The Star Entertainment Group (SGR) Q1 2027 TU earnings summary

Executive summary

• Consolidated revenue was $284m, up 2% YoY and 8% QoQ; EBITDA was $12m, a $25m improvement YoY and a $21m improvement QoQ.

• Sydney and Gold Coast combined revenue rose 5% YoY, marking their first quarterly YoY growth since Q1 FY25.

• Positive operating free cash flow excluding one-off items and improving property performance supported the outlook, while material going-concern uncertainties remain.

Financial highlights

• Revenue was $284m; gaming taxes and levies were $70m; operating expenses were $202m, down 12% YoY.

• EBITDA was $12m versus a $13m loss YoY and a $9m loss QoQ; these results exclude significant items, share-based expenses and discontinued operations.

• Unallocated corporate costs were $23m, down $10m or 29% YoY.

• Consolidated operating cash flow was an outflow of $15.5m; investing cash outflow was $10.4m and financing cash outflow was $0.1m.

Outlook and guidance

• FY27 is expected to be the first year in more than two years with net annual operating cash inflows before one-off items.

• Continued property-level decentralisation and cost initiatives are expected to reduce ongoing operating costs and support increased marketing investment.