(AsiaGameHub) –   Australian casino and hospitality firm The Star Entertainment Group has released its financial results for the quarter ending March 31, 2026 (Q3). The company’s financial statements indicated a substantial decrease in its EBITDA loss.

The Star’s EBITDA Loss Narrowed  

According to the report, The Star’s Q3 revenue amounted to AUD 266 million ($190.7 million), representing a 12% decline from the previous quarter. The company noted that this figure was slightly lower than the same period in the prior year.

However, the company’s EBITDA demonstrated significant improvement, with the Q3 EBITDA loss narrowing to AUD 1 million ($0.72 million). In comparison, the company recorded an EBITDA loss of AUD 24 million ($17.2 million) for the corresponding period in the previous year.

When compared to Q2, The Star’s EBITDA experienced a minor decrease. The Australian casino operator reported an EBITDA profit of AUD 6 million ($4.3 million) for the second quarter of the fiscal year.

The company’s announcement attributed the Q3 financial performance to a “seasonal softening in revenues” and a reduction in visitor numbers in Sydney.

As of March 31, 2026, The Star held AUD 90 million ($64.5 million) in cash reserves.

The Group Continues to Reduce Its Costs

In its report, The Star also highlighted key achievements for the quarter, including the completion of the initial phase of selling its stake in the Destination Brisbane Consortium to its joint venture partners, Chow Tai Fook Enterprises Limited and Far East Consortium International Limited. The second stage of this transaction is contingent on various conditions and is expected to be finalized by March 31, 2027.

Under this agreement, The Star will receive a monthly casino operator fee of AUD 18 million ($12.9 million), in addition to a performance-based incentive fee.

Furthermore, during Q3, The Star secured a waiver for its December 31, 2025, covenant tests under its existing Senior Facility Agreement (SFA). The terms stipulated that The Star was required to provide a refinancing commitment by March 31 of the current year and complete the SFA refinancing by May 15, 2026.

In March, The Star also entered into a binding commitment letter with WhiteHawk for the refinancing of the group’s debt. As of April 24, The Star has obtained the necessary regulatory approvals for the refinancing and anticipates its completion by May 15, 2026.

In the interim, The Star announced that its management, led by Bally’s, has initiated measures aimed at significantly reducing the company’s expenses, optimizing its operations, and lowering supplier costs.

While The Star is observing some signs of recovery, it acknowledged that its future remains subject to uncertainties, some of which are beyond the group’s control.