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Shares in Australia’s second-largest casino operator, Star Entertainment, plunged more than 50% to a historic low on Friday following the release of a significant annual loss for the second consecutive year. The company attributed the loss to a write-down in the value of its casinos in Sydney, Brisbane, and the Gold Coast, totaling A$1.4 billion, due to challenging trading conditions and regulatory changes such as mandatory cashless gambling. Star reported a statutory net loss of A$1.69 billion for the fiscal year ending June 30, compared to A$2.44 billion in the previous year. Morningstar expressed surprise at the severity of the earnings decline and lowered its earnings forecast for the company. The stock tumbled by as much as 54.4% to A$0.205. Trading in Star shares had been halted on September 2 due to a delay in filing the annual report for fiscal 2024.
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Emma Collins, graduated in Financial Economics from the University of Chicago in the USA in 2016. She has since worked at an asset management firm in New York, where she specializes in investment strategies and portfolio management. Emma has a keen interest in financial analysis and has published several articles in renowned financial journals. Her work focuses on providing actionable insights to investors, and she is known for her forward-thinking approach to managing financial portfolios.
