The Star Entertainment Group reported a Q2 FY26 EBITDA profit of A$6 million (before significant items), its first positive quarterly EBITDA in roughly two years, as The Star Entertainment Group also warned that a refinancing process is now underway with no certainty on timing or outcome.
For the quarter ended 31 December 2025, The Star Entertainment Group posted revenue of A$301 million, up 6% versus Q1 FY26, reflecting stabilised trading in Sydney, seasonally stronger volumes on the Gold Coast, and a higher operator fee from its Brisbane operations.
Liquidity remains tight. The Star Entertainment Group said it had A$130 million of available cash at 31 December 2025 (A$171 million cash and equivalents less A$41 million restricted cage cash).
The refinancing clock is explicit: The Star Entertainment Group must deliver a Senior Facility Agreement compliance certificate by 14 February 2026, and it does not expect to meet some covenants for the 12-month period ended 31 December 2025. The Star Entertainment Group added that, if a “suitable commitment letter” is in place when the certificate is delivered, any covenant breach could be deferred—provided refinancing completes before 31 March 2026.
Operational headwinds persist. The Star Entertainment Group noted that, since mandatory carded play and A$5,000 daily cash limits were fully implemented across its NSW gaming floor on 19 October 2024, Sydney’s average daily revenue has declined 19% through 31 December 2025 versus the pre-reform baseline.
On ownership, The Star Entertainment Group said it has completed A$300 million in strategic investments, leaving Bally’s with about 38% of issued capital and Investment Holdings with about 23%.
