The Star Entertainment Group Limited has released its unaudited quarterly activities report for the first quarter ended September 30, 2026, revealing positive momentum across key financial and operational metrics.
For Q1 FY27, the Group reported an EBITDA of $12 million, representing a $25 million turnaround compared to the EBITDA loss of $13 million recorded in the prior comparative period. Consolidated revenue for the quarter reached $284 million, up 2% year-on-year and 8% sequentially from Q4 FY26.
Performance across the Group’s portfolio was highlighted by solid electronic gaming machine revenue growth at both The Star Sydney and The Star Gold Coast, driven by targeted marketing initiatives and promotional investments. Combined revenues for the two owned properties hit $279 million, representing a 5% increase on the prior year and a 9% rise from the preceding quarter. Significantly, this marks the first quarterly year-on-year revenue growth for these properties since the inception of the Group’s quarterly reporting obligations in September 2024.
Property-specific performance and operational highlights
The Star Sydney generated $162 million in revenue, resulting in a segment EBITDA of $15 million—a $12 million improvement on the prior comparative period. Growth in electronic gaming machines helped stabilize revenues despite ongoing softness in table games and non-gaming revenue. Meanwhile, The Star Gold Coast posted $117 million in revenue (up 12% year-on-year) and a segment EBITDA of $20 million, nearly doubling its earnings compared to the previous year.
In Brisbane, the managed integrated resort delivered standout results, with EBITDAM reaching an all-time record of $37 million, nearly triple the prior comparative period. However, operator fee revenue for The Star Brisbane stood at $5 million, reflecting the amended terms under the revised Casino Management Agreement following the completion of Stage 1 of the JVP Transaction in March 2026. Unallocated corporate expenses decreased by 29% year-on-year to $23 million, bolstered by the implementation of a direct attribution approach and ongoing cost-out initiatives.
Liquidity, cash flow, and strategic decentralization
Operating free cash flow excluding one-off items was positive during the quarter, positioning FY27 as the first period in over two years where the Group expects to generate net annual operating cash inflows prior to one-off items. As of September 30, 2026, the Group held $239 million in cash and cash equivalents, alongside total cash and cash deposits of $319 million including restricted reserves.
Operationally, The Star has advanced its remediation plan by transitioning to a decentralised operating model, empowering property-level management to independently handle customer-facing functions while retaining rigorous corporate oversight in risk, compliance, and legal matters. Engagement with regulators regarding the active casino licence arrangements, including the external managerial and advisory appointments extending into 2027, remains ongoing.
