Morningstar

The Star Entertainment Group Ltd

SGR: XASX (AUS)

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Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$3.54	Tdb	Mtzln

We Expect Star to Raise Equity in Fiscal 2025

Sep 26, 2024

Business Strategy and Outlook

We expect Star Entertainment to deliver strong earnings growth over the next decade, buoyed by the recovery from pandemic-induced lows, the ramp-up of the Queen's Wharf and Gold Coast growth projects, and solid performance from its Sydney property, despite increased competition. The Star casino in Sydney is the company's core asset and historically generated approximately most of group earnings as the city's only casino. However, Star's exclusivity in Sydney has come to an end with a second Sydney casino license issued to Crown Resorts, opening in August 2022. This is a major blow to Star, ending its long-standing monopoly in Sydney.

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