Australia’s Star Entertainment appoints Neale O’Connell as acting CEO

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Australia's Star Entertainment appoints Neale O'Connell as acting CEO
Australia's Star Entertainment appoints Neale O'Connell as acting CEO

A$1.87 billion in total revenue and A$317.4 million in group EBITDA were recorded by Star for the fiscal year 2023.

Star Entertainment’s stock dropped on Monday as the casino operator cut its profit prediction from levels seen a year ago in half, predicting fiscal 2024 normalized group EBITDA between A$165 million ($110 million) and A$180 million.

The cash-strapped business’s shares dropped as much as 7.7% to A$0.453 in early trading, making them the second-biggest losers in the benchmark ASX 200 index.

After generating A$1.87 billion in revenue in its fiscal year 2023, Star expects its group revenue to drop to between A$1.68 billion and A$1.69 billion.

A$1.87 billion in total revenue and A$317.4 million in group EBITDA were recorded by Star for the fiscal year 2023.

Inquiries from regulators to maintain its gaming license at its Sydney casino and an ongoing remediation program have put pressure on the beleaguered casino operator recently.

In a different statement, the business stated that it has moved forward with the hiring of a new permanent group chief and managing director and named Neale O’Connell, the interim group chief financial officer, as the company’s acting CEO.

Earlier this year, the troubled company saw many management changes, with Chairman David Foster leaving last April.

The company said on Monday that, until the nomination of a permanent group CEO and MD, Chairman Anne Ward has also taken on additional duties on an interim basis.

Star stated that as it reviews the possible sale of additional non-core assets, it is moving forward with negotiations for the sale of assets, including its hotel, car park, and Treasury Casino in Brisbane.

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