Star Entertainment Group Posts A$264.4 Million Profit

Australian land casino firm Star Entertainment Group has released their full year financial results, revealing a staggering A$264.4 million profit.

The company revealed their financial numbers for the year ending June 30th, 2017, which included full year profits up 36% from the same time last year. The company also revealed that VIP gambling numbers from international players was down 20% from the year prior. The casino's numbers were boosted by higher than average win rates for the house.

The company's luck drove the good financial reports, with CEO Matt Bekier pointing out that the company had a bad run of luck a few years ago, which hampereed profits. Domestic gaming was also up, with Sydney revenues up 6% and the Gold Coast resorts being propped up 9.9%.

Speaking about his company's performance Bekier said, "Our strategy of diversifying international revenues and providing a more compelling high-end tourism proposition for VIP and premium mass customers is showing signs of good growth. We are also expanding our source markets and sales teams to cover a broader international footprint- with premium mass guests visiting from 13 countries in FY2017 - and we continue to assess the North Asian VIP business."

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bgsharpe
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23 August 2017 - 7:51pm
#1

Probably Ed would comment that a lot more adequately than me but I guess the growth in number of tourist there helps this number to be raised and I guess that much of a profit is never a good news for the punters.

lvblck
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29 August 2017 - 11:22am
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True, sharpe, but I also think that gambling industry is growing so rapidly that it's just predictable that the revenues will grow.

sharpe

bgsharpe
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29 August 2017 - 7:53pm
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blck wrote:

True, sharpe, but I also think that gambling industry is growing so rapidly that it's just predictable that the revenues will grow.

Yes, agree that's a big factor too, hopefully it was more of that than the players have been affected by the group playing conditions.