Asian VIPs push Australia’s Star Entertainment’s net profit up 15%

Australian casino operator Star Entertainment Group Ltd. saw its full-year net profit after tax rose to 14.9 percent, thanks to record-high revenue from its wealthy Asian visitors.

In a filing, the Australian Stock Exchange-listed company reported that its net profit totaled AUD194.4 million (USD148.13 million) for the full year ending June 30, while total earnings before interest, taxation, depreciation and amortization (EBITDA) increased by 7.5 percent year-on-year to AUD488.8 million.

Gross revenue was also up by 4.4 percent year-on-year to AUD2.36 billion. The company said it recorded “good growth” across its Australian gaming business, with gaming revenue increasing 6.8 percent year-on-year to AUS1.51 billion.

Star chalked up the good numbers to “a combination of improved marketing, loyalty program, sales activity, product offering and stronger macro-economic conditions.” Aside from The Star Sydney, the casino operator also owns and operates TJupiters Gold Coast and the Treasury Casino in Brisbane.