The Star Entertainment Group announced an earnings update and outlook

The Star Entertainment Group Limited (ASX: SGR) provided the following update on operational conditions and projections for FY2023. In 1HFY23, the company expected to report an underlying EBITDA of AU$195 million to AU$205 million. The 1HFY23 underlying EBITDA will exclude provisions for fines and one-time legal expenses, which will be classified as significant items.

Based on current trade performance and the view for the remainder of the second half, the Group expects to record underlying EBITDA of AU$330 million to AU$360 million for the fiscal year ending 30 June 2023. This projection includes remediation expenditures of AU$35 million to AU$45 million in FY23, with roughly 50% expected to be recurring in FY24. The company is also expecting a non-cash impairment charge concerning to its NSW business in the range of AU$400 million to AU$1.6 billion in its 1HFY23 results.

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