The Star Entertainment Group announces further cost cuts, totaling over AUD100 million in operational savings relative to FY2023. They are cutting around 500 full-time positions company-wide, excluding risk management and remediation roles, canceling short-term incentives for FY2023, and implementing a salary freeze for employees not under collective bargaining agreements. The Star Sydney casino resort is under strategic review. The company is also accelerating plans to refinance debt and is pursuing the sale of Sheraton Grand Mirage Resort Gold Coast property. Earnings have been impacted due to regulatory issues and challenging trading conditions.
Earnings have taken a hit due to regulatory issues and the tough trading conditions, but it's clear they're taking steps to turn the ship around. Man its going to be a very bumpy road ahead of them .