Australian Star Entertainment Group posted a positive EBITDA for the first time in two years for the three months ending 31 December 2025.

In its report, which also provided details on the ongoing refinancing and updates on the sale of its stake in The Star Brisbane, the company reported a 6% increase in total revenue compared with the quarter ending September 2025, reaching AUD 301 million ($210 million). EBITDA was AUD 6 million ($4.2 million), reversing a loss of AUD 13 million ($9.1 million) recorded in the previous three months.

The company attributed the positive result to seasonal strength at The Star Gold Coast and higher operator fees in Brisbane. Trading at The Star Sydney stabilized, but remains historically low due to mandatory carded play and cash limits.

Regarding the sale of its 50% stake in Destination Brisbane Consortium to its Hong Kong partners, each holding 25%, Star noted that the sunset date for the first stage of the transaction expired on 30 November, meaning either party can now terminate it. The company considers the completion of the sale “highly probable” in December, given the fulfillment of key conditions precedent.

Star also said it is confident in successfully completing the refinancing process under the new ownership of Bally’s Corp and Investment Holdings Corp, who acquired a 61% combined stake in the group in November.

The company noted that it has not requested a waiver from its existing financial covenants under the Senior Facility Agreement as of 31 December 2025 — some of which are not expected to be met. Nevertheless, Star is continuing its refinancing process and engaging with current and potential new lenders ahead of 14 February 2026, the date by which it must submit a compliance certificate detailing calculations for the applicable financial covenants under the Senior Facility Agreement for the year ended 31 December 2025.

“Pursuant to the terms of the Senior Facility Agreement, if there is a suitable commitment letter in relation to refinancing the Senior Facility Agreement when the December Compliance Certificate is provided, any breach of the Senior Facility Agreement which would have otherwise arisen as a result of non-compliance with financial covenants disclosed in the Certificate will be deferred, provided that such refinancing is completed on or before 31 March 2026,” Star said.

The company emphasized that, despite progress on these matters, its continued existence still depends on the ability to meet all deal conditions, as well as the amount and timing of the AUSTRAC ruling, which remains pending in the Federal Court.

Another Australian casino operator, Crown Resorts, previously reached a AUD 450 million ($313 million) settlement with AUSTRAC for similar breaches of Australia’s anti-money laundering and counter-terrorism financing (AML/CTF) laws.

In its Friday filing, Star also reported that as of 31 December 2025, it had AUD 130 million ($91 million) in cash.

 

 

 

 

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