First Impression: Star Entertainment (SGR) Full year Result

The Star key highlights: Slots up 8.3%, Domestic tables up 9.1%, Non-gaming up 3.2%, Int. VIP rebate business up 10.3% with an actual WIN rate of 1.17% (vs 1.20% pcp) | Queensland Casinos highlights: Domestic revenue up 2.2%, Int. VIP rebate business turnover down 35.3% and actual win rate 2% (2.21% pcp) | International VIP rebate: gross rev up 7.2% and actual win rate 1.2% (vs 1.27%pcp) | Normalised EBITDA up 14.1% to $556.2m; applying 1.35% win rate to actual VIP turnover: Segment performance: The Star Sydney: EBITDA up 17.4% to $381.8m; Queensland Casinos: EBITDA up 7.5% to $174.4m | Net operating cash flow down 22% to $377.9m.