Star Entertainment, Australia’s giant casino group, announced its latest financial numbers. It showed that revenues from its overseas VIP visitors (mainly from the Chinese mainland) were down considerably – by over 35% in one year. Due to this slip in VIP gambler revenues, Star Entertainment’s net profit after tax was down 8.4% to $224 million.
Business from Chinese gamblers has been on the downturn for some time now, related to several reasons. The Chinese economy is on a slowdown, the US-China trade war continues and a way for Chinese players to fast track their visa applications has closed down.
Nevertheless, the numbers don’t seem to worry the chief executive, Matt Bekier who stressed that the group remains focused on executing its long-standing strategy of investing to drive visitation and earnings to its network of properties in sought-after destinations.
Star Entertainment owns and operates casinos in a number of locations around Australia, including Brisbane, Sydney and the Gold Coast.
Recently, the New South Wales Independent Liquor and Gaming Authority said that it would be investigation the purchase of Crown Resorts’ stakes by the Asian hospitality group, Melco. Authorities are worried about rumors that Australia’s other giant casino group, Crown is involved with Chinese mafias, and also had something to do with fast track visa approvals for highroller gambler.