diluted in the past year (70% increase in shares outstanding). Minor Risk Less than 1 year of cash runway based on current free cash flow (-AU$91m). Reported Earnings • Aug 29
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: AU$2.12 loss per share (further deteriorated from AU$0.21 loss in FY 2022). Revenue: AU$1.87b (up 22% from FY 2022). Net loss: AU$2.44b (loss widened AU$2.23b from FY 2022). Revenue missed analyst estimates by 1.8%. Earnings per share (EPS) also missed analyst estimates by 151%. Revenue is forecast to grow 6.9% p.a. on average during the next 3 years, compared to a 8.2% growth forecast for the Hospitality industry in Australia. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 86 percentage points per year, which is a significant difference in performance. Price Target Changed • Jul 13
Price target decreased by 12% to AU$1.42 Down from AU$1.62, the current price target is an average from 10 analysts. New target price is 32% above last closing price of AU$1.08. Stock is down 63% over the past year. The company is forecast to post a net loss per share of AU$0.84 next year compared to a net loss per share of AU$0.21 last year. 
