Star Entertainment losses are near A$100 million in the past year. Although, the company doesn’t want to take away from major projects the group is undertaking in Queensland and New South Wales.
News.com.au reports that:
The construction plans in Queensland and New South Wales won’t be impacted by the loss, which has been brought about due to COVID-19 enforced casino closures from March. During the virus, the casino stopped the work of 8500 staff personnel while it was unable to operate. Of course, if the pandemic had not occurred, earnings and revenue would have tracked positive for the company.
The chairman John O’Neill said the group’s major Queen’s Wharf project in Brisbane and the renovations of Gold Coast Casino were on track.
“Major projects at Queen’s Wharf Brisbane and The Star Gold Coast are proceeding to plan, with the upgraded and expanded Sovereign at The Star Sydney delivered on time and budget.”
The Star said
“It wouldn’t pay a final dividend to shareholders because of the economic outlook fuelled by the Covid-19 virus.”
Revenue was down 26.1 per cent on the previous period to A$1.02 billion. And Queensland revenue was down 18.5 per cent to A$641 million.
The company said that despite social distancing, revenue in July was 80 per cent of what was the same as the last year. Star collected A$64.8 million in JobKeeper payments from the Federal Government between April and June.
Star quits 90 per cent of its staff
The company stand down 90 per cent of its 9,000 staff at its casinos on Sydney, Gold Coast and Brisbane.
The company will give two weeks of paid pandemic leave to employees. Additionally, the staff will also be able to get an annual or long service leave.
The Star Entertainment Group official page.
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