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Star Entertainment Group Limited
(Sydney:SGR)
Star Entertainment Group Limited (SGR) vs. iShares MSCI Australia ETF (EWA)
Star Entertainment Group Limited Business Overview & Revenue Model
Star Entertainment Group Limited Financial Statement Overview
| Breakdown | TTM | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 | Jun 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.18B | 1.36B | 1.67B | 1.86B | 1.53B | 1.55B |
| Gross Profit | 224.50M | 396.60M | 1.58B | 828.40M | 643.00M | 680.20M |
| EBITDA | -228.50M | -96.70M | -1.39B | -2.52B | 43.30M | 354.00M |
| Net Income | -279.30M | -471.50M | -1.68B | -2.44B | -202.50M | 57.90M |
Balance Sheet | ||||||
| Total Assets | 1.69B | 1.78B | 1.90B | 3.26B | 5.37B | 5.46B |
| Cash, Cash Equivalents and Short-Term Investments | 171.00M | 267.00M | 299.60M | 88.70M | 82.00M | 67.90M |
| Total Debt | 393.20M | 598.30M | 301.80M | 757.20M | 1.33B | 1.29B |
| Total Liabilities | 1.11B | 1.38B | 1.06B | 1.49B | 1.94B | 1.85B |
| Stockholders Equity | 576.80M | 403.20M | 833.30M | 1.77B | 3.43B | 3.61B |
Cash Flow | ||||||
| Free Cash Flow | -248.00M | -213.00M | -30.30M | -147.90M | -15.50M | 301.10M |
| Operating Cash Flow | -200.00M | -144.10M | 46.00M | -12.60M | 127.30M | 403.20M |
| Investing Cash Flow | 23.90M | -30.30M | -94.80M | -160.60M | -123.70M | -187.30M |
| Financing Cash Flow | 245.70M | 141.80M | 259.70M | 98.10M | 10.50M | -214.10M |
Star Entertainment Group Limited Technical Analysis
Star Entertainment Group Limited Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
64 Neutral | $2.45B | 74.31 | 2.89% | 2.01% | 8.62% | ― | |
63 Neutral | AU$177.29M | 32.78 | 43.45% | 5.00% | -4.01% | -12.08% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
60 Neutral | AU$353.63M | -18.39 | 6.11% | 18.81% | 12.22% | 558.33% | |
43 Neutral | AU$302.40M | -12.95 | -142.61% | ― | 6.47% | 60.03% | |
40 Underperform | AU$829.41M | -1.67 | -65.81% | ― | -31.07% | 74.57% |
Star Entertainment Group Limited Corporate Events
The Star Entertainment Group has clarified a typographical error in its earlier half-year FY26 results announcement, confirming the period covered is the half year ended 31 December 2025. The correction comes as the company undergoes significant board and executive changes, including the recent appointment of Bruce Mathieson Jnr as Group CEO.
Under the new leadership, The Star is restructuring its operations and marketing strategy, streamlining the corporate office and shifting key support functions to individual properties in Sydney, Gold Coast and Brisbane. The company reported H1 FY26 normalised revenue of $584.9 million but a normalised EBITDA loss and a statutory net loss of $109.7 million, with management citing challenging trading conditions and the continued impact of regulatory reforms on gaming revenue.
The most recent analyst rating on (AU:SGR) stock is a Hold with a A$0.13 price target. To see the full list of analyst forecasts on Star Entertainment Group Limited stock, see the AU:SGR Stock Forecast page.
The Star Entertainment Group released a presentation of its half-year FY26 results, outlining summary information on the group’s activities and financial metrics. The document emphasises that it is informational in nature, not an offer or investment advice, and that certain financial measures used are non‑IFRS and may not be comparable across companies.
The presentation underscores the presence of risks and uncertainties, particularly around forward‑looking indicators of financial position and performance, and cautions investors against relying on such statements as guarantees. It also highlights legal restrictions on offering the company’s securities in the United States and advises investors to seek independent advice and review other ASX disclosures before making investment decisions.
The most recent analyst rating on (AU:SGR) stock is a Hold with a A$0.13 price target. To see the full list of analyst forecasts on Star Entertainment Group Limited stock, see the AU:SGR Stock Forecast page.
The Star Entertainment Group has reported an unaudited normalised revenue of $584.9 million for the first half of FY26, with a normalised EBITDA loss of $7.6 million and a statutory net loss of $109.7 million. The company continues to face challenging trading conditions, with total revenue down 10% year-on-year and gaming revenue falling 9% after regulatory reforms, although seasonal strength helped stabilise volumes in the second quarter.
New Group CEO Bruce Mathieson Jnr is restructuring operations by streamlining the corporate office and shifting support functions to its Sydney, Gold Coast and Brisbane properties to reduce costs and reinforce the balance sheet. The Star is also managing liquidity pressures through early debt repayments, a completed $300 million strategic investment by Bally’s and Investment Holdings, and a proposed refinancing with WhiteHawk Capital, underpinned by covenant waivers that hinge on securing new funding by mid-May 2026.
The most recent analyst rating on (AU:SGR) stock is a Hold with a A$0.13 price target. To see the full list of analyst forecasts on Star Entertainment Group Limited stock, see the AU:SGR Stock Forecast page.
The Star Entertainment Group has released its directors’ report and financial report for the half year ended 31 December 2025. The package includes consolidated income, balance sheet, cash flow and equity statements, along with key disclosures on income, balance sheet items, commitments, contingencies and subsequent events, providing investors with a detailed view of the group’s mid-year financial position.
Additional notes cover accounting policies, other disclosures and the auditor’s independence declaration and report, indicating that the half-year results have undergone external review. This comprehensive interim reporting allows stakeholders to assess The Star Entertainment Group’s financial performance and risk profile at the half-year mark and informs ongoing evaluation of its capital structure and governance.
The most recent analyst rating on (AU:SGR) stock is a Hold with a A$0.13 price target. To see the full list of analyst forecasts on Star Entertainment Group Limited stock, see the AU:SGR Stock Forecast page.
The Star Entertainment Group reported a statutory net loss after tax of $109.7 million for the half year ended 31 December 2025, a 63.7% deeper loss than the prior corresponding period, despite a 4.1% fall in revenue to $694.6 million. Normalised revenue fell 10% to $584.9 million and the group recorded a $40 million loss before interest, tax and significant items, while net finance costs surged 90.9% and no interim dividend was declared, leaving net tangible asset backing at $0.07 per share, down from $0.15, underscoring ongoing balance sheet pressure for shareholders.
Significant items, including redundancy and employment costs, debt refinancing, joint venture transaction expenses and regulatory-related fines and provisions, totalled $34 million after tax and further weighed on statutory results. The worsening losses, coupled with the suspension of the interim dividend and reduced asset backing, highlight continuing operational and regulatory challenges for the casino operator and signal limited near-term returns for investors as the company navigates its remediation and cost burden.
The most recent analyst rating on (AU:SGR) stock is a Hold with a A$0.13 price target. To see the full list of analyst forecasts on Star Entertainment Group Limited stock, see the AU:SGR Stock Forecast page.
The Star Entertainment Group has executed a non-binding refinancing term sheet with credit investor WhiteHawk Capital Partners to fully refinance its existing debt and provide additional liquidity to support a turnaround plan under its new management team. The parties aim to convert the term sheet into a binding commitment by the end of March 2026 and to complete the refinancing by mid-May, while The Star separately seeks covenant waivers from existing lenders for the December period, a process that carries no assurance of success and underscores ongoing balance sheet and regulatory-related pressures on the group.
The most recent analyst rating on (AU:SGR) stock is a Hold with a A$0.13 price target. To see the full list of analyst forecasts on Star Entertainment Group Limited stock, see the AU:SGR Stock Forecast page.
The Star Entertainment Group reported unaudited second-quarter FY26 revenue of $301 million, up 6% on the previous quarter, and returned to a modest EBITDA profit of $6 million before significant items after an EBITDA loss in Q1, helped by stabilising but still historically weak trading in Sydney, stronger seasonal volumes on the Gold Coast, and recognition of a higher operator fee for The Star Brisbane. The quarter also reflected the impact of the proposed joint venture transaction to exit the Destination Brisbane Consortium and related asset disposals, which triggered recognition of $26 million in operator fee revenue for The Star Brisbane, as well as completion of $300 million in strategic equity investments by Bally’s Corporation and Investment Holdings, giving them stakes of about 38% and 23% respectively. Despite improved trading and available cash of $130 million at 31 December 2025, the company flagged continuing challenging operating conditions under stricter regulation, active refinancing negotiations ahead of a February covenant test that some metrics are not expected to meet, extension of DBC debt maturities to 31 March 2026, and reiterated that multiple unresolved issues, including the pending AUSTRAC judgment and refinancing outcome, continue to cast material uncertainty over its ability to remain a going concern.
The most recent analyst rating on (AU:SGR) stock is a Hold with a A$0.18 price target. To see the full list of analyst forecasts on Star Entertainment Group Limited stock, see the AU:SGR Stock Forecast page.
The Star Entertainment Group has notified the market of the cessation of a series of performance rights and share options, detailing the lapse or termination of 3,087,855 performance rights and 1,269,500 options across several dates in November and December 2025. The move reflects adjustments to the company’s issued capital structure and the winding down of certain equity-based incentive instruments, which may marginally reduce potential future share dilution and refine the alignment between executive or employee remuneration schemes and shareholder interests.
The most recent analyst rating on (AU:SGR) stock is a Sell with a A$0.15 price target. To see the full list of analyst forecasts on Star Entertainment Group Limited stock, see the AU:SGR Stock Forecast page.
The Star Entertainment Group has announced the resignation of Group Chief Financial Officer Frank Krile, effective 29 December 2025, and Group Chief Operating Officer Jeannie Mok, who will depart at the end of January 2026, and the company will now begin a search process for a new CFO. At the same time, the board has confirmed CEO Bruce Mathieson Jnr’s appointment as Group Chief Executive Officer and Managing Director on an ongoing basis, subject to remaining regulatory and ministerial approvals in New South Wales and Queensland, detailing an $800,000 annual remuneration package with short- and long-term incentive opportunities, signalling a move to cement leadership stability as the company continues its remediation efforts and navigates regulatory scrutiny.
The most recent analyst rating on (AU:SGR) stock is a Hold with a A$0.10 price target. To see the full list of analyst forecasts on Star Entertainment Group Limited stock, see the AU:SGR Stock Forecast page.
The Star Entertainment Group has announced that director Steve McCann has ceased to be a director of the company as of 16 December 2025. At the time of his departure, McCann held 13,447,967 ordinary shares in the company, with no additional indirect interests or contractual securities disclosed, signalling a straightforward change in board composition without accompanying changes to his reported equity holdings or related contracts.
The most recent analyst rating on (AU:SGR) stock is a Hold with a A$0.10 price target. To see the full list of analyst forecasts on Star Entertainment Group Limited stock, see the AU:SGR Stock Forecast page.
The Star Entertainment Group has announced that non-executive director Toni Thornton ceased to be a director of the company on 16 December 2025, with the ASX notified via a Final Director’s Interest Notice. The filing shows Thornton holds no shares directly but has an indirect interest in 170,000 ordinary shares through TMMT Investments Pty Ltd, linked to the Thornton Superannuation Fund, providing transparency on her residual securities exposure following her board departure and signalling a change in the company’s board composition that may be relevant for governance-focused investors.
The most recent analyst rating on (AU:SGR) stock is a Hold with a A$0.10 price target. To see the full list of analyst forecasts on Star Entertainment Group Limited stock, see the AU:SGR Stock Forecast page.
The Star Entertainment Group has announced that Peter Hodgson has ceased to be a director of the company as of 16 December 2025, triggering a final disclosure of his relevant interests in the company’s securities. According to the notice, Hodgson holds 50,000 ordinary shares in his own name and a further 45,000 ordinary shares jointly with Ms Robyn Alexis Ruddy, and he has no additional interests in securities or contracts beyond these holdings; the update formalises his departure from the board and clarifies his ongoing equity position for investors and regulators.
The most recent analyst rating on (AU:SGR) stock is a Hold with a A$0.10 price target. To see the full list of analyst forecasts on Star Entertainment Group Limited stock, see the AU:SGR Stock Forecast page.
The Star Entertainment Group Limited has announced significant changes in its leadership, with Bruce Mathieson Jnr stepping down as Chairman to become the Chief Executive Officer, while Soo Kim has been appointed as the new Chairman of the Board. The board changes, including the resignation of two non-executive directors, indicate a strategic shift in leadership, potentially impacting the company’s future operations and market positioning.
The most recent analyst rating on (AU:SGR) stock is a Hold with a A$0.10 price target. To see the full list of analyst forecasts on Star Entertainment Group Limited stock, see the AU:SGR Stock Forecast page.
The Star Entertainment Group Limited announced the departure of its Group CEO and Managing Director, Steve McCann, effective 16 December 2025. Bruce Mathieson Jnr will assume the role of Executive Chairman while the company searches for a new CEO. McCann, who joined during a crisis, has been credited with implementing a financial reset and progressing a Remediation Plan, setting the foundation for future success. The strategic investment by Bally’s Corporation and Investment Holdings Pty Ltd is seen as an opportunity for the company to pursue recovery and growth, with new leadership expected to build on this momentum.
The most recent analyst rating on (AU:SGR) stock is a Hold with a A$0.10 price target. To see the full list of analyst forecasts on Star Entertainment Group Limited stock, see the AU:SGR Stock Forecast page.
The Star Entertainment Group Limited announced the cessation of certain securities, specifically 1,494,252 performance rights and 522,321 service rights, effective December 5, 2025. This cessation may impact the company’s capital structure and could have implications for its financial strategy and stakeholder interests.
The most recent analyst rating on (AU:SGR) stock is a Hold with a A$0.10 price target. To see the full list of analyst forecasts on Star Entertainment Group Limited stock, see the AU:SGR Stock Forecast page.
Star Entertainment Group Limited announced the appointment of George Papanier as a director, effective from November 28, 2025. The initial director’s interest notice indicates that Papanier currently holds no securities in the company, which may suggest a fresh perspective and unbiased governance approach, potentially impacting the company’s strategic direction and stakeholder interests.
The most recent analyst rating on (AU:SGR) stock is a Hold with a A$0.10 price target. To see the full list of analyst forecasts on Star Entertainment Group Limited stock, see the AU:SGR Stock Forecast page.
Star Entertainment Group Limited has announced the appointment of Soohyung Kim as a director, effective November 28, 2025. Kim, through Bally’s Star Holdings, LLC, holds a significant interest in the company with 2.5 billion ordinary shares, indicating a strong influence on the company’s strategic direction.
The most recent analyst rating on (AU:SGR) stock is a Hold with a A$0.10 price target. To see the full list of analyst forecasts on Star Entertainment Group Limited stock, see the AU:SGR Stock Forecast page.
The Star Entertainment Group Limited announced a change in the director’s interest, specifically regarding Steve McCann, who acquired additional Performance Rights. This change, resulting from a dilution event, was approved by shareholders at the company’s 2024 Annual General Meeting. The acquisition of these rights reflects the company’s ongoing commitment to aligning executive incentives with shareholder interests, potentially impacting the company’s governance and stakeholder relations.
The most recent analyst rating on (AU:SGR) stock is a Hold with a A$0.10 price target. To see the full list of analyst forecasts on Star Entertainment Group Limited stock, see the AU:SGR Stock Forecast page.
The Star Entertainment Group Limited announced that Bally’s Corporation and its associates have become substantial shareholders, holding 37.7% of the company’s voting power with 2.5 billion ordinary shares. This development, approved by regulatory bodies and shareholders, allows Bally’s to potentially acquire up to 53.75% of shares, impacting the company’s ownership structure and market positioning.
The most recent analyst rating on (AU:SGR) stock is a Hold with a A$0.10 price target. To see the full list of analyst forecasts on Star Entertainment Group Limited stock, see the AU:SGR Stock Forecast page.
The Star Entertainment Group Limited announced a significant change in its substantial shareholding, with Investment Holdings Pty Ltd, as trustee for BMG Discretionary Trust, and Bruce Lawrance Mathieson increasing their stake to 1,537,154,955 ordinary shares, representing 23.16% of the company’s voting power. This change was facilitated by regulatory approvals and shareholder consent, allowing Investment Holdings to exceed typical shareholding restrictions, potentially impacting the company’s governance and market dynamics.
The most recent analyst rating on (AU:SGR) stock is a Hold with a A$0.10 price target. To see the full list of analyst forecasts on Star Entertainment Group Limited stock, see the AU:SGR Stock Forecast page.