Key Highlights
- Star Entertainment Group (ASX:SGR) shares trade at approximately AUD 0.13, following the release of FY26 results and a series of board appointments.
- FY26 normalised EBITDA loss narrowed to $16.1 million from a normalised EBITDA loss of $76.2 million in the prior comparable period, on normalised Revenue of $1,101.0 million.
- The company completed a $300 million EquityInvestment from Bally’s Corporation and Investment Holdings, and reduced FY26 group corporate costs by $75 million.
- Statutory net loss for FY26 was $307.3 million, and the company appointed Brooke Lindsay, Grant Bowie and Donna Isaacs as Non-Executive Directors, taking independent representation to 50% of the board.
The Star Entertainment Group Limited (ASX:SGR) released its results for the year ended 30 June 2026 on 31 August, followed by an announcement on 1 September confirming new appointments to its board of directors.
FY26 Financial Performance
The Star reported normalised revenue of $1,101.0 million for FY26 and a normalised EBITDA loss, before significant items, of $16.1 million, an improvement from the prior comparable period’s normalised EBITDA loss of $76.2 million. Statutory net loss for the year was $307.3 million, while normalised loss after tax was $158.9 million, before significant items of $144.3 million and discontinued operations of $4.1 million. The company noted that total revenues at its operating properties stabilised in the fourth quarter of FY26, following almost two years of quarterly declines.
The Star said its average monthly free Cash FlowBurn Rate of $20 million in the first half of the 2026 calendar year had materially improved, and it now expects to begin building cash in FY27, before non-operating items. Group corporate costs were reduced by $75 million in FY26, with annualised fourth-quarter corporate costs of $178 million representing a reduction of $111 million, or 38%, compared with FY25.
Balance Sheet and Brisbane Performance
The company completed a $300 million equity investment from Bally’s Corporation and Investment Holdings Pty Ltd, and refinanced its debt, reporting $267 million in cash and cash equivalents at 30 June 2026. The Star also completed the first stage of its transaction with the Joint Venture Partners at Destination Brisbane Consortium, which eliminated a $700 million guarantee previously provided over DBC’s Debt facilities.
The Star Brisbane, now in its second year under The Star’s management, reported that EBITDAM before Operator Fee nearly doubled during the year, with a current three-month average monthly run-rate of $13 million, which the company described as an all-time high. Under an amended Casino Management Agreement, The Star now receives a fixed annual operator fee of $18 million from Brisbane, plus performance-based incentive fees.
Board Changes and Subsequent Trading
On 1 September 2026, The Star confirmed the appointment of Brooke Lindsay and Grant Bowie as Non-Executive Directors, effective immediately after receiving the necessary regulatory and ministerial approvals. With these appointments, 50% of the board is now made up of independent directors. The company also announced the proposed appointment of Donna Isaacs as a further independent Non-Executive Director, who will initially join as an Observer to the board pending regulatory and ministerial approval.
In a subsequent trading update, The Star reported combined July 2026 revenue for The Star Sydney and The Star Gold Coast of $92.4 million, representing growth of 6% on the July 2025 period and an 8% improvement on the average monthly revenue recorded in the fourth quarter of FY26, which the company linked to continued growth in slots revenue at both properties, partly offset by softness in table games and non-gaming revenue.
Conclusion
Star Entertainment Group’s FY26 results show a narrower EBITDA loss, reduced corporate costs and a strengthened Liquidity position following the Bally’s-led equity investment and debt refinancing, alongside signs of revenue stabilisation at its properties into the new financial year. The company remains in a substantial statutory loss position for the year, and continues to work through its return-to-suitability process alongside the board changes announced in early September, which have moved the board closer to independent-majority composition.
