Star Entertainment is on the road to "suitability" after narrowing its full-year loss, as it navigates debt refinancing, new major shareholders and licensing issues.
The casino company posted a $307.3 million loss in the year to June 30, down from $471.5 million in 2025/26, and $1.7 billion a year earlier.
Its normalised loss after tax was $158.9 million, before significant items of $144.3 million and discontinued operations of $4.1 million.
After a raft of scandals and license suspensions over alleged money laundering, organised crime infiltration and governance failures, the company was more accountable, focused and responsible, chief executive officer and managing director Bruce Mathieson Jr said.
"Returning to suitability remains critical to future, and the work required to achieve that objective has and is being increasingly embedded in how we operate every day," Mr Mathieson Jr said in a statement.
Star handed down its results two business days later than forecast, and did not hold an earnings briefing for analysts or shareholders.
Operating losses fell to $16.1 million from $76.2 million a year earlier, while a more than 10 per cent slump in revenue to $1.1 billion was attributed to weaker table game income.
Significant items bottom line impacts included a $55.9 million settlement with the Australian Tax Office, $25.4 million in regulator fines and associated costs, $36.2 million on reorganisation and employment costs, and $17.3 million in debt refinancing.
"The group has successfully refinanced its corporate debt and continued the work of strengthening its balance sheet with a strong liquidity position," Mr Mathieson Jr said.
The Star received a $300 million investment from US casino giant Bally's and pub baron Bruce Mathieson's Investment Holdings over the past two financial years to keep it afloat, along with a USD $390 million ($544.4 million) secured term loan from WhiteHawk Capital Partners.
Bally's now owns 38 per cent of The Star's issued capital, while Investment Holdings owns 28 per cent.
Regulatory fines have continued to roll in for the casino operator and former leaders, including a $10 million penalty for breaches including exceeding game time limits and failing to vet patrons for criminal and terrorist links.
Matthias Bekier, Star's boss between 2014 and early 2022, was fined $700,000 in June and banned from managing corporations for six years for failing to inform the company board of suspicious junket operator conduct.
Those times were behind the company according Mr Mathieson Jr, who will celebrate one year at the helm on Tuesday.
"We have welcomed many new leaders to The Star over the past year, bringing fresh perspectives, deep industry experience and a shared commitment to improving patron experience, profitable operating performance and responsible operations," Mr Mathieson Jr said.
Star Entertainment shares fell almost four per cent in early trade to 12.5 cents per share.
