Star Entertainment Group Ltd (ASX: SGR) has reported a statutory net loss of $471.5 million for the 2025 financial year, raising renewed concerns about its ability to remain a going concern amid mounting regulatory, financial and operational pressures.
The embattled casino operator, which released its unaudited results on Friday, noted it holds $234 million in cash but remains uncertain about its future viability without continued external support.
“I note the significant progress that the group has made on its remediation journey to date and the implementation of regulatory reforms. The group has sourced additional funding to enable The Star to continue to provide thousands of jobs and support tourism and entertainment in the markets in which we operate,” Star chief executive officer Steve McCann said.
Star has faced a succession of challenges following a high-profile money laundering scandal that eroded investor confidence, led to multiple inquiries, and triggered a likely civil penalty from AUSTRAC of up to $400 million. A proposed A$300 million sale of its Brisbane Treasury assets to Bally’s Corporation and the Mathieson family collapsed earlier this year, depriving the group of a critical funding source.
“Our announcement today highlights a number of key interdependencies that are critical to the group’s future. The group continues to require significant support from a range of its stakeholders including governments, regulators, lenders and investors. Without that support it will be difficult to navigate the various challenges facing the Group and to create a sustainable future for the business,” McCann said.
Group revenue for FY25 reached $1.18 billion. Star recorded a loss in earnings before interest, tax, depreciation and amortisation (EBITDA) of $77.1 million, citing continued regulatory reform, remediation costs and a loss of market share—particularly in Sydney, which underperformed.