BUZZ-Australia's Star Entertainment set for 3rd straight annual loss amid regulatory woes

Reuters

Dec 27, 2024

BUZZ-Australia's Star Entertainment set for 3rd straight annual loss amid regulatory woes

** Shares of Australia's Star Entertainment SGR.AX set to fall more than 61% in 2024, poised for a third consecutive annual loss

** Casino operator's stock rises as much as 7.9% on Friday, last at A$0.2; stock had hit a record high of A$5.50 in 2018

** Stock slumped over 2024 on regulatory crackdown, rising costs at Queensland operations, debt restructuring with lenders and an executive shake-up that saw its CEO and chairman both leaving

** Investment research firm Morningstar recently gave an extreme uncertainty rating even though shares look undervalued

** The embattled firm has been in the eye of a perfect storm that has hit Australian casino operators for years

** Star and larger rival Crown have faced multiple regulatory inquiries, as well as a drop in tourist visits and lengthy closures

** Brokerage Jefferies in an October note flagged limited catalyst for an earnings turnaround for Star

Star Entertainment https://tmsnrt.rs/41S8eB0

(Reporting by Rishav Chatterjee in Bengaluru)

((Rishav.Chatterjee@thomsonreuters.com;))

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