Shareholders at The Star AGM on the Gold Coast to hear about “transformative” year on the Glitter Strip

“VERY lucky” gamblers at The Star have beaten the house at a far higher rate than expected, giving the casino operator a shock multi million-dollar hit to its earnings.

“VERY lucky” gamblers at The Star beat the house at a far higher rate than expected in the past financial year, giving the casino operator a 19 per cent bruise to its earnings.

Shareholders at today’s AGM were told The Star’s casinos retained 1.16 per cent of turnover — well below its 1.59 per cent win rate the previous year and short of the theoretical rate of 1.35 per cent.

“Best explained, some of our guests were very lucky. It’s in the nature of business,” CEO Matt Bekier said.

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The Star reported in August its full-year profit had fallen by 44 per cent, despite record revenue, largely because of its low win rate, debt restructuring costs and expenses relating to the opening of The Darling at Broadbeach.

The Star Gold Coast has become “a real contender” in the International VIP business according to chairman John O’Neill.

Revenue rose 5.5 per cent to $2.47 billion, as the money that international high-rollers brought to play with had risen 36.4 per cent to $4.7 billion, and turnover lifted 54.3 per cent to $61.2 billion. The casino operator declared a final dividend of 13 cents per share, up from 8.5 cents per share a year ago.

Chairman John O’Neill’s AGM presentation told of a transformative year for the group, with Gold Coast milestones including opening The Darling, Nineteen at The Star, refurbishment of the existing hotel as well as approval for The Dorsett and The Star Residences.

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“Last year I spoke of transformational projects being carried out across our properties, highlighting our commitment to delivering world-class tourism and entertainment destinations,” Mr O’Neill will say.

“One year on and nowhere is this more evident than here at The Star Gold Coast — an almost unrecognisable destination compared to when we last gathered here in 2016.”

An artist impression of Dorsett Hotel and Star Residences on the Gold Coast.

Mr O’Neill said the changes had made The Star Gold Coast “a real contender in the International VIP business”.

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