Australia's Star Entertainment sees FY profit to halve; appoints...
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Shares fall as much as 7.7%
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Star stock is second-biggest loser on ASX 200
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Appoints Interim Group CFO Neale O'Connell as acting CEO
(Adds bullets, updates with share moves in paragraph 2, background in paragraph 7 and details in paragraphs 8-9)
June 24 (Reuters) - Shares of Australia's Star Entertainment fell on Monday after the casino operator forecast fiscal 2024 normalised group EBITDA between A$165 million ($110 million) and A$180 million, nearly halving its profit estimate from year-ago levels.
Shares of the cash-strapped company fell as much as 7.7% to A$0.453 in early trading hours, and emerged as the second-biggest losers in the benchmark ASX 200 index.
Star expects its group revenue to be between A$1.68 billion and A$1.69 billion, down from its fiscal 2023 revenue of A$1.87 billion.
In fiscal 2023, https://rummyeast1.in/ Star reported a group revenue of A$1.87 billion and a group EBITDA of A$317.4 million.
The embattled casino operator has come under pressure recently due to regulatory inquiries to keep its gaming license at its Sydney casino, as well as an ongoing remediation programme.
In a separate announcement, the company said it has appointed Interim Group Chief Financial Officer Neale O'Connell as the acting CEO, and progressed its recruitment process for a new permanent group chief and managing director.
The beleaguered firm has seen a slew of management changes earlier this year, with Chairman David Foster being the last to make an exit in April.
The firm said on Monday Chairman Anne Ward has also assumed, on an interim basis, additional responsibilities until appointment of a permanent Group CEO & MD.
Star said it is progressing negotiations for the sale of assets including its Treasury casino, hotel and car park in Brisbane, while reviewing the potential sale of other non-core assets.
($1 = 1.5060 Australian dollars) (Reporting by Shivangi Lahiri in Bengaluru; Editing by Jacqueline Wong, Lincoln Feast and Sherry Jacob-Phillips)
*
Star stock is second-biggest loser on ASX 200
*
Appoints Interim Group CFO Neale O'Connell as acting CEO
(Adds bullets, updates with share moves in paragraph 2, background in paragraph 7 and details in paragraphs 8-9)
June 24 (Reuters) - Shares of Australia's Star Entertainment fell on Monday after the casino operator forecast fiscal 2024 normalised group EBITDA between A$165 million ($110 million) and A$180 million, nearly halving its profit estimate from year-ago levels.
Shares of the cash-strapped company fell as much as 7.7% to A$0.453 in early trading hours, and emerged as the second-biggest losers in the benchmark ASX 200 index.
Star expects its group revenue to be between A$1.68 billion and A$1.69 billion, down from its fiscal 2023 revenue of A$1.87 billion.
In fiscal 2023, https://rummyeast1.in/ Star reported a group revenue of A$1.87 billion and a group EBITDA of A$317.4 million.
The embattled casino operator has come under pressure recently due to regulatory inquiries to keep its gaming license at its Sydney casino, as well as an ongoing remediation programme.
In a separate announcement, the company said it has appointed Interim Group Chief Financial Officer Neale O'Connell as the acting CEO, and progressed its recruitment process for a new permanent group chief and managing director.
The beleaguered firm has seen a slew of management changes earlier this year, with Chairman David Foster being the last to make an exit in April.
The firm said on Monday Chairman Anne Ward has also assumed, on an interim basis, additional responsibilities until appointment of a permanent Group CEO & MD.
Star said it is progressing negotiations for the sale of assets including its Treasury casino, hotel and car park in Brisbane, while reviewing the potential sale of other non-core assets.
($1 = 1.5060 Australian dollars) (Reporting by Shivangi Lahiri in Bengaluru; Editing by Jacqueline Wong, Lincoln Feast and Sherry Jacob-Phillips)
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