The Star Entertainment Group H1 FY24 Results

H1 FY24 HIGHLIGHTS

H1 FY24 revenue and earnings broadly consistent with Q4 FY23 and inline with AGM commentary.
Normalised EBITDA of $114 million achieved with net profit after tax (before significant items) of $25 million – trading in January 2024 is in-line with H1 FY24.
Continued progress on remediation in the period – Remediation Plan approved in Queensland.
Proposed NSW casino duty rate uncertainty resolved – new arrangements remove considerable uncertainty introduced in December 2022 and protect the jobs of thousands of Sydney team
members.
Debt refinancing and equity raising completed – all existing debt cancelled with new debt secured on more favourable terms to The Star.
Queen’s Wharf Brisbane litigation with Multiplex settled – expected phased opening of the property from August 2024.
Sale of Sheraton Grand Mirage completed – proceeds of $56 million generated.

The Star Entertainment Group Limited
ABN 85 149 629 023

Registered Office
Level 3, 159 William Street
Brisbane QLD 4000

Acknowledgement of Country

The Star recognises the continuing connection to land, sea and community of First Nations peoples and we pay our respects to Elders, past and present. We respectfully acknowledge the Traditional Owners of the land on which our properties are located, the Turrbal and Jagera people of the Brisbane region, the Yugambeh language people of the Gold Coast region, and the Gadigal people of the Eora Nation in Pyrmont.

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FY2024 Modern Slavery Statement

Craig Dumas He/Him

Gaming Operations Manager/ Proud@TheStar Co-Lead
2024 Network Leader of the Year

Tell Us about yourself.

I joined Proud (formerly known as Spectrum) in 2017 and officially assumed the Co-Lead role in November 2021. I have been part of the company for over 21 years, serving in various capacities.

Why did you join Proud@TheStar?

My journey with Spectrum/Proud began during the marriage plebiscite, a time that placed the LGBTQI+ communities under intense scrutiny. The narrative was often harmful and derogatory, particularly from certain media and public spheres.

My involvement was driven by a deep-seated commitment to be a beacon of support and positivity for those in need. The power of visibility is profound, especially for individuals from diverse backgrounds. Witnessing allies and LGBTQI+ members who embraced their identity with openness and pride inspired me to be true to myself. In turn, I aspired to be that source of encouragement and affirmation for others, fostering an environment where authenticity is celebrated and safeguarded.

In your opinion, what was your most significant achievement as Co-Lead of Proud@TheStar?

There are so many to list, but I have three achievements that stand out.

The first was being involved with our first-ever successful AWEI Gold Employer status. It was such a fantastic recognition of what Proud and The Star have achieved (and we smashed the previous year’s score, which made it even better).

Secondly, I was invited to help reintroduce a team member who was affirming their gender to their department. It was an absolute joy to see the collaboration from all the stakeholders and how their team welcomed them with open arms. Seeing a person’s growth and change since they affirmed has been remarkable and is the perfect story of how allowing people to be their authentic selves really does create a positive impact.

And lastly, of course, winning Network Leader of the Year and Employer of the Year at the 2024 Australian LGBTQ+ Inclusion Awards.

What does winning Network Lead of the Year mean to you?

I cried. That’s the Piscean in me. In all seriousness, though, I was really honoured to be nominated and a finalist. So, when my name was announced, I was utterly shocked! Without the dedication of the Proud team, we would never have been able to achieve what we had. Being able to co-lead a group of passionate and driven people is an absolute pleasure, and they are what fuelled me to keep going, even when it did get a little tough.

What do we do best here at the Star in terms of D&I?

We involve everybody and create a safe and inclusive work culture. Our PVP shows that we are serious about embedding D&I into our business.

What advice can you give as an outgoing Co-Lead?

Allyship is a crucial part of transforming conversations. Even for those who identify as LGBTQI+, we can still be allies for others within the community. Alarming laws and legislation have been passed in other countries that can significantly impact people’s lives. As a business, The Star is ahead of many in our industry in terms of diversity and inclusion, but there’s still a lot to do. The Trans and gender-diverse communities are starting to feel vulnerable, so let’s continue to work on making The Star a safe and inclusive place for everyone, esp., for trans and gender-diverse team members.

Craig Dumas He/Him

Gaming Operations Manager/ Proud@TheStar Co-Lead
2024 Network Leader of the Year

Tell Us about yourself.

I joined Proud (formerly known as Spectrum) in 2017 and officially assumed the Co-Lead role in November 2021. I have been part of the company for over 21 years, serving in various capacities.

Why did you join Proud@TheStar?

In your opinion, what was your most significant achievement as Co-Lead of Proud@TheStar?

There are so many to list, but I have three achievements that stand out.

And lastly, of course, winning Network Leader of the Year and Employer of the Year at the 2024 Australian LGBTQ+ Inclusion Awards.

What does winning Network Lead of the Year mean to you?

What do we do best here at the Star in terms of D&I?

We involve everybody and create a safe and inclusive work culture. Our PVP shows that we are serious about embedding D&I into our business.

What advice can you give as an outgoing Co-Lead?

2016 SHARE SALE FACILITIES

The Star Entertainment Group announced on 5 April 2016 share sale facilities that provided eligible small shareholders the opportunity to sell their shares without incurring any brokerage or handling costs.

Participation in the separate share sale facilities were open to eligible shareholders whose registered address was in Australia or New Zealand as at 7.00pm (Sydney time) on 29 March 2016 (Record Date) and who were:

registered holders of less than a marketable parcel of shares (i.e. less than $500 worth of shares on the Record Date) (Small Holding Sale Facility); or
registered holders of 5,000 or less shares (but held at least $500 worth of shares) on the Record Date (Voluntary Share Sale Facility).

On 5 April 2016, eligible shareholders were sent a letter together with a Share Retention Form (for the Small Holding Sale Facility) or a Sale Instruction Form (for the Voluntary Share Sale Facility), and Terms and Conditions for the relevant share sale facility.

Both share sale facilities closed at 5:00pm (Sydney time) on 17 May 2016 (Closing Date).

All participants who had their SGR shares sold under either the Small Holding Sale Facility or the Voluntary Share Sale Facility received the same average price of $5.51 per share, which was calculated by dividing the total proceeds from the sale of all SGR shares sold under the facilities by the total number of SGR shares sold under the facilities.

Payment of the sale proceeds were made to participating shareholders on 27 May 2016 in accordance with their payment instructions as recorded on the share register.

Small Holding Sale Facility

The Small Holding Sale Facility was conducted in accordance with The Star Entertainment Group’s Constitution and the Australian Securities Exchange Listing Rules that enables all listed companies to sell shareholdings valued at less than $500 (Unmarketable Parcel).

Based on a share price of $5.68, being the closing price of The Star Entertainment Group (SGR) shares on the Australian Securities Exchange on the Record Date, an Unmarketable Parcel was any holding of 88 shares or less.

Eligible shareholders who wished to retain their Unmarketable Parcel were required to return a Share Retention Form to the share registry by the Closing Date.

Small Holding Facility Key Dates:

29 March 2016 (7pm) – Record Date
5 April 2016 – Facility Opened
17 May 2016 (5pm) – Facility Closed
27 May 2016 – Payment of sale proceeds and mailing of payment advices

Voluntary Share Sale Facility

The Voluntary Share Sale Facility was conducted in accordance with Class Order CO 08/10 issued by the Australian Securities and Investment Commission.

Eligible shareholders who wished to sell their shares under the Voluntary Share Sale Facility were required to return a Sale Instruction Form by the Closing Date.

Voluntary Holding Facility Key Dates:

29 March 2016 (7pm) – Record Date
5 April 2016 – Facility Opened
17 May 2016 (5pm) – Facility Closed
27 May 2016 – Payment of sale proceeds and mailing of payment advices

For full details of the Small Holding Sale Facility and the Voluntary Share Sale Facility, please see the ASX Announcement dated 5 April 2016 in the News section of our website.