Star Entertainment Group
(ASX:SGR) released its 1H17 results today.
Australia’s second largest casino operator posted a record net profit, more than doubling to $141.8 million. Star says this was impacted by a high win rate in its International VIP Rebate business.
Its group revenue rose 11.1% to 1.2 billion, and EBITDA was $300.4 million (rising 55.9% on pcp).
The company declared a fully-franked interim dividend of 7.5 cents per share – which is 36.4% higher than its previous interim dividend.
However, turnover from international VIP customers (largely wealthy Asian gamblers visiting Australia) fell 27% late last year. This was after 18 employees from its rival Crown Resorts
(ASX:CWN) were arrested in China last October.
