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Australia’s Star posts quarterly loss amid regulatory woes; shares fall

by January 20, 2025
written by January 20, 2025

Investing.com– Shares of Star Entertainment Group Ltd (ASX:SGR) fell on Monday after the company reported a loss in the second quarter amid regulatory woes.

The Australian casino operator reported a loss before interest, tax, depreciation, and amortization of A$8 million for the quarter ending December 31, an improvement from the A$18 million loss in the first quarter.

Star shares fell nearly 4% to A$0.135 on Monday.

Loss narrowed as operating expenses decreased during the quarter, reflecting efforts to streamline operations amid a challenging consumer environment. However, revenue declined by 15% to A$299 million, indicating ongoing pressures on the company’s top line.

The company has faced multiple inquiries into its operations, particularly regarding compliance lapses related to anti-money laundering and governance practices.

To stabilize its business, Star Entertainment has implemented cost-cutting measures and operational streamlining, but persistent headwinds such as weak consumer confidence, reduced gambling activity, and regulatory reforms continue to weigh on its recovery prospects.

This post appeared first on investing.com
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