The Star Entertainment Group

ANNUAL REPORT 
2024

CONTENTS
INTRODUCTION	
1
CHAIRMAN’S REPORT	
3
CEO’S REPORT	
4
OUR PEOPLE	
8
Board of Directors	
8
Executive Team 	
9
SUSTAINABILITY REPORT	
10
Sustainability Strategy	
10
1. Responsibility (Governance)	
12
2. Community and People (Social)	
19
3. Environment	
28
FINANCIAL PERFORMANCE	
34
KEY PROJECTS	
36
The Star Brisbane	
37
The Star Gold Coast	
38
The Star Sydney	
39
DIRECTORS’, REMUNERATION AND 
FINANCIAL REPORT	
40
Directors’ Report	
41
Remuneration Report	
67
Financial Report	
91
ADDITIONAL INFORMATION	
160
Shareholder Information	
160
Corporate Information	
166
2024 Corporate Governance Statement	
166
2024 Annual General Meeting	
167
Indicative Key Dates for FY25	
167
Company Directory	
167
About this Annual Report	
168
THE STAR ENTERTAINMENT GROUP LIMITED 
ACN 149 629 023
ACKNOWLEDGEMENT OF COUNTRY
The Star Entertainment Group respectfully 
acknowledges the Traditional Owners of the land 
where our properties are situated. This includes 
the Turrbal and Jagera Traditional Owners of the 
Brisbane region, the Danggan Balun (Five Rivers) 
people of the Gold Coast, and the Traditional 
Owners of the land in Pyrmont, the Gadigal people 
of the Eora Nation.
We also wish to pay our respects to Elders past  
and present.
‘Jalaman Making Honey’ is a collaborative artwork created by 
Quandamooka artist Delvene Cockatoo-Collins and The Star team 
members (2019).

THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT
1
INTRODUCTION
ABOUT THE STAR 
The Star Entertainment Group is an ASX-listed 
company that owns and operates The Star 
Sydney and The Star Gold Coast. In addition, the 
Company has a fifty percent interest in The Star 
Brisbane which began operations subsequent to 
30 June 2024 (the details of which are set out on 
page 37 of this report). The Star Entertainment 
Group also manages the Gold Coast Convention 
and Exhibition Centre on behalf of the Queensland 
Government. In August 2024, the closure of 
Treasury Brisbane was completed and The Star 
Entertainment Group commenced operating 
The Star Brisbane.
The Star’s purpose is to create fun at trusted 
destinations. The Star welcomes millions of guests 
every year across its three properties in Brisbane, 
the Gold Coast and Sydney and deliver unique and 
memorable experiences. We employ approximately 
8,000 team members while also supporting 
downstream employment and are proud to support 
the communities in which we operate. 
More information can be found at  
www.starentertainmentgroup.com.au 
ABOUT THIS ANNUAL REPORT
This Annual Report is a review of The Star 
Entertainment Group Limited (“The Star” or the 
“Company” and, together with its subsidiaries, the 
“Group”) and its subsidiary companies’ performance 
for the financial year ended 30 June 2024.  
Where appropriate, information is also provided 
in relation to activities that have occurred after 
30 June 2024. Please also see the Company’s 
website for specific matters disclosed to the ASX 
since 30 June 2024.
OUR COMMITMENT TO TRANSFORMATION
The Star Entertainment Group Limited is going through a period of immense transformation.  
We fully appreciate the responsibilities involved in holding casino licences in Queensland and  
New South Wales and are committed to ensuring The Star as a transparent, accountable 
organisation, founded on a strong ethical framework and supported by robust leadership and 
governance so we may regain the trust of all of our stakeholders including our guests, regulators, 
the Manager/Special Manager/External Adviser, shareholders, suppliers, partners, the community 
and our dedicated team members. 
Our team members today care deeply about doing what is right and are strongly committed to 
ethical and compliant behaviour. The Star is committed to doing what is required to retain and 
regain our licences to operate our casinos in Queensland and New South Wales respectively.

2
THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT

THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT
3
2. Our People
3. Sustainability Report
4. Financial Performance
5. Key Projects
6. Directors’ Report
7. Financial Report
8. Additional Information
1. Chair and CEO Reports
CHAIRMAN’S REPORT
To our shareholders,
In closing out an extremely challenging year 
I would like to extend my thanks for your 
patience and support. 
The first half of the year was focused on the 
commencement of the Remediation Plan, although 
it was quickly evident that a refinement of the 
plan would support more meaningful outcomes 
through better sequencing, planning and focus on 
strategic priorities. 
Coming out of the recent Bell Two Inquiry, and 
having reset our Remediation Plan, we are 
absolutely focused on the path ahead to drive 
sustainable long term cultural transformation for 
the company.
To facilitate this we’ve made considerable changes 
within The Star Entertainment Group (TSEG) to 
support remediation efforts and set the business on 
a new, stronger path for the future. 
These changes include my appointment as Chair on 
29 April 2024, and a number of significant executive 
appointments including Steve McCann as our 
Group CEO and Managing Director (announced on 
26 June 2024 subject to regulatory approvals).
We are also currently making changes to increase 
the accountability and direct supervision of each 
of our properties, which will be overseen by newly 
appointed CEOs. 
While 2024 has delivered a convergence of 
challenges — including regulatory change and 
adverse trading conditions which are reflected in 
our results — we are emerging from this period with 
a clarity of focus and commitment to the task ahead. 
It will take time, dedication and collaboration at 
all levels, but with the right structure in place, our 
new management team and the Board are working 
closely with our regulators, special manager and 
key stakeholders to set things right and do what 
is required to regain our licences to operate our 
casinos in Queensland and New South Wales.
I wish to take this opportunity to thank the new 
management team and my fellow directors for their 
ongoing commitment and support in remediating 
and transforming TSEG. 
I would also like to acknowledge the hard work 
of our thousands of team members during these 
challenging times and thank them for their efforts. 
Finally, a special word of thanks to our shareholders, 
as I know many of you have shown great loyalty to 
the business for an extended period — not just over 
the past 12 months. 
We appreciate the trust you have that our 
remediation efforts will transform the business into 
the strong, safe and ethical business we all want it 
to be — and we will work hard to earn and reward 
that trust.
Anne Ward  
Chairman 
The Star Entertainment Group 
We are absolutely focused 
on the path ahead to drive 
sustainabile long term 
cultural transformation for 
the company.

4
THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT
CEO’S REPORT
Dear shareholders,
As you know, The Star has experienced 
exceptional challenges over the past 
few years, with the last 12 months being 
particularly difficult.
Neale O’Connell started his role at The Star as 
Interim Chief Financial Officer on 25 March 2024 
when the Bell Two inquiry was underway and 
was appointed Acting CEO on 24 June 2024 on a 
temporary basis, until our permanent Group CEO 
and Managing Director Steve McCann receives 
all necessary regulatory approvals (at the time of 
writing, these are progressing but remain pending). 
In this report, we will focus on The Star’s financial 
performance and outlook. 
FY24 FINANCIAL PERFORMANCE
The Star’s 2024 financial year (FY24) performance 
was impacted by challenging trading conditions, 
cost of living pressures, casino operating reforms 
and loss of market share.
Group revenue for FY24 was $1,678 million, in line with 
the earnings guidance provided on 24 June 2024 and 
down 10% on FY23. Operating expenses remained 
elevated at $1.1 billion, reflecting increased spending 
on transformation and remediation related activities, 
and additional resourcing for risk and controls. 
These costs were partially offset by savings from 
reduced activity and The Star’s previously announced 
cost-out program which was completed in 1H FY24. 
Earnings before Interest and Tax (EBIT) (before 
significant items) declined 56% from $122 million 
in FY23 to $54 million in FY24 and Group funding 
costs reduced 38% reflecting the reduction and 
refinancing of legacy debt.
Significant items of $1.7 billion (after tax) included a 
$1.44 billion non-cash impairment charge reflecting 
the impact of challenging trading conditions as well 
as various recent and upcoming regulatory changes 
on each of The Star’s properties. Other significant 
items included deferred tax expense in relation 
to the derecognition of deferred tax assets, 
debt refinancing costs, restructuring costs, and 
$100 million of regulatory, fines, penalties, duties, 
and consultant, legal and other costs (including 
$16.7 million relating to the Bell Two inquiry). 
The Star reported normalised net profit after tax 
(NPAT) of $12 million for FY24 versus $41 million in 
FY23 and a Statutory NPAT loss of $1,685 million 
versus a Statutory NPAT loss of $2,435 million 
in FY23. 
No dividends were declared.

THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT
5
2. Our People
3. Sustainability Report
4. Financial Performance
5. Key Projects
6. Directors’ Report
7. Financial Report
8. Additional Information
1. Chair and CEO Reports
CAPEX AND JOINT VENTURE 
CONTRIBUTIONS
The Star’s capital expenditure (capex) in FY24 
was $76 million, below depreciation of $121 million. 
Capex was comprised of maintenance capex of 
approximately $55 million and remediation capex 
of approximately $22 million. In FY24, The Star 
made equity contributions of $98 million, of which 
$75 million related to the Destination Brisbane 
Consortium joint venture (DBC JV) and $23 million 
related to the Destination Gold Coast Consortium 
joint venture (DGCC JV).
MANDATORY CARDED PLAY 
Mandatory carded play in certain areas and 
cash limits of $5,000 successfully commenced 
at The Star Sydney on 19 August 2024. 
Mandatory carded play will be required across 
The Star Sydney’s entire gaming floor by 
19 October 2024 and cash limits will reduce to 
$1,000 by 19 August 2025. Since the introduction 
on 19 August 2024 of mandatory carded play in 
certain areas and the $5,000 cash limits, revenue 
in the first month at The Star Sydney was down 
10.7% compared to the four-week average prior to 
the introduction.
Preparations are currently underway at The Star’s 
Queensland properties for implementation 
of mandatory carded play, mandatory pre-
commitments and cash limits, subject to the 
finalisation of regulations, on which we are 
presently engaging with the Queensland regulator.
Whilst we expect these regulatory changes to have 
a negative impact on the earnings of The Star, the 
quantum of the impact remains uncertain at this 
point in time.
PROPERTIES 
The Star’s property portfolio has undergone 
changes in the past year. In November 2023 the 
sale of the Sheraton Grand Mirage Gold Coast was 
completed, and a $23 million profit was recorded 
upon divestment.
On 25 August 2024 The Treasury Brisbane was 
closed and the phased opening of The Star Brisbane 
in the heart of the multi-billion-dollar Queen’s Wharf 
precinct commenced on 29 August 2024. 
The staged opening of The Star Brisbane includes 
the opening of The Star Grand hotel, the main 
gaming floor and premium gaming rooms, Event 
Centre, Sky Deck, pedestrian bridge, public realm 
and certain food and beverage outlets. Further 
food and beverage venues, the Leisure Deck and 
retail spaces will open progressively throughout 
FY25, whilst the Dorsett and Rosewood hotels are 
expected to open in late calendar 2026.
On 6 September 2024 we announced the sale of the 
leasehold interest in the Treasury Casino Building 
to Griffith University with settlement occurring on 
30 September 2024. This divestment delivered 
net sale proceeds of $60.5 million (plus GST) after 
settlement adjustments. The Treasury Hotel and 
carpark are actively being marketed and we are 
expecting a sale of both assets by 1H FY25.

6
THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT
LIQUIDITY AND NEXT STEPS
The Star’s monthly operating expenses have 
trended up through 2H FY24 and this trajectory has 
continued in the start of FY25, driven by increased 
transformation and remediation related activities, 
offsetting The Star’s previously announced cost 
reduction program. Trading performance has 
also continued to deteriorate and as a result, 
whilst The Star had available cash of $130 million 
at 31 August 2024, it faces significant near-term 
liquidity pressures.
These pressures include funding of The Star’s 
operations at current trading levels; ongoing 
transformation and remediation related activities 
(with total FY25 remediation costs expected to be 
approximately $100 million, comprised of operating 
costs of approximately $63 million and capex of 
approximately $37 million) as well as significant 
DBC JV equity contributions, and anticipated 
outflows associated with ongoing regulatory 
matters, such as the AUSTRAC civil penalty 
proceedings and underpaid casino duty in NSW. 
Forecast equity contributions into the DBC JV 
have been revised and the timing of payments has 
shifted, reflecting timing of construction and pre-
opening costs. The Star’s share of forecast JV equity 
contributions to fund the costs to complete the 
project are currently estimated to be $174 million in 
FY25 and $183 million in FY26 and thereafter. We also 
expect The Star will be required to make further equity 
contributions to the DBC JV to fund costs associated 
with operations as the business ramps up. 
To address these near-term liquidity issues, 
The Star’s existing corporate lenders have executed 
commitment letters for a new two-tranche term 
facility of up to $200 million, subject to execution 
of long-form documentation and satisfaction of 
various conditions.
The new facility is intended to replace the existing 
undrawn $117 million revolving credit facility 
and provide The Star with additional liquidity 
over and above our existing $300 million drawn 
four-year term facility and the $33 million drawn 
bank guarantees retained from the existing 
syndicated facility.
Tranche One of the new facility ($100 million) 
is expected to be available to draw by late 
October 2024, and, if conditions precedent are 
satisfied, will be available until 20 December 
2024. Tranche Two (a further $100 million) is 
subject to more extensive conditions precedent, 
which if satisfied, will be available to draw by the 
end of December 2024. Tranche Two has a four-
month availability period following the drawing of 
Tranche One.
The lenders have also agreed to provide 
covenant waivers for the 30 September 2024 
and 31 December 2024 testing dates, which will 
apply to both the new facility and the existing 
retained facilities.
A condition precedent for Tranche 2 requires the 
company to raise $150 million in subordinated debt.
In addition to the debt refinancing, the management 
team is in the process of implementing a range of 
other initiatives and measures to improve business 
performance and support The Star’s liquidity 
position. These include cost initiatives aiming to 
deliver over $100 million in annualised savings with 
targeted implementation by March 2025. Further 
work is currently underway to identify additional 
cost savings, and we are progressing the sale 
processes for The Treasury hotel and car park 
which we expect to complete in 2H FY25. The Star’s 
FY25 capex is forecast to be $80 million (excluding 
remediation capex of $37 million).
CEO’S REPORT (CONT.) 

THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT
7
2. Our People
3. Sustainability Report
4. Financial Performance
5. Key Projects
6. Directors’ Report
7. Financial Report
8. Additional Information
1. Chair and CEO Reports
We have been engaging with state governments, 
the NSW Independent Casino Commission and the 
Office of Liquor and Gaming Regulation regarding 
other potential support measures.
Additional measures such as further non-core asset 
sales are also being assessed to further support 
The Star’s liquidity position.
As we work through these initiatives, the Board 
and management team remain focused on restoring 
long-term shareholder value and will consider all 
options available to the Group to achieve this.
CONCLUSION
We fully appreciate the privilege and responsibility 
involved in holding licences in Queensland and 
New South Wales and are absolutely committed to 
rebuilding The Star as a transparent, accountable 
organisation, founded on a strong ethical framework 
and supported by robust governance, so we may 
once again have the trust of all of our stakeholders 
including our guests, regulators, shareholders 
suppliers partners the community and our dedicated 
team members. 
We would like to acknowledge and thank the Board, 
our team members, shareholders and The Star’s 
other stakeholders for their ongoing support.
Neale O’Connell	
 
Acting CEO and Interim CFO 
The Star Entertainment Group
Steve McCann 
Group CEO & MD (subject to regulatory approval) 
The Star Entertainment Group

8
THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT
BOARD OF DIRECTORS
ANNE WARD 
Chairman, Non-Executive Director
Joined the Board on 18 November 2022. Became Chair 29 April 2024.
Bachelor of Laws; Bachelor of Arts; Barrister and Solicitor of the 
Supreme Court of Victoria; Fellow of the Australian Institute of 
Company Directors.
PETER HODGSON 
Independent, Non-Executive Director
Joined the Board on 7 February 2024. 
Master of Arts (Hons) in Law; Member of the Australian Institute of 
Company Directors.
MICHAEL ISSENBERG 
Independent, Non-Executive Director
Joined the Board on 11 July 2022.
BS in Hotel Administration; French Order of Merit (Ordre national 
du Mérite).
DEBORAH PAGE AM 
Independent, Non-Executive Director
Joined the Board on 13 March 2023. 
Bachelor of Economics; Fellow of Chartered Accountants Australia and 
New Zealand; Fellow of the Australian Institute of Company Directors; 
Member of Chief Executive Women.
Board Changes 
See page 1 of Directors’ Report.
TONI THORNTON 
Independent, Non-Executive Director
Joined the Board on 17 October 2023. 
Bachelor of Arts (Pol Sci), Cert Finance, Master’s of Law  
(Enterprise Governance), Member of the AICD. 

THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT
9
1. Chair and CEO Reports
3. Sustainability Report
4. Financial Performance
5. Key Projects
6. Directors’ Report
7. Financial Report
8. Additional Information
2. Our People
STEVE MCCANN 
Group Chief Executive Officer  
& Managing Director  
(Subject to regulatory approval)
NEALE O’CONNELL 
Acting Group CEO |  
Interim Group Chief  
Financial Officer
JEANNIE MOK 
Group Chief Operating Officer 
PATRICK MCGLINCHEY 
Interim Group Chief  
Legal Officer  
(Appointed 20 August 2024,  
subject to regulatory approval)
ROWENA CRAZE 
Group Chief Audit Officer 
PAULA HAMMOND 
Group Chief People Officer
JANELLE CAMPBELL 
Chief Executive Officer,  
The Star Sydney
DANIEL FINCH 
Chief Executive Officer,  
The Star Brisbane and  
Treasury Brisbane 
MARK MACKAY 
Chief Executive Officer,  
The Star Gold Coast  
(Appointed 10 September 2024,  
subject to regulatory approval)
SCOTT SAUNDERS 
Group Chief Risk Officer  
(Resigned 31 July 2024)
JESSICA MELLOR 
Chief Executive Officer,  
The Star Gold Coast  
(Resigned 18 April 2024)
LAURENT FRESNEL 
Group Chief Technology  
and Innovation Officer
As at 30 September 2024
Executive Appointments:
Steve McCann (Appointed 
as Group CEO and Managing 
Director on 8 July 2024, subject 
to regulatory approvals) 
Neale O’Connell (Appointed as 
Interim Group Chief Financial 
Officer on 25 March 2024 and as 
Acting Group Chief Executive 
Officer on 24 June 2024, subject 
to regulatory approvals which 
were received on 15 July 2024)
Jeannie Mok (Appointed as 
Group Chief Operating Officer 
on 11 June 2024, subject to 
regulatory approvals)
Janelle Campbell (Appointed  
as Chief Executive Officer,  
The Star Sydney on 25 January 
2024, subject to regulatory 
approvals which were received 
on 15 July 2024)
Daniel Finch (Appointed as 
Chief Executive Officer, The Star 
Brisbane and Treasury Brisbane 
on 19 February 2024, subject to 
regulatory approvals)
Patrick McGlinchey (Appointed 
as Interim Group Chief Legal 
Officer on 20 August 2024, 
subject to regulatory approvals) 
Mark Mackay (Appointed as 
Chief Executive Officer, The Star 
Gold Coast on 10 September 2024, 
subject to regulatory approvals)
Executive Departures: 
Robbie Cooke (Group Chief 
Executive Officer & Managing 
Director, ceased 22 March 2024)
Christina Katsibouba (Group 
Chief Financial Officer, ceased 
30 June 2024)
Betty Ivanoff (Group Chief Legal 
Officer, ceased 5 March 2024)
George Hughes (Group Chief 
Customer and Product Officer, 
ceased 31 May 2024)
Jessica Mellor (Appointed as 
Chief Executive Officer, The Star 
Gold Coast on 17 October 2023, 
subject to regulatory approvals, 
commenced gardening leave 
24 May 2024, cessation date 
15 September 2024)
Peter Jenkins (Chief of Staff, 
ceased 22 March 2024).
Nicola Burke (Chief 
Transformation Officer, ceased 
5 April 2024)
Rav Townsend (Group Chief 
Controls Officer, ceased 
31 May 2024)
Darryl McDonough (Interim 
Group Chief Legal Officer, ceased 
16 August 2024)
Scott Saunders (Group Chief Risk 
Officer, resigned 31 July 2024, 
cessation date 31 January 2025)
EXECUTIVE TEAM

10
THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT
SUSTAINABILITY REPORT
The Star is committed to operating responsibly, minimising 
our impact on the environment, creating safe and memorable 
experiences for guests and fostering wellbeing for our team 
members and the community. 
SUSTAINABILITY STRATEGY
In 2022 we launched our ‘Responsible Business, 
Sustainable Destinations Strategy’ which we 
aligned to the United Nations Development 
Goals. This strategy is designed to address the 
Environmental, Social and Governance (ESG) issues 
that our stakeholders regard as being important. 
We continue to review and refresh our sustainability 
strategy to ensure it addresses the issues identified 
as material by our stakeholders, recognising that 
these may evolve, and stakeholder expectations 
may change over time.
Our 2024 Sustainability Report contains key 
metrics and information about The Star’s progress 
in identifying and managing its most material ESG 
issues. Additional information can be found in other 
performance reports on the company website. 
MATERIALITY AND STAKEHOLDER 
ENGAGEMENT
To assess materiality and develop our sustainability 
strategy we appointed external consultants in FY23 
to undertake a matrix analysis which is based on 
the requirements of the Global Reporting Index, 
Accountability AA1000 Principles Standard, 
and the International Integrated Reporting 
Council Framework.
This analysis ranks the materiality of ESG issues 
identified by our stakeholders as part of a broader 
stakeholder engagement program (and can be found 
on our corporate website). We utilise the rankings to 
assist us in prioritising and reporting on ESG issues 
relevant to our business and stakeholders.
In recent years, as evidenced in the various public 
inquiries and most recently the 2024 Bell Two Inquiry, 
there have been a number of systemic and leadership 
failings at The Star. 
As a result, whilst the rankings in FY24 are 
broadly similar to those identified in FY23, 
priorities relating to:
	
•
restoring trust, 
	
•
regaining suitability to hold our casino 
licences, and 
	
•
transforming our organisation into a sustainable 
business for the long term, have gained 
greater significance this year and we have 
accordingly prioritised attention and resources to 
these areas. 
REPORTING PERIOD AND SCOPE
This Sustainability Report covers the:
	
•
Period 1 July 2023 to 30 June 2024 (FY24), 
except for our gender pay gap and gender 
diversity data which covers 1 April 2023 to  
31 March 2024 as part of The Star’s Workplace 
Gender Equality Agency reporting under the 
relevant legislation. 
	
•
Assets which The Star is responsible for 
managing on a day‑to‑day basis in their entirety 
and has had operational control of for the full  
(12 month) FY24 reporting period. 
	
•
Various regulatory matters are discussed  
in detail in the Financial Report and the  
Notes to the Financial Statements.  

THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT
11
1. Chair and CEO Reports
2. Our People
3. Sustainability Report
4. Financial Performance
5. Key Projects
6. Directors’ Report
7. Financial Report
8. Additional Information
OUR SUSTAINABILITY PILLARS
THE STAR’S ESG MATERIALITY MATRIX
RESPONSIBILITY (GOVERNANCE)
PEOPLE, COMMUNITY AND MARKETPLACE (SOCIAL)
ENVIRONMENT
Material Topics
Ranking
Topic
=1
Safer gambling
=1
Community wellbeing and trust
=1
Responsible business operations
=1
Regulatory compliance and relationships
5
Sustainable business performance
=6
Employee health, safety, and wellbeing
=6
Guest safety and environment health
=8
Privacy and security
=8
Guest security
10
ESG transparency
=11
Minimising environmental impacts
=11
Sustainable precincts
=13
Climate resilience
=13
Employee engagement and deployment
=15
Sustainable and ethical supply chain
=15
Diversity, inclusion, and equal opportunity
17
Nature and biodiversity
Environment
Responsibility
People
Climate resilience
Minimising environmental impacts
Sustainable precincts
Nature and 
biodiversity
Sustainable and 
ethical supply chain
Diversity, inclusion, 
and equal opportunity
Employee health, safety, and wellbeing
Community wellbeing and trust
Responsible 
business operations
Safer
gambling
Regulatory 
compliance and 
relationships
Guest security
ESG transparency
Sustainable business 
performance
Guest safety and 
environment health
Employee engagement 
and development
Privacy and security
Impact on Stakeholders
Impact on The Star (Financial Materiality)

1. RESPONSIBILITY (GOVERNANCE)
12
THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT

THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT
13
1. Chair and CEO Reports
2. Our People
3. Sustainability Report
4. Financial Performance
5. Key Projects
6. Directors’ Report
7. Financial Report
8. Additional Information
1.1	 REGULATORY COMPLIANCE  
AND RELATIONSHIPS
The Board acknowledges that corporate 
governance is fundamental to the effective 
and compliant operation of the Company,  
its subsidiaries and controlled entities  
(The Star). As a key priority, The Star has 
focused on uplifting corporate governance 
across its operations, embedding effective 
risk management practices and building 
a strong risk and compliance culture to 
support its suitability. 
A copy of the Group’s 2024 Corporate Governance 
Statement is available on the Company’s website 
at www.starentertainmentgroup.com.au/
corporate-governance. 
The Star recognises that robust and fit for purpose 
corporate governance practices are imperative to 
enable the Group to regain its suitability to hold 
casino licenses and for ensuring the long-term 
sustainability of the Group’s businesses, including 
operating The Star Sydney, The Star Gold Coast, 
Treasury Brisbane and the new The Star Brisbane at 
Queens Wharf, which opened in late August 2024.
The Star is currently undertaking a significant, 
organisation-wide transformation and renewal 
program. The Group Leadership Team 
(with oversight from the Board) is responsible 
for implementing and overseeing the progress 
of this program of work, business performance 
and reporting, leading external engagement and 
advocacy and overseeing ESG progress. The Board 
oversees the management of sustainability related 
risks and opportunities.
The Casino Regulatory Environment 
Key regulatory milestones in  
New South Wales (NSW)
The regulatory environment for The Star’s casino 
operations in NSW has undergone significant 
change over the last three years including major 
legislative changes to the NSW Casino Control Act 
and reforms to internal controls. 
The Casino Control Act was amended on  
5 September 2022 to establish the NSW 
Independent Casino Commission (NICC) and 
remove regulatory casino supervision from 
the Independent Liquor and Gaming Authority 
(ILGA). The NICC is responsible for regulating 
and supervising casinos in NSW and regulating 
comprehensive measures targeting key issues such 
as gambling harm, money laundering and other 
criminal activity. Under the delegation of the NICC, 
Liquor & Gaming NSW (L&GNSW) administers 
systems for the licensing, supervision, and control 
of NSW’s two casinos.
These measures include the implementation of 
mandatory carded play and restrictions on the use of 
cash. In mid-August 2024, the NSW Gaming Minister 
confirmed that in recognition of the practical 
difficulties encountered by both casino operators 
(The Star and Crown Resorts) in implementing 
technology changes for cashless gaming and carded 
play that transitional arrangements had been agreed. 
These transitional arrangements have extended 
The Star’s deadline to rollout mandatory carded 
play across The Star Sydney from 19 August 2024 
to 19 October 2024 and the limit on cash play from 
a maximum of $5,000 per day from 19 August 2024 
down to $1,000 a day by 19 August 2025.
In accordance with the new transitional 
arrangements on 19 August 2024, The Star 
implemented mandated carded play in the private 
gaming areas and on select games on the main 
gaming floor. The player cards can be linked 
to a deposit account with verified associated 
debit card and/or bank account for cashless 
funding at the cage. 
 

14
THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT
1. RESPONSIBILITY (GOVERNANCE) (CONT.) 
1.2 RESPONSIBLE BUSINESS OPERATIONS 
Pathway to suitability and remediation 
As set out in other parts of this report 
(including the Directors’ Report and the 
Financial Statements) the Company has 
been the subject of various public inquiries 
which have resulted in a number of 
regulatory actions, including the suspension 
of casino licences in respect of The Star 
Sydney and The Star Gold Coast. 
These events resulted in a detailed remediation 
plan being adopted to address the significant 
failings by the Company and will apply to all 
properties it manages. More recently, The Star 
has comprehensively revised its remediation plan 
to take into account lessons learned during the 
initial period of implementation and the findings 
and recommendations of the Bell Two Report. 
The revised Remediation Plan and the achievement 
of relevant milestones is in part designed to assist 
the Company in demonstrating its suitability to hold 
relevant casino licences across all properties.
The Star has also taken the opportunity to 
enhance and uplift the scope of Remediation Plan 
to deliver better outcomes for the Company, its 
team members, customers and the community. 
Elements of the revised Remediation Plan include: 
	
•
	Reprioritisation of the Remediation Plan 
and sequencing of milestones, informed by 
comprehensive dependency mapping, program 
and change management planning. 
	
•
A greater focus on the needs of each of our 
casinos – key uplifts in our control environment 
will now be supported by dedicated risk and 
compliance teams in each Property led by the 
respective Property CEOs. Support will continue 
to be provided through our Group functions.
	
•
	Further significant enhancements have been 
planned in relation to Governance to ensure 
there is effective, close and direct supervision of 
each Casino Licensee and the appropriate lines 
of accountability and reporting flows between 
management and various entities across the 
Group and the individual casinos. This will enable 
The Star to more effectively address the findings 
and recommendations of the various inquiries, 
including the recently released Bell Two Report.
	
•
Values & ethics, leadership and capability are 
given more prominence, recognising their critical 
impact on cultural change. 
As part of the review, we assessed our capability 
and capacity to deliver the Remediation Plan 
on time and to a high quality. As previously 
advised, The Star has made a number of new 
executive appointments with relevant industry 
experience who have contributed to the reset of 
the Remediation Plan and who will also provide 
the necessary leadership to facilitate the cultural 
changes required. 
i.	
Transforming our culture 
In July 2024, Elizabeth Arzadon was appointed as 
an independent adviser to the Board on Culture 
and Ethics, subject to regulatory approvals. A new 
General Manager of Culture and Organisational 
Development has also been appointed, as well as a 
General Manager of Culture and Ethics Oversight.
We are developing a comprehensive strategy for 
reinforcing our new purpose, values and principles 
in day-to-day decision making, and over the next 
six months we will be embarking on a strategic 
campaign to engage and inspire team members on 
new ways of working. We are focused on ensuring 
that team members understand how their actions 
deliver Safer Gambling, financial crime control, risk 
and compliance outcomes.
In addition, we have created a specific strategy 
for supporting our people to feel safe in raising 
and escalating any concerns they have, and 
will implement actions to improve how well our 
leaders listen and respond to the concerns of 
our team members. 
We are further reviewing our Code of Conduct, 
to ensure it is designed in a way that is practical, 
relevant and useful for guiding every-day 
decision making and behaviour. We will also 
refine our consequence management program 
to further reinforce behaviour aligned to our 
cultural expectations.
Towards the end of this period, we will be 
conducting a comprehensive assessment of our 
progress, with a focus on measuring the outcomes 
from our efforts, using evidence and feedback from 
both team members and external stakeholders. 
This process will enable us to course-correct if 
needed, and continuously improve our culture 
reform program to ensure our actions are delivering 
genuine change. 

THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT
15
1. Chair and CEO Reports
2. Our People
3. Sustainability Report
4. Financial Performance
5. Key Projects
6. Directors’ Report
7. Financial Report
8. Additional Information
ii.	 Leadership and accountability 
The Star has experienced considerable 
organisational change since the Bell and Gotterson 
reviews. We have been focused on building out the 
operating structure of the Group and have made 
several significant recent leadership appointments 
to enhance the remediation and transformation of 
our organisation. These include the appointment of:
	
•
Steve McCann as our Group CEO (appointed in 
July 2024, subject to regulatory approvals), 
	
•
Jeannie Mok as Group Chief Operating 
Officer (appointed in June 2024, subject 
to regulatory approvals), 
	
•
Neale O’Connell as Interim Group Chief  
Financial Officer (appointed in March 2024, 
subject to regulatory approvals which were 
received on 15 July 2024), and
	
•
Rowena Craze as Group Chief Audit 
Officer (appointed in April 2024, subject 
to regulatory approvals).
We are also currently making changes to increase 
the accountability and direct supervision at 
each property and expect these changes to be 
substantially complete by the end of calendar year 
2024. As part of these organisational updates, we 
have created property-based Operational Business 
Units in Brisbane, the Gold Coast and Sydney. 
Each Property is now led by a dedicated CEO who 
reports to the Group CEO and Managing Director. 
Daniel Finch and Janelle Campbell were appointed 
CEO at The Star Brisbane and The Star Sydney, 
respectively, in January 2024 and Mark MacKay  
was appointed on 9 September 2024 as CEO of  
The Star Gold Coast.
iii.	 Financial crime prevention 
In FY24 The Star has continued to undertake a 
detailed review of its risk management policies, 
processes, procedures, systems, and controls and 
has been making required improvements to uplift its 
management of financial crime risk.
To date, The Star has implemented a new  
Anti-Money Laundering/Counter Terrorist Financing 
Program, enhanced its oversight and governance 
framework for financial crime, enhanced financial 
crime risk assessment methodologies and models, 
enhanced customer due diligence processes, 
improved its transaction monitoring rules and 
established a financial crime assurance function. 
We continue to work to improve our customer due 
diligence processes across the areas of transaction 
monitoring, rules, and data and technology controls. 
We have also increased resourcing in our first  
and second-line financial crime risk teams by 
appointing additional subject matter experts.  
The Star continues to strengthen and develop new 
financial crime policies, processes, procedures, 
systems and controls. We continue to engage with 
our State based regulators to provide updates on 
our Remediation Plan activities. 
iv.	 Uplift in governance 
To enhance and uplift our governance there have 
been recent changes to the Board. These changes 
have included the:
	
•
appointment of Anne Ward as Chair of the Board 
on 29 April 2024 (replacing David Foster); 
	
•
appointment of Toni Thornton as an independent 
non-executive director in October 2023; 
	
•
appointment of Peter Hodgson as an 
independent non-executive director in 
February 2024;
	
•
departure of Robbie Cooke in March 2024  
(as CEO & Managing Director); and 
	
•
departure of David Foster in June 2024.
In addition, a new Board Charter has been 
implemented and the cadence of Board meetings 
has increased as has the quality of Board 
and Committee reporting. The Star has also 
implemented property level risk committees to 
improve oversight and focus on issues specific to 
each property. 

16
THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT
1. RESPONSIBILITY (GOVERNANCE) (CONT.) 
The Star recognises the importance of ethical 
conduct by all its directors, management team 
members and contractors. We have a Code of 
Conduct, which all team members must adhere 
to in the course of performing their duties of 
employment. Our Code of Conduct articulates the 
behavioural standards we have set ourselves and 
behaviours expected of our team members while 
employed by The Star. 
The Star’s Code of Conduct can be found at:  
www.starentertainmentgroup.com.au/
corporate-governance.
v.	
Enhanced operational processes 
Internal Control Manuals (ICMs) govern the way 
The Star works. They are approved by regulatory 
bodies, L&GNSW and Office of Liquor and Gaming 
Regulation (OLGR) in Queensland, and set out 
principles, requirements and business processes 
within The Star.
The Star continues to invest in the design and 
implementation of controls at both a Group and 
property level. This has included the implementation 
of revised ICMs in New South Wales in July 2023 
and Queensland ICMs in August 2024 to support the 
opening of The Star Brisbane and uplift for  
The Star Gold Coast. This work has improved the 
control environment and is a key step in The Star 
being better able to manage its operations. 
Additionally, we have reviewed our current policies 
and frameworks and have revised 57 policies and 
frameworks, including our Code of Conduct, Risk 
Management Framework, Compliance Management 
Framework and our Safer Gambling, Incident 
and Breach Management, Conflicts of Interest, 
Responsible Service of Alcohol and Whistleblower 
Protection policies. These uplifts are intended to 
provide clarity to all team members of The Star on 
how they work, what is expected of them in their 
roles, and what is acceptable conduct. 
vi.	 Safer Gambling 
Preventing and minimising gambling related harm is 
a key focus for The Star, and we are working actively 
with stakeholders and regulators to realise this goal 
with guests and the broader community. This is 
crucial to fostering a long-term, mutually beneficial 
relationship with our guests, as well as adopting a 
public health model of Safer Gambling and reflecting 
community standards.
In FY24 The Star maintained its Safer Gambling 
accreditation from RG Check, a comprehensive and 
global responsible gambling accreditation program 
developed by independent non-profit organisation 
Responsible Gambling Council.
The Board’s Safer Gambling, Governance and 
Ethics Committee was established in FY23 to 
oversee Safer Gambling, a responsibility previously 
held by the People, Remuneration and Social 
Responsibility Committee. The Committee is chaired 
by Anne Ward (The Chairman of The Star’s Board of 
Directors) and meets several times a year to review 
Safer Gambling progress and performance.
Safer Gambling Committees operate at each 
property to support the management, delivery, 
and awareness of harm minimisation objectives 
at a local level. Chaired by the respective 
property’s Chief Operating Officer or their 
nominated representative and attended by senior 
leaders, these committees meet monthly to 
review operational statistics, emerging trends, 
best practice, new initiatives, and to explore 
opportunities to improve our effectiveness in 
preventing and minimising harm.
We have Safer Gambling team specialists available 
24/7 to provide specialised support to operational 
staff and guests to minimise the potential harm 
of gambling. We also provide information on 
gambling help services, community groups or 
referrals. Guests can access support regarding 
Safer Gambling practices, which encompasses 
recognising signs, exploring treatment choices, 
accessing resources like BetCare and external 
support agencies and community groups, 
self-exclusion, and individualised commitment 
programs. These are made available to provide 
free, confidential support for individuals who are 
adversely affected by their own or someone else’s 
gambling behaviour.

THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT
17
1. Chair and CEO Reports
2. Our People
3. Sustainability Report
4. Financial Performance
5. Key Projects
6. Directors’ Report
7. Financial Report
8. Additional Information
In addition, The Star launched PlayBreak in 2022,  
an initiative to support player monitoring and reduce 
gambling harm. This program involved training our 
frontline gaming team with skills to interact with 
guests after three hours of play, encouraging them 
to take a 15 minute break from gaming. 
Now, PlayBreak electronically monitors a guest’s 
data whenever their membership card is inserted 
in a gaming machine or swiped at a gaming table. 
When they reach the system’s set time limits, an 
alert is sent to a staff member who will locate the 
guest to recommend a break and check on their 
wellbeing. Staff members will also encourage 
non-carded players to take regular breaks from 
gambling and endeavour to enforce manual play 
breaks where a player is noticed to have been 
gambling continuously for three or more hours.
The Star excludes some guests from gaming areas, 
products and services to help reduce the risks of 
experiencing gambling-related harm. Gambling-
related exclusions can either be requested by the 
guest, which is known as a ‘self-exclusion’, or as a 
result of an assessment by The Star that determines 
they are at risk of gambling related harm. Guests 
can also manage self-exclusion online. 
1.3 GUEST SAFETY, PRIVACY  
AND SECURITY 
Preventing minors and  
unattended minors
We have zero tolerance for minors entering 
designated gaming areas within the casino 
and use various procedures to strictly 
prohibit it. 
Incidents of children left unattended in or around our 
properties are viewed very seriously by The Star, 
its regulators and the community. As such we train 
staff in the management of situations involving 
unattended children, apply prompt supervision 
of unattended children, where considered 
appropriate, or as required by law, report parents 
or guardians to the relevant authorities, and where 
appropriate exclude parents or guardians from the 
Group’s properties. 
Responsible Service of Alcohol (RSA)
RSA committees in each property meet monthly to 
manage and monitor activities and incidents related 
to the RSA program and work towards continuous 
improvement. The Star also meets regularly 
with regulators and stakeholders to engage in 
constructive discussions regarding initiatives 
that promote the responsible service of alcohol. 
Board oversight of the RSA program is provided 
by the Safer Gambling, Governance and Ethics 
Committee. The Star’s RSA program is designed to 
maintain safe venues at each property by providing 
role-specific training for team members, refusing 
entry to intoxicated patrons, and addressing signs 
of intoxication and undesirable activity. 

18
THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT
1. RESPONSIBILITY (GOVERNANCE) (CONT.) 
Security and Surveillance 
The Star continues to deliver 24/7 security 
and surveillance monitoring in addition to 
Standard Operating Procedures that respond to 
any suspected undesirable conduct across its 
three venues in Sydney, Gold Coast and Brisbane.
A multi-million-dollar uplift to move from a  
30-day to a 3-month retention of CCTV footage was 
completed with the implementation at Gold Coast 
and at Star Queens Wharf Brisbane on opening,  
as part of new regulatory requirements.
The Star has more than 9,500 CCTV cameras 
installed across its three properties and has over 
600 team members working in the security and 
surveillance department. The overall number of 
CCTV cameras in operation across the Group 
is expected to increase to more than 10,000 
as further stages of The Star Queens Wharf 
Brisbane are opened. 
Privacy and Cyber Security 
We recognise and respect the obligation to 
protect the rights of all individuals — guests, team 
members, and partners — by handling information 
in an ethical, secure, and legally compliant 
manner to ensure their safety, and that of the 
wider community.
The Star’s Group Manager Privacy and Information 
Governance is responsible for overseeing and 
enhancing The Star’s privacy and data protection 
strategy. The Star’s privacy obligations are 
governed by The Star’s Privacy Compliance Policy.
Throughout our operations, we have established 
standard operating procedures, policies, and 
guidelines that embed privacy principles across our 
business. Whenever we introduce new products or 
services to enhance guest experiences, customer 
privacy is a central consideration in the design 
and implementation process. We are dedicated 
to continuously refining our approach to privacy 
and data protection in accordance with The Star’s 
Privacy Management Framework. 
We also take our responsibilities to protect 
information seriously and continue to invest 
in technologies to identify and address new 
cyber threats. 
Some of the key initiatives undertaken by the cyber 
program in the past year include:
	
•
Enhancing the identity and access management 
framework to ensure that only authorized users 
have access to sensitive data and applications.
	
•
Deploying advanced threat detection and 
prevention tools that leverage artificial 
intelligence and machine learning to identify and 
block malicious activities.
	
•
Conducting regular cyber awareness training and 
simulations for all staff and contractors to foster 
a culture of security and resilience.
	
•
Strengthening the cyber governance and 
compliance framework to align with industry 
standards and best practices.

1. Chair and CEO Reports
2. Our People
3. Sustainability Report
4. Financial Performance
5. Key Projects
6. Directors’ Report
7. Financial Report
8. Additional Information
THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT
19
2. COMMUNITY AND PEOPLE (SOCIAL)

20
THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT
2.1	 COMMUNITY WELLBEING  
AND TRUST 
The Star strives to be a responsible 
corporate citizen as part of its purpose 
is to ‘create fun at trusted destinations’. 
Each property is committed to supporting 
the communities in which they operate and 
where team members live and work. 
We are committed to maintaining a positive 
relationship with our neighbours and surrounding 
communities by meeting our legal requirements for 
noise emissions from our properties and support 
related government and community initiatives for 
the responsible service of alcohol. 
Awards and accreditation 
	
•
During FY24, The Star received the 
following awards and accreditations: 
ATIC Accessibility certification in the 
following programs: Hearing; Vision; 
Mobility (Limited); Mobility (Wheelchair); 
Cognitive
	
•
Quality Tourism Accredited Business
	
•
Sustainable Tourism Accredited 
Business
	
•
EarthCheck Master Certification
	
•
GCEEC named Spice Hot 100 Winner for 
the following categories: Best Venue for 
a Gala Dinner; Best Convention Centre 
Catering; Best Mega Venue in Australia
Community commitment  
and development 
Star is proud to continue our ongoing support 
for a range of charities, not-for-profit groups and 
community organisations across Brisbane, the  
Gold Coast and Sydney. 
In FY24, The Star partnered with 
organisations including:
	
•
	Perry Cross Spinal Research Foundation 
Gala Dinner
	
•
SOP Serving our People Gala Dinner
	
•
Gold Coast Mayoress Charity Ball
	
•
Aussie Athlete Fund 
	
•
Currumbin Wildlife Hospital, and
	
•
GIVIT, our new National Community Partner.  
We have worked with GIVIT in the past on  
several initiatives, including bushfire relief efforts 
and directly supporting some of their 3,800 
partner organisations. GIVIT are the disaster 
relief and charity partner of choice for several  
State Governments across Australia. 
Employee Giving Program 
In FY24, our employees participated in 
local community outreach, supported local 
charities and our staff giving program 
“Open Your Hearts” including:
	
•
The Smith Family
	
•
	Save the Children (Sydney)
	
•
The Sanctuary Women, Children and Pet Refuge 
	
•
Mermaid Beach Surf Lifesaving Club 
	
•
Queensland Retired Police Association 
	
•
Movember 
	
•
Cancer Council
	
•
White Ribbon 
	
•
Lifeline
2. COMMUNITY AND PEOPLE (SOCIAL) (CONT.) 

THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT
21
1. Chair and CEO Reports
2. Our People
3. Sustainability Report
4. Financial Performance
5. Key Projects
6. Directors’ Report
7. Financial Report
8. Additional Information
Community Grants Program
The Star Community Grants Program provides 
support to projects and initiatives that have a 
positive and lasting impact in cities in which we 
have operations. We provide a mechanism to fund 
capital projects, events and activities through a 
consistent, fair and transparent process to ensure  
a range of community groups, charities and  
not-for-profit organisations are supported.
Organisations supported in F24 include:
	
•
Pyrmont History Group
	
•
Food Bank’s ‘Families at Christmas’ Program 
	
•
Small Steps 4 Hannah 
	
•
Gold Coast Hospital Foundation 
	
•
Motor Neurone Disease Association  
of Queensland
	
•
Rosie’s Youth Mission
	
•
Kelly Wilkinson Foundation 
	
•
Mental Illness Fellowship of Australia 
	
•
Youth Music Venture 
	
•
Gold Coast Academy of Sport 
	
•
St John’s Crisis Centre
	
•
Seed the Ground
	
•
	Hear and Say
	
•
Queensland Music
Our Community Grants Program is funded through 
The Star’s Found Monies (standing charity donation 
boxes, “wishing well” fountains, or the proceeds of 
lost property sales) to guarantee that this money 
collected goes back into the community where it 
is most needed.
Local community engagement
The Star Sydney is an integral member of the local 
Pyrmont community and supporter of:
	
•
the Pyrmont Food and Wine Festival 
	
•
Christmas in Pyrmont 
	
•
Pyrmont Cares 
It has also maintained strong partnerships  
with sporting organisations including 
NSW Rugby League men’s and women’s teams  
and Australian Turf Club’s race meets including  
The Star Championships.
The Star Gold Coast maintains several long-term 
relationships with key charity partners on the 
Coast and continues to actively encourage team 
members to contribute to the community in which 
they live, work and play. We have partnerships with 
Gold Coast Suns AFL and the Gold Coast Titans 
NRL clubs and have the management rights for 
the Gold Coast Convention and Exhibition Centre 
(GCCEC) located next door to The Star Gold Coast. 
This is a significant asset to the overall Gold Coast 
City which we have managed on behalf of the 
Queensland government (the owners) since 2004. 
Each Christmas, the Gold Coast Convention and 
Exhibition Centre hosts its annual Build-A-Bike 
initiative, an event designed to bring joy to the  
Gold Coast’s most vulnerable youngsters by gifting 
them brand-new bicycles.
In addition to community donations and 
partnerships The Star Gold Coast is also involved 
in developing tourism and visitation to the region 
through various events and sporting partnerships, 
including Naming Rights Partner of Gold Coast 
Magic Millions Carnival and Raceday.
Treasury Brisbane continued its support of 
local craft brewers and winemakers through its 
partnership with The Royal National Agricultural 
and Industrial Association of Queensland’s 
(RNA) Royal Queensland Beer and Wine Awards. 
These awards have provided the opportunity to 
promote some of Queensland’s best beer and wine 
as well as the emerging talent and craftsmanship 
of these breweries and wineries. The Star also 
partners with one of Queensland’s newest and 
most prestigious art prizes, the Brisbane Portrait 
Prize and the Royal Queensland Art Society. These 
partnerships help to showcase some of the most 
talented artists in Brisbane and beyond, as well 
as playing an integral role in an art prize that is 
quintessentially Brisbane.
We also support city icons, Brisbane Broncos and 
Brisbane Racing Carnival.

22
THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT
2. COMMUNITY AND PEOPLE (SOCIAL) (CONT.) 
Community trust — raising awareness 
and Safer Gambling support
The Star engages in various activities across the 
jurisdictions in which we operate, including gambling 
awareness weeks and promotional campaigns.  
Safer Gambling Awareness Weeks are annual events 
that give us the opportunity to participate with  
help services and other stakeholders to address 
gambling concerns in the community. This year,  
The Star established an advisory committee 
consisting of representatives from academia, 
service providers and multicultural committees to 
inform our Safer Gambling priorities and practices.
Our Marketing teams also ensure our advertising 
and promotional materials and campaigns adhere 
to Safer Gambling principles and harm prevention 
and minimisation practices. Over the past year, we 
completed a global survey of marketing practices 
designed to prevent or minimise gambling harm 
and used them to further enhance our approach. 
We also use a regulatory technology product 
called Law of the Jungle to assist in making 
sure our marketing collateral complies with legal 
requirements and standards.
2.2	SUSTAINABLE AND  
ETHICAL SUPPLY CHAIN
Responsible sourcing 
Our Supplier Code of Conduct establishes 
requirements for our suppliers. As part 
of the contracting process, suppliers 
are required to agree to comply with the 
Supplier Code of Conduct which covers:
	
•
Human Rights, labour practices, and  
anti-discrimination.
	
•
Equal employment opportunity (EEO) and 
supplier diversity.
	
•
Community involvement.
	
•
Environmental sustainability.
	
•
Workplace health and safety.
	
•
Anti-corruption.
	
•
Supply chain management.
	
•
Privacy.
In addition, our Procurement operations ensure 
relevant audits and certifications are obtained prior 
to high-risk purchases, including certifications 
in relation to:
	
•
Timber (Forest Stewardship Council), 
	
•
Seafood (Marine Stewardship Council), and 
	
•
Food safety audits (i.e. HACCP). 
We have a Standing Operating Procedure to help 
ensure that timber products being imported are not 
sourced from illegal logging. 
The Star is a member of Supply Nation, a non-profit 
organisation that aims to grow the Aboriginal and 
Torres Strait Islander business sector through the 
promotion of supplier diversity in Australia.
Modern Slavery 
The Star is committed to protecting and supporting 
the rights of people within our business and supply 
chain. Our Modern Slavery Working Group which 
comprises members from social responsibility, 
procurement, and employee relations teams 
continue to develop and improve our risk 
management and supplier engagement programs.
The Star provides an annual modern slavery 
statement that addresses reporting requirements 
under the Modern Slavery Act 2018 (Cth), which is 
submitted to the Australian Border Force Modern 
Slavery Register by 30 December each year. To read 
The Star’s most recent Modern Slavery Statement 
please visit www.starentertainmentgroup.com.
au/modernslavery.

THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT
23
1. Chair and CEO Reports
2. Our People
3. Sustainability Report
4. Financial Performance
5. Key Projects
6. Directors’ Report
7. Financial Report
8. Additional Information
2.3	EMPLOYEES — HEALTH, SAFETY  
AND WELLBEING
Our people are integral to the success of 
our business and accordingly we place 
significant emphasis on attracting and 
retaining talent, ensuring our employees’ 
safety and wellbeing and providing ongoing 
training and development. 
As of 30 June 2024, The Star employed  
8,172 people. 
TOTAL NUMBER OF EMPLOYEES BY 
EMPLOYMENT CONTRACT TYPE 
EMPLOYMENT 
CONTRACT
FY24 TOTAL
% TOTAL
Permanent
Full-time 
4,027
49.3%
Part-time
2,277
27.9%
Fixed-term 
contract
Full-time 
75
0.9%
Part-time
2
0.02%
Casual
Casual 
1,791
21.9%
Total
 
8,172
100%
Safety and wellbeing 
The significant changes within The Star as it 
embarks on its remediation program of work can 
impact team members’ mental health. We are 
mindful of the psychosocial risks at work. 
As such, a key focus has been training leaders 
to provide open and transparent communication 
to destigmatise mental health issues and to 
foster a culture of understanding, inclusion, 
care and support. 
We have prioritised raising awareness about mental 
health and wellness through various communication 
channels. Our intranet, email newsletters and 
internal social platforms provide regular updates 
on mental health resources and initiatives including 
Unmind — our mental health toolkit. 
Awareness facilitated by activities such as leader-led 
‘Safety Shares’ and ‘Managing Psychosocial 
Hazards in the Workplace’ webinars have 
provided opportunities to encourage and teach 
our people to build resilience, look out for one 
another and recognise when colleagues might 
be struggling, to have supportive conversations 
and to support referrals to both leaders and our 
Employee Assistance Program.
Our total recordable injury frequency rate, based on 
accepted workers’ compensation claims, is 16.0. 
In FY24 The Star continued to reinforce and 
strengthen our safety practices, behaviours and 
culture across all areas of the organisation. Some of 
the key initiatives undertaken include: 
	
•
development of the Psychosocial Risk 
Management Prevention Plan which involved 
organisation-wide consultation including the 
People at Work Survey, focus groups and one on 
one interviews; 
	
•
full audit of all swimming pools and review of 
controls; and 
	
•
review of our Employee Assistance program 
offerings resulting in the introduction of Sonder 
which offers additional safety and medical 
services for all our team members. 

24
THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT
2. COMMUNITY AND PEOPLE (SOCIAL) (CONT.) 
2.4	EMPLOYEE ENGAGEMENT  
AND DEVELOPMENT 
Employee attraction and development
During FY24, The Star’s Purpose, Values 
and Principles (PVP) were integrated 
into the recruitment process. Our career 
website, job advertisements, presentations 
at partnership events and discussions with 
prospective team members explain the PVP 
and the types of behaviours and mindsets 
we expect at The Star. 
The Talent Acquisition team are embedding values 
based and risk aware interview questions and 
activities to complement our technical inquiries 
throughout the recruitment process, ensuring we 
can make effective hiring decisions that align with 
our PVP and Risk Framework.
All team members at The Star undertake mandatory 
learning around Safer Gambling training, financial 
crime prevention, conflict of interest and other 
risk management topics. This is in addition to 
the group-wide induction program that outlines 
The Star’s PVP. 
Team members in operational departments 
including table games, food & beverage, and 
security also complete specific training to equip 
them for their roles. Licenced team members must 
then complete a Certificate of Competency before 
they can commence in the duties of their role. 
The Star has recently launched the ELEVATE 
program, which raises awareness of the different 
risks faced by The Star, and the role all employees 
can play in managing risk and driving a culture 
of doing what’s right and ethical. This is being 
rolled out to new and existing employees and is a 
significant step in rebuilding The Star’s culture and 
restoring trust with regulators and the community. 
Other key programs have continued in FY24 through 
The Star Academy, including the graduate program 
and the Star Culinary Institute, which supports 
around 60 apprentice chefs as they complete formal 
studies and gain experience across The Star’s 
many restaurants. 
In FY24, The Star also ran a Leadership Essentials 
program for 90 leaders, and in FY25 will deliver 
a broader leadership development program 
for all leaders. 
Our new employer brand, Shine, was also 
launched, and is now live on The Star’s careers 
website and embedded across all our recruitment 
communications. It reflects our commitment as 
one of Australia’s leading leisure and entertainment 
industry employers and highlights our unique 
values and vibrant culture. It reinforces our 
determination to do the right thing by fostering an 
inclusive, innovative, and inspiring workplace for 
all employees and it showcases the professional 
growth support, work-life balance, team diversity, 
and collaboration that make for a thriving workplace.
2.5	 DIVERSITY, INCLUSION AND  
EQUAL OPPORTUNITY 
Diversity and Inclusion 
We are dedicated to fostering a culture 
that is welcoming, inclusive, and safe. 
Our goal is to create an environment where 
team members feel valued, respected, 
and empowered to be their best selves, 
make meaningful contributions to our 
communities, and deliver exceptional 
service to our guests. 
Our Diversity and Inclusion (D&I) strategy is guided 
by our group-wide Diversity and Inclusion Steering 
Committee. Chaired by the General Manager of 
Culture and Organisational Development and 
sponsored by the CEO, this committee which meets 
quarterly includes Executive Sponsors, selected 
members of the Group Leadership Team, and 
General Managers from across the organisation, 
each representing one of our four D&I focus areas. 
Our measurable diversity and inclusion targets 
are as follows:
	
•
45% female, 45% male, with the remaining 
10% being of any gender or gender diverse 
in leadership roles by 2028. We have made 
progress in achieving this goal with the 
proportion of females in leadership roles in FY24 
being 40.8% (up from 39.6% in FY23 and 37.5% 
in FY22). Male leaders in FY24 comprised the 
remaining 59.2%.
	
•
Maintain Gold at The Australian Workplace 
Equality Index (AWEI).
	
•
20% Asian Representation at the  
Senior Leadership Level by 2025.

THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT
25
1. Chair and CEO Reports
2. Our People
3. Sustainability Report
4. Financial Performance
5. Key Projects
6. Directors’ Report
7. Financial Report
8. Additional Information
Workplace gender equality agency 
compliance report 
As part of our commitment to transparency 
and compliance, The Star submitted its annual 
compliance report on 27 May 2024 for the period 
1 April 2023 to 31 March 2024, in accordance with 
the Workplace Gender Equality Act (WGEA) 2012. 
This comprehensive report provides a snapshot of 
gender representation at all levels and role types 
within the organisation, gender pay parity, employee 
support, harm prevention, sexual harassment on 
the grounds of sex discrimination, flexible working 
arrangements and other gender equality indicators.
46%
54%
41%
Women
(vs 46% as of 30 June 2023)
Men
(vs 54% as of 30 June 2023)
Female representation across 
levels of work from 1-4 
(vs 39.9% as at 30 June 2023)
The average base gender pay 
gap has decreased to
The median gender pay gap 
base, and total remuneration was 
4.01% 
as at 31 March 2024, and average 
total remuneration closed by 0.5% 
from 4.5% to 3.99%
3.6% 
as at 31 March 2024, an increase 
from the prior period of 1.7% 
(previously 1.9%)
OUR GENDER SCORECARD 

26
THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT
2. COMMUNITY AND PEOPLE (SOCIAL) (CONT.) 
Balance@TheStar plays a key role in delivering 
initiatives to promote gender equity in all aspects 
of our business. In FY24 initiatives included: 
	
•
Panel events, such as a Financial Wellbeing 
seminar and Movember Morning Tea, which 
helped raise $20,000 for men’s health 
charity Movember. 
	
•
Sponsoring the 2024 NRL Women’s 
Development Program. 
	
•
Conducting a Clothes Donation campaign 
for International Women’s Day. 
	
•
“Keeping in Touch” meetings to help team 
members on parental leave stay connected 
with the business.
	
•
Parents and Carers Group providing support 
throughout the year.
	
•
Sponsoring the first Global Gaming Women Event 
in Brisbane.
	
•
Hosting Diversity Council Australia Brisbane 
CEO event and AI in Recruitment Research, a 
gathering of CEOs and Managing Directors in 
Australia to advance diversity and inclusion in 
all industry sectors. 
Proud@TheStar is The Star’s LGBTQI+  
employee-led network group which aims to create 
a safe and inclusive work environment by providing 
LGBTQI+ team members a platform of support 
and representation. 
The Star Entertainment Group was recognised 
as the 2024 Employer of the Year and a Finalist 
for the 2024 Trans and Gender-Diverse Inclusion 
Award at the recent 2024 Australian LGBTQ+ 
Inclusion Awards. The Awards recognise Australia’s 
top organisations for LGBTQ+ inclusion, based 
on the results of the Australian Workplace 
Equality Index (AWEI).
The Star was also awarded Gold Employer status, 
solidifying our position as a leader in LGBTQI+ 
inclusion within Australia and reflects our 
commitment to building a diverse and inclusive 
team that aligns with our values: “Lead with 
Integrity, Own It, Build Memorable Connections, and 
Take Good Care”.
The Star Entertainment Group leaders and Proud@TheStar 
members at the 2024 Australian LGBTQI+ Inclusion Awards. 

THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT
27
1. Chair and CEO Reports
2. Our People
3. Sustainability Report
4. Financial Performance
5. Key Projects
6. Directors’ Report
7. Financial Report
8. Additional Information
Unity@TheStar reflects the cultural diversity of  
The Star’s workforce, customers and the 
communities in which we operate. We support 
cultural diversity and inclusion across leadership 
representation and professional development 
for our team members. Our FY24 cultural 
initiatives included:
	
•
2nd iteration of the Grasshopper Program 
— a six-month program between the Group 
Leadership Team member and junior leaders 
aimed to have an honest dialogue and gain a 
better understanding of what impacts the career 
objectives and aspirations of our culturally 
and linguistically diverse (CALD) leaders and 
team members.
	
•
Participating in the RISE Project — The Star is 
proud to participate in the second cohort of 
the 2024 Realise. Inspire. Support. Energise. 
(RISE) is a project that aims to build pathways 
to leadership for women from culturally and 
racially marginalised backgrounds. RISE is 
a collaborative project between Diversity 
Council Australia (DCA), Settlement Services 
International (SSI) and Chief Executive 
Women (CEW). It is funded by the Australian 
Government Office for Women through the 
Women’s Leadership and Development Program 
(WLDP) 2022–2026.
Reconciliation@TheStar reflects our Mission to:
	
•
Create meaningful engagement with 
our Aboriginal and Torres Strait Islander 
team members.
	
•
Create safe and inclusive spaces for team 
members and guests.
	
•
Support Aboriginal and Torres Strait Islander 
communities and businesses.
Initiatives in FY24 included:
	
•
Celebrating NAIDOC week, which focused 
on community engagement with the aim of 
strengthening community ties and encouraging 
all team members to partake in the celebration of 
the world’s oldest continuous living cultures.
	
•
Hosting a National Reconciliation Panel Event 
for Traditional Owner and Leader, Uncle Charles 
Passi. Uncle Charles Passi is the eldest son of 
Reverend Dave Passi, the second plaintiff of the 
Mabo Case. The panel focused on what The Star 
is doing to advance reconciliation, and how we 
can make a difference through our work.
Employee network groups 
Our employee network groups are vital in 
driving cultural change and helping strengthen 
our inclusive culture and enhancing our overall 
employee experience. 
They provide safe spaces for like-minded 
individuals to connect and build communities, 
advocate for change, influence policies and 
practices, and enhance employee engagement. 
They actively encourage the business to uphold and 
advance its commitment to diversity by emphasising 
the importance of inclusion.

3. ENVIRONMENT
28
THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT

THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT
29
1. Chair and CEO Reports
2. Our People
3. Sustainability Report
4. Financial Performance
5. Key Projects
6. Directors’ Report
7. Financial Report
8. Additional Information
3.1	 MINIMISING ENVIRONMENTAL 
IMPACT 
The Star is committed to reducing our 
environmental footprint and contributing to 
positive environmental outcomes through 
our operations, supply chain and portfolio 
in line with our Environmental Policy, which 
can be found on our corporate website at  
www.starentertainmentgroup.com.au/
environment.
We manage our operations in line with our 
Environmental Policy which sets out the rules 
and guidelines relating to the management of 
environmental risks and impacts arising from 
our business activities. This policy was uplifted 
as part of the review of our current policies 
and frameworks, with the intent to provide 
greater clarity and accountability to employees 
of The Star of the rules and guidelines relating 
to the management of environmental risks 
and environmental impacts arising out of our 
business activities.
3.1.1 Energy consumption 
Resource use reduction and improving 
environmental outcomes remain our key priorities 
in the design and operation of our portfolio. 
The Star’s total energy consumption for FY24 was 
590,253 GJ, marking a 2% decrease from FY23 
and an 18% decrease compared to FY13. In FY24, 
we continued to make progress in reducing 
consumption, likely due to our resource optimisation 
program and the efforts of the associated 
working group. 
However, energy intensity per visitor has 
increased, suggesting that each visitor is now 
associated with higher energy use. This could be 
due to changes in visitor behaviour, the amenities 
offered, or other contributing factors. On the other 
hand, energy intensity per area has decreased, 
reflecting improved energy efficiency in terms of 
space utilisation.
OUR ENVIRONMENTAL TARGETS AND ACHIEVEMENTS 
NET ZERO 
carbon emissions by 2030*
100% 
Takeaway food packaging to 
be compostable**
90% 
of our portfolio to 
attain green ratings
*For wholly owned and operate assets.
** Currently at 98%.
Memberships  
and Affiliations:

30
THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT
In FY24, The Star reallocated its business 
resources to focus on remediation and business 
transformation priorities. As a result, capital 
intended for large-scale equipment and plant 
replacement projects aimed at reducing carbon 
emissions was temporarily deferred. Nevertheless, 
the Group remains committed to building 
optimisation activities and analytics, prioritising 
initiatives that offer strategic advantages. 
THE STAR’S ENERGY CONSUMPTION FY24
SOURCE
FY13
FY23
FY24
Energy Consumption 
607,476
602,960
590,253
Energy Intensity (Mj/visitor) 
37.22
42.16
43.80
Energy Intensity (Gj/area)
2.34
1.97
1.91
Note. 0.13% of FY4 invoices based on cost were unbilled at the time of 
reporting (being 28 August 2024). The missing usage for electricity has 
been estimated to 0.1%, 4.54% for gas and 5.05% for water.
3.1.2 Carbon emissions 
The Group’s Scope 1 and Scope 2 emissions 
for FY24 were 8,686 tonnes (tCO2-e) and 
82,945 tonnes (tCO2-e) respectively. 
Total Scope 1 and Scope 2 carbon emissions 
were 91,631 tonnes (tCO2-e) for the year, which 
was a 2% decrease from 93,580 in FY23 and 
108,595 which was an overall decrease of 29% 
against FY13. This depicts a steady reduction 
over time in The Star’s carbon footprint and 
highlights the success of our initiatives to reduce 
carbon emissions. 
The emissions intensity per unit area has decreased 
significantly from FY13 to FY23, decreasing 
from 0.42 to 0.30 tonnes CO2-e/area, which is a 
reduction of 29% and remains stable from FY23 
to FY24. This indicates a successful effort in 
reducing carbon emissions relative to the area 
used. The Star continues to monitor consumption 
and performance and strives for year-on-year 
decarbonisation reductions. 
THE STAR’S CARBON EMISSIONS FY24 
SOURCE
FY13
FY23
FY24
Carbon Emissions  
(tonnes CO2-e)
108,595
93,580
91,631
Emissions Intensity  
(kg CO2-e/visitor)
6.65
6.54
6.80
Emissions Intensity  
(tonnes CO2-e/area)
0.42
0.30
0.30
The procurement of renewable energy plays a 
crucial role in reducing our emissions, accounting 
for 85-90% of our current net zero plan for 
Scope 1 and Scope 2 emissions. The Star Brisbane’s 
renewable energy strategy, which involves 
acquiring large-scale generated certificates 
(LGCs), will contribute 45% towards meeting 
our target. In FY24, The Star and the Destination 
Brisbane Consortium secured LGCs to fulfill the 
100% renewable energy commitment required for its 
6 Star Green Star rating.
A Scope 3 materiality assessment conducted 
in 2022 identified the most carbon-intensive 
products and services in The Star’s supply 
chain, including future capital projects and 
suppliers. This comprehensive review revealed 
114,525 tonnes of Scope 3 emissions. The Star 
has established its baseline Scope 3 emissions 
and is currently developing management plans to 
address procurement categories with the highest 
emissions sources.
3. ENVIRONMENT (CONT.) 

THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT
31
1. Chair and CEO Reports
2. Our People
3. Sustainability Report
4. Financial Performance
5. Key Projects
6. Directors’ Report
7. Financial Report
8. Additional Information
3.1.3 Water consumption 
The Star reduced its water consumption intensity 
(kL/SQM) in FY24 by 14% compared to FY23 and 
23% against FY13 and the total potable water use for 
FY24 was 630ML. The Star’s water consumption is 
inextricably linked with visitation and the services 
provided by its properties, including hotel facilities 
and the operation of kitchens, bars and restaurants. 
As visitation levels at The Star’s properties declined 
in FY24 compared to FY23, this was a key factor in 
the significant reduction in water usage. The overall 
trends indicate that after a period of increasing 
water consumption and intensity in FY23, FY24 
marked a shift towards greater efficiency in water 
use, both in total volume and when measured 
per visitor and area metrics. Further substantial 
reductions in water usage are anticipated in 
FY25, following the recommission of The Star 
Gold Coast’s Reverse Osmosis plant, decreasing 
dependence on mains water consumption by 
generating recycled water. Once fully operational, 
the plant is expected to produce approximately 
170,000kL of recycled water annually. 
The Star remains dedicated to monitoring 
consumption and performance to enhance 
water conservation efforts and aims to build 
upon the significant reduction in water usage 
achieved in FY24.
THE STAR’S WATER CONSUMPTION FY24 
SOURCE
FY13
FY23
FY24
Water Consumption (kL)
688,440
733,955
630,599
Water Intensity (L/visitor)
42.19
52.08
46.76
Water Intensity (kL/area)
2.65
2.38
2.04
3.1.4 Waste and improving circularity
THE STAR’S RECYCLING RATES FY24
SOURCE
FY13
FY23
FY24
Recycling Rate (%)
10%
46%
43%
Recycling Rate Intensity 
(kg/visitor)
0.03
0.27
0.24
Recycling Intensity  
(tonnes/SQM)
0.002
0.012
0.009
Note: the FY13 base year for waste has been recalculated.  
‘Recycling intensity’ kg/visitor has been used in FY17 to FY23, not 
‘waste to landfill intensity’ kg/visitor as used in FY16, which better 
reflects recycling performance. Waste data from the Gold Coast 
Convention and Exhibition Centre is provided in volume and has been 
converted tonnage to align with national waste data reporting.  
The ‘Better Buildings Partnership Operational Waste Guidelines’  
July 2018 conversion factors have been applied. 
In FY24, 43% waste diversion was achieved 
representing a 3% decrease from FY23 recycling 
rates and a 25% increase from FY13. The decrease 
in FY24, is likely attributed to the decreased 
visitation levels, and hence reduced volumes of 
waste were generated by the sites. The Star’s waste 
and recycling figures include all waste generated 
from operations. 
The Star is committed to reducing total waste 
volumes, improving waste diversion from landfill, 
reducing food waste at the point of generation and 
organics recycling and increasing the number of 
recycling streams across its properties. In FY24:
	
•
30 recycling streams were diverted from landfill 
including styrofoam, e-waste, metal, textiles, 
green waste, paint, organics, soft plastics, 
and cardboard 
	
•
Food donation partnerships continued with 
Oz Harvest with 160kg of food (4,320 meals) 
donated in FY24, and 69 tonnes donated to date
	
•
We continued our partnership with textile 
recyclers Blocktexx and Worn Up to reprocess 
obsolete uniform and linens with 5.5 tonnes of 
textiles reprocessed into new products or virgin 
materials to date 
	
•
Soap donations continued with our partners 
at SoapAid with 450kg of soap diverted from 
landfill and 4,500 new soaps created for 
communities in need
	
•
We submitted our second Australian Packaging 
Covenant Organisation (APCO) Action Plan and 
Annual Report 
	
•
98% of our food takeaway packaging 
is compostable. 

32
THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT
3.1.5 Nature and biodiversity
In December 2021, The Star purchased 174 hectares 
of land in Gympie, Queensland, to establish its first 
carbon offset project with the additional intent to 
create a land for biodiversity and for endangered 
species. The project was intended to form part 
of the company’s strategy to achieve net zero 
Scope 1 and Scope 2 emissions from fully owned 
and managed assets and is registered with the 
Clean Energy Regulator under the ACCU scheme 
under the Environmental Planting method. 
In FY24, Phase 2 of planting was completed in which 
44.6 hectares were revegetated and 33,682 were 
trees planted, with 95,000 Eucalypt species trees 
planted to date. 
Whilst Corymbia has been a pioneering project,  
The Star has reassessed its continued ownership 
of this property given the need to prioritise 
investment in remediation programs and its 
pathway to suitability. The Star sold the property on 
30 August 2024. 
3. ENVIRONMENT (CONT.) 

THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT
33
1. Chair and CEO Reports
2. Our People
3. Sustainability Report
4. Financial Performance
5. Key Projects
6. Directors’ Report
7. Financial Report
8. Additional Information
3.2	SUSTAINABLE PRECINCTS
The Star is committed to sustainable 
design and operations and develops and 
operates its assets in alignment with 
the Group’s Sustainable Design and 
Operational Standards, which can be found 
on the company website. The Standards, 
aligned with Green Star Performance 
standards, provide our suppliers, builders, 
contractors and Property Operations and 
Development teams recommendations by 
category to guide more sustainable design 
and material use.
In FY24, The Star implemented several 
opportunities identified via its building management 
systems (BMS) including:
	
•
	Improved controls for the car park exhaust and 
supply fans resulting in annualised resource 
savings of 306,000 kWh and 223 tonnes CO2-e 
	
•
Adjustment of sea water condenser pump 
controls resulting in annualised resource savings 
of 289,000 kWh and 211 tonnes CO2-e
	
•
Correction of air handling units operating hours 
resulting in annualised resource savings of 
122,369 kWh and 90 tonnes CO2-e 
	
•
Amendment of secondary chilled water 
pumps incorrectly duty cycling resulting in 
annualised Resource savings of 54,000 kWh 
and 39 tonnes CO2-e. 
The Star has maintained its target that over 90% 
of portfolio by floor space is third party certified  
with a sustainability rating which includes  
NABERS, Green Star or EarthCheck. A summary  
of third party certificated Green Star and NABERS 
ratings and commitments across our portfolio  
can be found on our corporate website at  
www.starentertainmentgroup.com.au/environment. 
Each of The Star’s properties have been rated by 
the Green Building Council of Australia (GBCA) 
and The Star Brisbane at Queen’s Wharf has been 
awarded a 6-Star Green Star Communities v1 
rating. This rating is The Star’s most accomplished 
achievement in sustainable precincts to date. 
Further details on The Star’s achievements in 
Sustainable Design and Green Building Ratings can 
be found in the Environment section of the Group’s 
website at www.starentertainmentgroup.com.
au/environment.
3.3	CLIMATE RESILIENCE 
Climate Change presents a risk to business, 
including through disruptions to supply, 
impacts of extreme weather events, and 
policy changes. In the 2021 calendar year, we 
completed a physical climate risk assessment 
for each of our sites, building on previous 
assessments conducted in 2017 and 2019. 
Climate change, sustainability and environmental 
impact are included in The Star’s risk register and 
addressed through a few mitigation strategies.  
The mitigation strategies are designed to reduce the 
likelihood of the risk occurring and/or to minimise the 
adverse consequences of the risk should it happen. 
For further detail on The Star’s response to climate 
risk at our precincts, see our corporate website at 
www.starentertainmentgroup.com.au/environment.
Alignment to the Taskforce on  
Climate-Related Financial Disclosures 
The Star Entertainment Group has adopted the 
Recommendations of the Taskforce on Climate-  
Related Financial Disclosures (TCFD) and is  
continuing to work towards implementing the 
Taskforce on Climate-Related Financial Disclosures 
(TCFD) framework into the business with the 
understanding that our investments may be 
susceptible to future changes in climate.
The Star has released its fifth Climate-Related 
Disclosures Report which details progress made 
on prior commitments to manage possible physical, 
financial and transitional risks, and sets out the 
company’s plans for the coming years. This 
includes conducting physical and transition climate 
risk assessments. The results of these assessments 
are included within the company’s annual 
TCFD disclosures.
Mandatory climate-related  
financial disclosures
To assist with readiness and compliance for the 
incoming mandatory climate-related financial 
reporting under the Australian Sustainability 
Reporting Standards (ASRS), an ASRS Gap 
Assessment and Roadmap was completed by  
Deloitte in FY24. The findings of this assessment will 
guide our preparation activities in FY25. 
Through early adoption of the TCFD framework in 
2020, The Star is well-placed to comply with the ASRS 
mandatory climate-related reporting when it becomes  
a compliance requirement in FY26 for Group 1 entities.

34
THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT
FINANCIAL PERFORMANCE
The Star Entertainment Group’s revenue 
declined 10.2% due to challenging trading 
conditions, which in part reflect cost of 
living pressures as well as casino operating 
reforms, with premium gaming rooms in 
particular trending downwards. 
Operating expenses were broadly flat on the prior 
year despite lower revenue, reflecting increased 
spending on technology, transformation and 
remediation related activities including additional 
resourcing for risk, controls and safer gaming 
functions in 2H FY24. 
Statutory EBITDA*
$174.7M
DOWN 45.0%
Domestic revenue
$1.67BN
DOWN 10.2%
Operating expenses
$1.09BN
DOWN 0.3%
EBITDA margin
10.4%
VS 17.0%
GROUP PERFORMANCE (VS PCP)
GROUP PERFORMANCE
STATUTORY 
$m
vs pcp3
Revenue
1,677.8 
(10.2%)
EBITDA1
174.7
(45.0%)
Normalised NPAT2
11.9
(71.2%)
NPAT
(1,684.6)
30.8%
1.	 EBITDA is before equity accounted investments profits/losses  
and significant items.
2.	 Normalised NPAT is before significant items.
3.	 Prior comparable period.
*	
Before significant items.

THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT
35
1. Chair and CEO Reports
2. Our People
3. Sustainability Report
5. Key Projects
6. Directors’ Report
7. Financial Report
8. Additional Information
4. Financial Performance
THREE YEAR STATUTORY FINANCIAL RESULTS SUMMARY6
FY22
FY23
FY24
$m
vs pcp3
$m
vs pcp3
$m
vs pcp3
Gross Revenue
1,534.1
(1.5%)
1,867.5
21.7%
1,677.8
(10.2%)
Net Revenue4
1,527.1
(1.2%)
1,867.5
22.3%
1,677.8
(10.2%)
EBITDA1
237.5
(44.3%)
317.4
33.6%
174.7
(45.0%)
EBIT
29.2
(86.5%)
122.1
318.2%
54.1
(55.7%)
Significant items (after tax)
170.8
231.7%
2,476.5
1,349.9%
(1,696.5)
(31.5%)
Normalised NPAT
(31.7)
N.M5
41.3
N.M5
11.9
(71.2%)
Earnings Per Share (cents)
(21.3)
N.M5
(211.7)
893.9%
(66.8)
68.4%
Full Year Dividend (cents)
-
-
-
-
-
-
1.	 EBITDA is before equity accounted investments profits/losses and significant items.
2.	 Normalised NPAT is before significant items.
3.	 Prior comparable period.
4.	 Net of player rebates and promotional allowances.
5.	 Not meaningful as the result moved between a profit and a loss.
6.	 For further information, please refer to the financial report contained in the Annual Report for the relevant financial year.
Statutory EBITDA*
$51.8M
DOWN 59.3%
SYDNEY (VS PCP)
Statutory EBITDA*
$71.3M
DOWN 33.4%
GOLD COAST (VS PCP)
Statutory EBITDA*
$51.6M
DOWN 38.0%
Domestic revenue
$877.5M
DOWN 10.8%
Domestic revenue
$456.1M
DOWN 10.4%
Domestic revenue
$344.2M
DOWN 8.1%
Operating expenses
$578.5M
DOWN 1.2%
Operating expenses
$307.3M
DOWN 1.6%
Operating expenses
$205.2M
UP 4.5%
TREASURY BRISBANE (VS PCP)
*	
Before significant items.

36
THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT
KEY PROJECTS

THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT
37
1. Chair and CEO Reports
2. Our People
3. Sustainability Report
4. Financial Performance
6. Directors’ Report
7. Financial Report
8. Additional Information
5. Key Projects
FY24 saw the finishing touches placed on Stage 1 
of the precinct which has transformed the Brisbane 
CBD sky-line throughout construction with its  
iconic city-making silhouette. The project is one  
of Brisbane’s largest urban renewal projects and 
once fully complete will deliver an estimated  
1000 premium hotel rooms, 1,500 residential 
apartments, 50 restaurants, bars and cafes,  
world-class entertainment, luxury retail, stunning 
public artworks, over 12 football fields of public and 
green space areas, and restoration of nine heritage 
listed buildings.
Queen’s Wharf Brisbane is anticipated to attract 
over 1.4 million additional visitors to Brisbane each 
year, inject hundreds of millions into the local 
tourism economy and drive international interest 
in the city in the lead-up to the 2032 Olympic and 
Paralympic Games in Brisbane.
THE STAR BRISBANE
Construction on The Star Brisbane’s 
world-class development entered its final 
stages in FY24. The first phase of the 
highly anticipated, multi-stage reveal of 
the $3.6 billion Queen’s Wharf Brisbane 
precinct, delivered as a joint venture by  
The Star, Chow Tai Fook Enterprises and  
Far East Consortium, opened to the public 
on 29 August 2024.

38
THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT
KEY PROJECTS (CONT.) 
THE STAR GOLD COAST
Tower 2 Development 
The Star Gold Coast masterplan continued 
to progress in FY24, with the ongoing 
construction of Tower 2. 
The $400 million new mixed-use tower being 
delivered by Destination Gold Coast Consortium, 
a joint venture development comprising The Star 
and its Hong Kong based partners, Chow Tai Fook 
Enterprises Limited and Far East Consortium 
International Limited, is well advanced. Scheduled 
for staged opening from early 2025, Tower 2 has 
now topped out at 65 storeys. 
The tower, the second of five in the $2 billion-plus 
masterplan for Broadbeach Island, will include:
	
•
A 202 key five-star luxury lifestyle hotel 
	
•
The second stage of The Star Residences of 
which all 437 apartments are fully sold out
	
•
Additional restaurants, cafes, and 
nightlife venues
	
•
	A comprehensive pool deck with  
complementary amenities.
Tower 2 joins its sister tower which officially  
opened in FY22. Standing at 53-storeys high,  
Tower 1 features the Dorsett hotel and 
Star Residences.
The Star Gold Coast’s masterplan provides potential 
for a further three towers on Broadbeach Island, 
as well as significant additional integrated resort 
facilities, dining precincts, bars and cafes, and 
entertainment areas.
Capital Projects 
Construction of the Kiyomi Private dining 
room to create new culinary experiences for 
functions and group bookings at The Star 
Gold Coast. 
Progress of critical maintenance projects across the 
precinct including:
	
•
Completion of fire detection upgrades across 
the property 
	
•
Commencement of mechanical upgrades and  
at end life cycle 
	
•
Commencement of the electrical safety 
devices program to improve safety of existing 
electrical boards. 

THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT
39
1. Chair and CEO Reports
2. Our People
3. Sustainability Report
4. Financial Performance
6. Directors’ Report
7. Financial Report
8. Additional Information
5. Key Projects
THE STAR SYDNEY
Capital Projects 
FY24 saw the completion of a major 
refurbishment program within The Darling 
Hotel and the continuation of significant 
critical maintenance programs.
Refurbishment works at The Darling moved into the 
final stage of a multi-year upgrade program which 
included the refurbishment of 15 luxury penthouses 
and suites across the top two floors of the hotel.
Key maintenance projects across the precinct  
in FY24 included:
	
•
Replacement of 14 mechanical units 
servicing key areas
	
•
Replacement of 1,900 emergency light fittings 
located throughout the property
	
•
Commencement of the electrical safety 
devices program to improve safety of existing 
electrical boards
	
•
Commencement of the Emergency Warning 
Intercommunication System (EWIS) replacement 
project and due to complete in FY25.

40
THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT
DIRECTORS’, REMUNERATION  
AND FINANCIAL REPORT
DIRECTORS’ REPORT	
1
AUDITOR’S INDEPENDENCE DECLARATION	
26
REMUNERATION REPORT	
27
FINANCIAL REPORT	
50
Consolidated Income Statement	
50
Consolidated Balance Sheet	
51
Consolidated Statement of Cash Flows	
52
Consolidated Statement of Changes in Equity	
53
Notes to The Financial Statements	
54
Consolidated Entity Disclosure Statement	
108
DIRECTORS’ DECLARATION	
110
INDEPENDENT AUDITOR’S REPORT	
111
PLEASE NOTE: The above page numbering is from the original Directors’,  
Remuneration and Financial Report released to the ASX on 30 September 2024.

THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT
41
1. Chair and CEO Reports
2. Our People
3. Sustainability Report
4. Financial Performance
5. Key Projects
6. Directors’ Report
7. Financial Report
8. Additional Information
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024
The Directors of The Star Entertainment Group Limited (the Company) submit their report for the consolidated entity
comprising the Company and its controlled entities (collectively referred to as the Group) in respect of the financial year
ended 30 June 2024.
1
DIRECTORS
The names and titles of the Company's Directors in office during the financial year ended 30 June 2024 and until the date of
this report are set out below. Directors were in office for this entire period unless otherwise stated.
Directors
Anne Ward a
Chairman and Independent Non-Executive Director
Peter Hodgson b
Independent Non-Executive Director
Michael Issenberg
Independent Non-Executive Director
Deborah Page AM
Independent Non-Executive Director
Antonia Thornton c
Independent Non-Executive Director
Former
Robbie Cooke d
Group Chief Executive Officer and Managing Director
David Foster e
Executive Director
a
Appointed as Chairman on 29 April 2024 (Independent Non-Executive Director since 18 November 2022). 
b
Appointed as Independent Non-Executive Director on 7 February 2024 following the receipt of all necessary regulatory approvals.
c
Appointed as Independent Non-Executive Director on 17 October 2023 following the receipt of all necessary regulatory approvals.
d
Ceased as Group Chief Executive Officer and Managing Director on 22 March 2024.
e
Ceased as Independent Non-Executive Director on 22 March 2024, appointed as Executive Director/Chairman on 22 March 2024,
ceased as Chairman on 29 April 2024, and ceased as Executive Director on 21 June 2024.
2
OPERATING AND FINANCIAL REVIEW
The Operating and Financial Review for the year ended 30 June 2024 has been designed to provide shareholders with an
overview of the Group’s operations, financial position, business strategies and prospects. The review also discusses the
impact of key transactions and events that have taken place during the reporting period and material business risks faced by
the Group, to assist shareholders to make an informed assessment of the results and future prospects of the Company. The
review complements the Financial Report and has been prepared in accordance with the guidance set out in ASIC’s
Regulatory Guide 247.
2.1 PRINCIPAL ACTIVITIES
The principal activities of the Group are the management of entertainment and leisure destinations with gaming,
entertainment and hospitality services.
The Group operates The Star Sydney (Sydney) and The Star Gold Coast (Gold Coast). The Group operated Treasury Brisbane
(Brisbane) up until its closure on 25 August 2024 and will surrender its licence no later than 23 October 2024. On 28 August
2024, Destination Brisbane Consortium Queens Wharf Integrated Resort (DBC) joint venture (of which the Group owns 50%)
was issued a casino licence for The Star Brisbane, which subsequently commenced operation on 29 August 2024 under the
management of the Group through an agreement with DBC. 
The Group also manages the Gold Coast Convention and Exhibition Centre on behalf of the Queensland Government and
invests in a number of strategic joint ventures.
The Group owns Broadbeach Island on which The Star Gold Coast casino is located.
In 2022, reviews were conducted into the operations of The Star Sydney by Mr Adam Bell SC (Bell One) and into the
operations of The Star Gold Coast and Treasury Brisbane by the Hon. Robert Gotterson AO (Gotterson). The following actions
were taken by the respective regulators relating to the Group’s casino licences since the Bell One and Gotterson reviews.
Sydney
On 17 October 2022, the Group received written notice from the New South Wales Independent Casino Commission (the
NICC) under section 23(4)(a) of the Casino Control Act 1992 (NSW) (NSW CCA) that The Star Pty Limited (The Star Sydney),
being the New South Wales (NSW) casino licence holder and wholly owned subsidiary of the Group, has had its licence
suspended indefinitely, with effect from Friday, 21 October 2022. Also effective from this date, the NICC appointed a
Manager of the Sydney casino under section 28 of the NSW CCA. 
1 

42
THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024
In November 2023, the NICC requested that the term of the appointment of the Manager be extended by regulation to 30
June 2024. Following the commencement of a second inquiry on 19 February 2024 conducted by Mr Adam Bell SC (Bell
Two) the NICC confirmed on 25 March 2024 that it intended to seek a further extension of the term of the Manager’s
appointment to 30 September 2024 to allow for Mr Bell’s report (Bell Two Report) and findings to be delivered on 31 July
2024. The purpose of Bell Two was to investigate the suitability of The Star Sydney and its close associate, the Company, to
be concerned in or associated with the management and operation of The Star Sydney Casino. The Manager’s appointment
was further extended on 1 August 2024 to 31 March 2025. On 30 August 2024, the NICC provided the Company and The
Star Sydney a copy of the Bell Two Report. A copy of the non-confidential parts of the Bell Two Report was released to the
public on the same day. 
The Company and The Star Sydney acknowledge the findings of the Bell Two Report. While the Bell Two Report finds that
there has been substantial reform of the control environment of The Star Sydney and a material improvement in risk
management resources, systems, and culture, along with the “positive steps” of the recent appointments of experienced
personnel to important leadership positions in the Company, it nonetheless concludes that the Company and The Star
Sydney are presently unsuitable to be concerned in, or associated with, the management and operation of The Star Sydney.
The Company and The Star Sydney accepted during the Bell Two Inquiry that The Star Sydney was not presently suitable to
hold a licence in its own right. 
The Bell Two Report made findings and recommendations in relation to four areas of non-compliance which resulted in
various breaches by The Star Sydney during 2023 and 2024 which are the subject of ongoing consideration by the NICC and
could, in the future, potentially involve the imposition of fines and penalties under the relevant NSW legislation. A range of
outcomes against The Star Sydney are possible, including among other things, the imposition of a penalty, letter of censure,
amendments to the conditions, further suspension, or cancellation, of The Star Sydney’s licence. 
On 13 September 2024, the NICC served a 'show cause' notice (Notice) on the Company, requesting a response to the
Breach Findings from the Bell Two inquiry. The NICC has also requested information about the Company's current financial
position and its plans to address these issues so that it can make informed decisions about the Company's financial
suitability to hold the casino licence for The Star Sydney. The Company lodged its response on Friday, 27 September 2024.
The Company and The Star Sydney are considering the recommendations and guidance in the Bell Two Report and, subject
to any response to the Bell Two Report by the NICC, will seek to implement relevant recommendations at an appropriate
time, noting that the Company has already completed a comprehensive re-set of the remediation plan (see 2.2.1 below).
Gold Coast and Brisbane
On 9 December 2022, the Group received written notice from the Queensland Attorney-General (Qld A-G) and the
Queensland regulator, the Office of Liquor and Gaming Regulation (OLGR), of the following disciplinary action under section
31 of the Casino Control Act 1982 (Qld) in relation to its subsidiaries, The Star Entertainment QLD Limited (the licensee of
Treasury Brisbane) and lessee of The Star Gold Coast and The Star Entertainment QLD Custodian Pty Ltd (the licensee of The
Star Gold Coast):

The Treasury Brisbane and The Star Gold Coast casino licences were suspended for a period of 90 days on a deferred
basis with effect from 1 December 2023; and 

A Special Manager was appointed to monitor operations of Treasury Brisbane and The Star Gold Coast.
On 24 November 2023, the Group received confirmation that the Remediation Plan had been approved by the Qld A-G in
accordance with the provisions of the Casino Control Act (QLD), as applying to the casino entities for The Star Gold Coast and
Treasury Brisbane casinos. Following this decision, on the recommendation of the Qld A-G, the Governor-in-Council approved:

changing the date of effect of the 90 day casino licence suspensions for The Star Gold Coast and Treasury Brisbane
casinos from 1 December 2023 to 31 May 2024; and 

extending the term of the Special Manager for The Star Gold Coast and Treasury Brisbane casinos by 12 months to 8
December 2024.
On 17 May 2024, the Group was advised by OLGR, on the recommendation of the Qld A-G, that the Governor-in-Council
approved changing the date of effect of the licence suspensions for The Star Gold Coast and Treasury Brisbane casinos from
31 May 2024 to 20 December 2024. The Company has been advised that this will allow the Queensland Government to
consider the outcomes of Bell Two and to better assess the Group’s remediation progress, before making further decisions.
The term of the Special Manager appointment for The Star Gold Coast and Treasury Brisbane casinos remains unchanged
and is currently due to end on 8 December 2024 (no later than 23 October 2024 for Treasury Brisbane on surrender of its
casino licence following the opening of The Star Brisbane). 
On the direction of the Department of Justice and Attorney-General dated 28 August 2024, an External Adviser has been
appointed by the Minister for The Star Brisbane casino operations which are managed by the Group. On the same date, the
Group was also directed by the Department of Justice and Attorney-General to prepare a plan for the remediation of the
management and operations of The Star Brisbane. 
2

THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT
43
1. Chair and CEO Reports
2. Our People
3. Sustainability Report
4. Financial Performance
5. Key Projects
6. Directors’ Report
7. Financial Report
8. Additional Information
3
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024
2.2 BUSINESS STRATEGIES
The Group’s primary strategies can be split into three main categories:
2.2.1 Remediation and returning to suitability
Following the findings from the Bell Two Report, the Company has prepared an amended remediation plan which
incorporates a number of enhancements to the previously approved version of the plan. After extensive engagement with the
Manager (The Star Sydney), Special Manager (The Star Gold Coast), External Adviser (The Star Brisbane) to obtain feedback,
the Company submitted the amended plan and associated documents to OLGR in Queensland on 18 September 2024 for
consideration and approval by the Qld A-G. Copies of the plan and associated documents were also submitted to the NICC for
information on 20 September 2024. 
The amended remediation plan will result in changes to forecast completion dates and will result in an expanded scope in
some areas. These changes are intended to address some shortcomings in the original plan and to enable a culture of
continuous improvement within the business to ensure the changes will successfully embed. The reset remediation plan is
subject to the approval of the regulator and government in Queensland. 
Significant progress has been made by the Group to return to suitability during the period:

As at 27 September 2024, 351 milestones have been completed from the original Remediation Plan. 196 of these have
been reviewed and independently verified, of which the Manager / Special Manager / External Adviser has accepted
105.

In NSW, mandatory carded play in private gaming areas and on select games on the main gaming floor commenced on
19 August 2024, along with cash limits of $5,000 per person, per day. Application of mandatory carded play across the
entire gaming floor is on track for 19 October 2024, along with a reduction in cash limits to $1,000 per person, per day,
by 19 August 2025.

In Queensland, the Group is working with OLGR to align the timetable and phase the implementation of mandatory
carded play, mandatory pre-commitments and cash limits, as required by the March 2024 amendments to the
Queensland Casino Control Act 1982.

Safer gambling capabilities continue to be uplifted. Additional new controls around time-play management were
implemented across the Group during 1HFY24. A baseline assessment of the safer gambling culture at all levels of the
organisation was completed and will inform ongoing policy and operational process improvements, providing a safer
place for guests to play. The safer gambling team’s resources and capability increased significantly to 126 employees
(from 55).

AML / CTF capabilities continue to be uplifted. The AML team increased to 124 employees (vs 26 in the pcp), the AML /
CTF Program was updated and implemented in January 2024, and new screening and monitoring solutions were created
and implemented.

Progressed an organisational restructure designed to create a simpler framework with more decision-making authority
at a property level, while maintaining appropriate oversight from a Group level.

Governance and management capability was further enhanced. Two independent, non-executive Directors were
appointed, together with two independent members of the three casino Compliance Committees. Key external
appointments were made to the senior leadership team, including Group Chief Executive Officer (subject to regulatory
approvals), Interim Group Chief Financial Officer, Chief Executive Officer The Star Sydney, Chief Executive Officer The
Star Brisbane, Chief Executive Officer The Star Gold Coast (subject to regulatory approvals), Group Chief Operating
Officer and Group Chief Audit Officer.
The Group takes its obligations seriously and considers the ability to hold a casino licence as a privilege. The Board and
senior management are learning from the lessons of the past, acknowledge the gravity of the conduct raised in the Bell One,
Bell Two and Gotterson Reports, and accept that the Group did not live up to the trust placed in it by the people of NSW and
Queensland.
2.2.2 The Star Brisbane
The initial stage of The Star Brisbane integrated resort owned by DBC (a joint venture owned 50% by the Group) opened to
the public on 29 August 2024 and includes the main gaming floor and premium gaming rooms, The Star Grand Hotel, Event
Centre, Sky Deck, Neville Bonner pedestrian bridge, public realm and certain food and beverage outlets. Further food and
beverage venues and the leisure deck amenities will open progressively throughout FY25. The Dorsett and Rosewood hotels
are expected to open in late 2026. 
With the opening of The Star Brisbane, the Treasury Brisbane Casino was closed. The Group holds the operator rights for the
new facilities through an agreement with DBC. Earnings from the Treasury Brisbane Casino will be replaced by The Star
Brisbane operator fee in the Group’s consolidated EBITDA. Earnings from the DBC joint venture will be equity accounted. 

44
THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024
The phased opening of a property of this size and scale causes uncertainty in the timeframe it may take for the DBC
property’s earnings and cashflows to grow to a level where assistance is no longer required from its owners (including the
Group). At 30 June 2024, the Group had $230.3 million of committed equity contributions to DBC. Subsequent to 30 June,
the Group committed to a further $92.7 million of equity contributions and has currently estimated a further $35 million will
be required to fund costs to complete the development. $104.5 million has been paid at 30 September 2024. Further
contributions will be required as the Group expects to fund costs associated with operations during the DBC growth phase
and to support the refinancing of the DBC debt which matures in December 2025. The Group is striving to streamline the
phased opening of the property and maximise the returns generated.  
2.2.3. Improve business performance and enhance the Group’s liquidity
The Group’s FY24 EBITDA (before significant items) was $174.7 million, down 45% on pcp, with performance deteriorating
through the year. The Group has experienced negative operating leverage as revenue has declined whilst operating expenses
have increased. Further, the Group faces significant near-term liquidity requirements, including:

Funding of the Group’s operations at current trading levels. 

Ongoing transformation and remediation related activities, with total remediation spend of approximately $100.0 million
expected during FY25 (comprising operating costs of approximately $62.6 million and capital expenditure (capex) of
approximately $37.4 million).  

Joint venture equity contributions, in particular contributions to DBC. 

Anticipated outflows associated with ongoing regulatory matters, including AUSTRAC proceeding and historic underpaid
casino duty in NSW. 
A range of initiatives and other measures have been identified and are in the process of being implemented to improve
business performance and enhance the Group’s liquidity position:

Improve market share and drive revenue growth by focusing on customer experience, enhancements to on-site
offerings, customer insights, customer service and marketing initiatives, especially for events and conferences. 

Targeting implementation of approximately $100 million of annualised cost savings by March 2025, with further work
being undertaken to identify additional savings, including reduced consultant spend and optimised marketing spend. 

Reduction of maintenance capex (relative to historical levels) to $80.0 million in FY25 (excluding remediation capex). 

Continued pursuit of non-core asset disposals. Sale of the Sheraton Grand Mirage Gold Coast was completed in
November 2023 for $192.0 million (of which the Group owned 50%), while sale of the leasehold interest in the Treasury
Casino Building to Griffith University for $67.5 million (plus GST) was settled on 27 September 2024. After settlement
adjustments, the net proceeds were $60.5 million (plus GST). The sale process for the Treasury Hotel and car park
continues. The Group continues to review the potential sale of other non-core assets.

The Group is continuing discussions and negotiations with various stakeholders including regulators, Governments,
lenders, shareholders and other parties.

The Group and its lenders executed a commitment letter on 25 September 2024 for a new debt facility (of up to $200
million in two tranches) which will become effective upon completion of long-form documentation and satisfaction of
various conditions precedent:

The first tranche is expected to be available to be drawn, subject to conditions precedent, from the end of October
2024 through to 20 December 2024 (refer to Note G).

The second tranche is subject to more extensive conditions precedent but, if satisfied, would be expected to be
available to be drawn from the end of December 2024 and have a 4 month availability period following the drawing
of the first tranche (refer to Note G).

The Company’s lenders have agreed to provide covenant waivers for the next two testing dates, being 30
September 2024 and 31 December 2024, with the waiver for the latter date being subject to execution of long-form
documentation for the new debt facility and other customary conditions.
2.3 GROUP PERFORMANCE
Earnings before interest, tax, depreciation and amortisation (EBITDA) (excluding significant items) of $174.7 million was
down 45.0% on the pcp. 
Net revenue of $1,677.8 million was down 10.2% on the pcp. Domestic gaming revenue decreased 11.7%, reflecting a
significant and rapid deterioration in operating conditions, largely driven by the compounding impact of meeting existing
regulatory requirements, exclusions and by a continuing significant weakness in consumer discretionary spending behaviour.
Private gaming rooms have been particularly impacted, down 27%. The main gaming floor was down 1% on pcp, however
benefited from private gaming room players shifting their play. Non-gaming revenue was down 3.5%, affected by reduced
visitation and economic factors impacting consumer spending. 
4

THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT
45
1. Chair and CEO Reports
2. Our People
3. Sustainability Report
4. Financial Performance
5. Key Projects
6. Directors’ Report
7. Financial Report
8. Additional Information
5
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024
Gaming taxes and levies of $412.1 million were down 9.6% on the pcp, in line with reduced domestic gaming revenues. The
average tax rate increased during the year primarily due to the changes to the Casino Control Act 1992 (NSW) increasing the
tax rate on table games. Operating costs of $1,091.0 million were broadly flat on the pcp despite lower revenue, reflecting
increased spending on transformation and remediation related activities including additional resourcing for risk, controls and
safer gaming functions. These costs partially offset the previously announced cost reduction program. Significant expense
items ($1,547.3 million before tax) relate to the impairment of The Star Sydney, The Star Gold Coast, Treasury Brisbane and
investment in DBC; regulatory, fines, penalties, duty, consultants, legal and other costs; debt refinancing costs; and
redundancy and employment costs; partially offset by profit on sale of assets.
Depreciation and amortisation expense of $120.6 million was down 38.2% on pcp, primarily reflecting the reduced asset
base following impairments in the pcp. Net finance costs of $35.3 million (excluding significant items) were down 37.5%,
reflecting lower average debt balances from the refinancing undertaken in March and October 2023. 
Net loss after tax was $1,684.6 million. Normalised1 net profit after tax, excluding significant items, was $11.9 million. Basic
and Diluted Loss per Share were both 66.8 cents (both 211.7 cents in the pcp).
2.4 GROUP FINANCIAL POSITION
Net cash2 was $30.0 million at 30 June 2024 (2023: net debt of $595.5 million). In October 2023, the Group finalised a
$750.0 million equity raising and in November 2023 executed a $450.0 million, four-year syndicated debt facility. Proceeds
from the capital raising were used to repay and terminate existing bank loans and US private placement notes, while the
$300 million term facility was fully drawn in December 2023. 
At 30 June 2024 the Group faced significant liquidity issues and impairment of assets (see below), this necessitated a
refinance of its debt facilities in September 2024 (see Note C2) and cost reduction initiatives (see Note G). In addition, to the
existing sale process of the Treasury buildings (see Note C2), the Group is pursuing the sale of other non-core assets to
improve its liquidity. These factors ultimately will result in loss of asset backing.
Impairment
The Sydney and Gold Coast cash generating units experienced a significant and rapid deterioration in operating conditions,
largely driven by the compounding impact of meeting existing regulatory requirements, exclusions and by a continuing
significant weakness in consumer discretionary spending behaviour and loss of market share. In Sydney, daily patron cash
limits of $5,000 for carded play and mandatory carded play for private gaming areas and select games on the main gaming
floor commenced on 19 August 2024. Fully carded play is required in Sydney by 19 October 2024 and the daily cash
permitted per person will be reduced to $1,000 by 19 August 2025. 
In Queensland, legislation has been enacted in relation to mandatory carded play and daily patron cash limits. Regulations to
give effect to those reforms are yet to be enacted (see Note B7). Carded play is currently anticipated to have a negative
impact on earnings. Significant uncertainty also remains around the quantum and timing of any penalty in relation to the
AUSTRAC proceeding and the quantum of any amount payable in relation to the Class Action (see Note B7). In Brisbane, the
operating and macro-economic conditions affecting Sydney and Gold Coast are expected to impact the future earnings of The
Star Brisbane casino (of which the Group owns 50% and is the operator through an agreement with DBC).
In combination, these factors have reduced the valuation of the cash generating units, requiring an impairment of $1,430.1
million (Sydney $337.1 million, Gold Coast $274.0 million and Brisbane $819.0 million) to be recognised for the year ended
30 June 2024 (2023: $2,167.8 million).
Investments
On the Gold Coast, construction by Destination Gold Coast Consortium (DGCC) (of which the Group owns 33%) of the Gold
Coast second tower (Tower 2), a $400 million 63-storey mixed use tower has topped out, with internal fit-outs ongoing. The
Residences portion of the tower is on track for completion in late 2024, with all 437 apartments pre-sold, while the hotel is
due to open in mid 2025. Tower 2 also includes additional restaurants, cafes, nightlife venues and a comprehensive pool
deck with complementary amenities. Upon completion of Tower 2, The Star Gold Coast will have in excess of 2,000 hotel
rooms and apartments on the island. During FY24 the Group contributed equity of $9.8 million. DGCC contributions for FY25
are expected to be in a net nil position, reflecting an estimated $6 million equity contribution and an expected distribution
paid by DGCC to offset that amount.
On 3 November 2023, the sale of the Sheraton Grand Mirage by Destination Gold Coast Investments (of which the Group
owns 50%) was completed for $192.0 million. The Group received $59.2 million of sale proceeds in November 2023, with a
further $9.4 million of remaining funds in July 2024.
DBC (of which the Group owns 50%) commenced its phased opening on 29 August 2024 (see 2.2.2). During FY24 the Group
contributed equity of $74.5 million. At 30 June 2024 the Group had $230.3 million of committed contributions to DBC,
subsequently increasing a further $92.7 million (see Note D5) and has currently estimated a further $35 million will be
required to fund costs to complete the development. The Group expects to make further equity contributions to fund costs
associated with operations as the business ramps up or to support the refinancing of the DBC debt which matures in
December 2025 (see 2.6).
1 In FY24, normalised earnings excludes significant items only. 
2 Net cash is shown as cash and cash equivalents less interest-bearing liabilities (excluding lease liabilities).

46
THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024
2.5 SEGMENT OPERATIONS
The Group comprises the following three operating segments: Sydney, Gold Coast, and Brisbane. 
Refer to note A1 for more details of the financial performance of the Company’s operating segments. The activities and
drivers of the results for these operations are discussed below.
Sydney
Net revenue was $877.5 million, down 10.8% on the pcp and EBITDA (excluding significant items) was $51.8 million, down
59.3% on the pcp. Gaming revenue was affected by the implementation of uplifted controls, casino operating reforms, the
loss of market share and macro-economic environment. Non-gaming revenue also declined, with reductions in hotel (85%
occupancy vs 91% in the pcp) restaurant and bars revenue, reflecting a number of venue closures. Gaming taxes and levies
were down 8.9% in line with the decrease in gaming revenue partially offset by an increase in tax rates. Operating expenses
decreased 1.2%, reflecting reduced activity partially offset by increased compliance and remediation related costs. 
Gold Coast
Net revenue was $456.1 million, down 10.4% on the pcp and EBITDA (excluding significant items) was $71.3 million, down
33.4% on the pcp, which had set a high benchmark due to post-COVID recovery visitation and tourism. Gaming revenue was
affected by the implementation of uplifted controls, casino operating reforms, the loss of market share and the macro-
economic environment. Non-gaming revenue also declined, with reductions in hotel (80% occupancy vs 83% in the pcp)
restaurant and bars revenue, partially offset by the introduction of paid parking. Gaming taxes and levies were down 13.6%
in line with the decrease in gaming revenue. Operating expenses decreased 1.6%, reflecting reduced activity partially offset
by increased compliance and remediation related costs. 
Brisbane
Net revenue was $344.2 million, down 8.1% on the pcp and EBITDA (excluding significant items) was $51.6 million, down
38.0% on the pcp. Gaming revenue was affected by the implementation of uplifted controls, casino operating reforms, the
loss of market share and the macro-economic environment. Non-gaming revenue also declined, with reductions in hotel
(90% occupancy vs 96% in the pcp) and restaurant revenue, partially offset by bars. Gaming taxes and levies were down
8.1%, in line with gaming revenue decline, while operating expenses were up 4.5%, reflecting an increase in employee
enterprise rates, compliance and remediation related costs and preparation for The Star Brisbane opening. 
The Treasury Brisbane Casino closed on 25 August 2024 ahead of the opening of The Star Brisbane on 29 August 2024 (of
which the Group owns 50% and is the operator through an agreement with DBC). Treasury Hotel and car park continue to
operate.
2.6 SIGNIFICANT CHANGES IN THE STATE OF AFFAIRS, REGULATORY MATTERS AND FUTURE DEVELOPMENTS
AUSTRAC proceeding
On 30 November 2022, the Australian Transaction Reports and Analysis Centre (AUSTRAC), commenced civil penalty
proceedings in the Federal Court of Australia against The Star Pty Limited and The Star Entertainment QLD Limited
(collectively The Star Entities). AUSTRAC alleges that The Star Entities contravened the Anti-Money Laundering and Counter
Terrorism Financing (AML/CTF) Act 2006 (Cth) by failing to conduct appropriate due diligence on customers who were higher
risk and by failing to have an appropriate AML/CTF program.
The Star Entities filed a Statement of Admissions and Factual Contentions (SAFC) on 10 November 2023 and subsequently
the parties continued to negotiate with a focus on narrowing the issues in dispute. On 24 July 2024, the Court made orders
referring a list of issues of fact in the proceeding to a referee who will provide a report to the Court to assist it to determine
those issues. The reference process involves a hearing in the period from 4 to 22 November 2024 with the report to be
delivered to the Court some time thereafter.
AUSTRAC has commenced civil penalty proceedings against other companies on five occasions. The AUSTRAC proceedings to
date have led to the Federal Court approving and / or ordering the respondent to pay significant penalties: Tabcorp $45
million (2017); CBA $700 million (2018); Westpac $1.3 billion (2020); Crown $450 million (2023); and most recently,
SkyCity $67 million (2024). The determination of the Federal Court’s penalty (including where a penalty has been jointly
proposed by AUSTRAC and the defendant to the Court) is specific to the facts of each case and arrived at after consideration
of admissions made and evidence and submissions in relation to the appropriateness of the penalty.
AUSTRAC alleges that the number of contraventions committed by The Star Entities is innumerable. The Group has
determined a provision on the Balance Sheet at 30 June 2024. This provision was, and is, recognised at a time where there
remains considerable uncertainty as the quantum of the penalty, including what approach the Court may take into
consideration of any evidence or submissions as to appropriate quantum which may be put forward by the parties. Any actual
penalty paid by The Star Entities may differ materially to the provision recorded at 30 June 2024.
Underpaid casino duty
The Bell Inquiry of The Star Pty Ltd conducted in 2022 (Bell One Review) identified potential issues with the way in which the
Group calculated rebate duty payable to the NSW Government. 
In accordance with the recommendations from the Bell One Review, an independent review has been conducted of all rebate
play at The Star Sydney between 28 November 2016 and 9 May 2022 in accordance with the scope agreed with L&GNSW.
6

THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT
47
1. Chair and CEO Reports
2. Our People
3. Sustainability Report
4. Financial Performance
5. Key Projects
6. Directors’ Report
7. Financial Report
8. Additional Information
7
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024
L&GNSW has conducted an assurance review over the findings of that independent review. 
In addition, the Group is working with the NICC and NSW Treasury to develop a clear and objective test for the residency of
rebate players. Such a test was recommended from the Bell One Review and will require an amendment to The Star Sydney's
Duty agreement and result in changes to relevant internal controls. 
The Group has determined a provision on the Balance Sheet at 30 June 2024 of the potential impact based on the amount
determined from the independent review, which was subsequently agreed with L&GNSW. Penalty interest could be enforced
under the relevant Duty Agreements during the relevant period for late payment of casino duty and responsible gambling levy
at a daily penalty rate of 0.15%. If this is applied, the final quantum of the penalty interest could materially increase the
amount provided. The penalty interest is subject to discussions with the Department of Creative Industries, Tourism,
Hospitality and Sport and NSW Treasury.
ASIC proceedings against former directors and officers of the Company
In December 2022, the Australian Securities and Investment Commission (ASIC) commenced civil penalty proceedings in the
Federal Court of Australia against 11 former directors and officers of The Star Entertainment Group Limited (Company)
alleging contraventions of the Corporations Act 2001 (Cth). 
As no entity of the Group is party to these proceedings, it is not possible to predict the timing and any financial impact of
these claims on the Group, including in relation to the likely costs incurred by the Group on behalf of the defendants, or the
extent to which those costs might be covered by the Group's insurance policies and indemnities in place for former officers
and directors. 
The Group has determined a provision on the Balance Sheet at 30 June 2024 relating to an estimate of legal costs.
Class Action
On 30 March 2022, a shareholder class action was commenced in the Supreme Court of Victoria, alleging the Company
failed to comply with its continuous disclosure obligations and engaged in misleading or deceptive conduct in relation to the
Company systems, controls, operations and regulatory risks.
The Company has filed its defence with no admissions of any contravention. At 30 June 2024, the Company has assessed
there is no present obligation in respect of this matter and it represents a contingent liability. The outcome of the Class
Action and any potential financial impacts are unknown, including the extent to which any amounts may be covered by the
Group’s insurance policies.
DBC Financing Arrangements
The Company and its joint venture partners Chow Tai Fook Enterprises Limited (CTFE) and Far East Consortium International
Limited (FECI) entered into debt facility agreements in 2020 in relation to DBC’s $1.6 billion project-level debt funding. The
aggregate amount outstanding is $1.5 billion at 30 June 2024 (DBC Funding). The DBC Funding comprises two equal
facilities, drawn approximately equally, separately provided under a Gaming and Entertainment syndicated facility agreement
(SFA G&E) and a Tourism and Leisure syndicated facility agreement (SFA T&L). Amounts outstanding under the SFA G&E are
guaranteed by the Company and amounts outstanding under the SFA T&L are guaranteed by CTFE and FECI. The two
facilities are cross-collateralised against the property leases.
DBC’s ability to refinance its debt on reasonable terms as it becomes due in December 2025 or to repay the debt, its ability
to raise further finance, and its borrowing costs will depend on a range of factors including, but not limited to, prevailing
market conditions and DBC’s operating performance at the time any refinancing takes place. If DBC is unable to refinance its
debt obligations, or to do so on reasonable terms, this may have an adverse impact on the financial position and
performance of the Group, in particular in circumstances where the Company is required to contribute additional equity to
the joint venture as part of any financing or the Company’s SFA G&E guarantee is called upon.
GST amended assessments
On 11 August 2021 the Group received amended assessments from the Australian Taxation Office (ATO) in respect of a
dispute for the period October 2013 to August 2017 (inclusive) in relation to the GST treatment of rebates paid to junket
operators for The Star Pty Limited. The amount in dispute for this period is approximately $149.3 million (primary tax of
$81.9 million and interest of $67.4 million). In FY2022 the Group paid $40.9 million as a deposit to the ATO on a no-
admissions basis. The deposit is held as a current asset on the balance sheet.
On 6 September 2021 the Group filed an application for judicial review with the Federal Court of Australia in relation to the
interest assessment and on 5 October 2021 lodged an objection against the primary assessments with the ATO. The ATO
disallowed the Group’s objections in October 2023. On 5 December 2023 the Group appealed by commencing proceedings
in the Federal Court of Australia.
Withholding tax penalty
The Group is in dispute with the ATO in relation to the appropriate method for calculating withholding tax on rebates paid to
junket operators for the 2015 to 2020 income tax years. The amount in dispute for the period is $7.7 million (primary
penalty of $6.4 million and interest of $1.3 million). The relevant Group entities objected to the ATO’s decision to issue the
penalties. The ATO disallowed the Group’s objections in October 2023 and on 5 December 2023 the relevant Group entities
appealed by commencing proceedings in the Federal Court of Australia. In FY2024 the Group paid $3.2 million as a deposit
to the ATO on a no-admissions basis. The deposit is held as a current asset on the balance sheet. 

48
THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024
Legal challenges
There are outstanding legal proceedings between the Company and its controlled entities and third parties as at 30 June
2024. The Group has notified its insurance carrier of all relevant litigation and currently anticipates that any damages (other
than exemplary damages) that may be awarded against the Group, in addition to its costs incurred in connection with the
proceedings, may be covered by its insurance policies where such policies are in place. Provisions are made for known
obligations where the existence of a liability is probable and can be reasonably estimated. As the outcomes of these actions
remain uncertain, contingent liabilities exist for possible amounts eventually payable. 
NEW SOUTH WALES
Disciplinary Action
The final instalment of the $100 million penalty issued following the Bell Review, was paid on 28 December 2023. 
Regulatory reforms
Compulsory carded play and cash play limits were due to commence on 19 August 2024 however the timetable for
compliance was amended by the NSW Government to transition these requirements. From 19 August 2024, mandatory
carded play is required in private gaming areas and on select games on the main gaming floor with daily cash limits of
$5,000 for carded play. Fully carded play is required by 19 October 2024 and the daily cash permitted per person will be
reduced to $1,000 by 19 August 2025. 
Bell Two
On 19 February 2024, the NICC announced an inquiry to investigate the suitability of The Star Pty Ltd (The Star Sydney) and
its close associate, the Company, to be concerned in or associated with the management and operation of The Star Sydney
Casino. The NICC appointed Mr Adam Bell SC to preside over an inquiry with the powers of a royal commissioner in NSW.
Public hearings were conducted from 15 April 2024 to 3 May 2024.
On 1 August 2024, the NICC advised that its request to extend the term of the appointment of the Manager of The Star
Sydney Casino by regulation to 31 March 2025 had been approved. In addition, on 30 August 2024, the NICC provided to the
Company and The Star Sydney, a copy of the report of the Second Inquiry conducted by Mr Adam Bell SC in respect of The
Star Sydney (the Bell Two Report). A copy of the non-confidential parts of the Bell Two Report was released to the public on
the same day. The Bell Two Report concludes that the Company and The Star Sydney are presently unsuitable to be
concerned in, or associated with, the management and operation of The Star Sydney.
The Bell Two Report made findings and recommendations in relation to four areas of non-compliance which resulted in
various breaches by The Star Sydney during 2023 and 2024 which are the subject of ongoing consideration by the NICC and
could, in the future, potentially involve the imposition of fines and penalties under the relevant NSW legislation. A range of
outcomes against The Star Sydney are possible, including among other things, the imposition of a penalty, letter of censure,
amendments to the conditions, further suspension, or cancellation, of The Star Sydney’s licence.
On 13 September 2024, the NICC served a 'show cause' notice (Notice) on the Company, requesting a response to the
Breach Findings from the Bell Two inquiry. The NICC has also requested information about the Company's current financial
position and its plans to address these issues so that it can make informed decisions about the Company's financial
suitability to hold a casino licence for The Star Sydney. The Company lodged its response on Friday, 27 September 2024. The
Company and The Star Sydney are considering the recommendations and guidance in the Bell Two Report and, subject to any
response to the Bell Two Report by the NICC, will seek to implement relevant recommendations at an appropriate time. 
Casino duty reforms
On 11 August 2023 the NSW Treasurer and the Group announced an in-principle agreement had been reached in relation to
changes to casino duty rates for casinos in New South Wales and their impact on The Star Sydney. An agreement was
finalised between NSW Treasury and The Star Sydney on 20 November 2023. 
The changes include rate increases for rebate duty (10% to 12.5%) and Table Games (17.91% to 20.25%) from 1 July 2023.
Poker Machine duty rates will remain as follows until 2030 (20.91% until 30 June 2024, 21.91% from 1 July 2024 and
22.91% from 1 July 2027). From 1 July 2030 poker machines will be taxed based on average poker machine revenue using
a progressive rate scale with a maximum of 51.6%. In the period 1 July 2023 to 30 June 2030 an additional levy will apply
equal to 35% of The Star Sydney’s gaming revenue above $1.125 billion per financial year. There is no change to the
Responsible Gambling Levy rate.
This agreement includes an undertaking that provides employment certainty for team members as agreed with the United
Workers Union. 
8

THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT
49
1. Chair and CEO Reports
2. Our People
3. Sustainability Report
4. Financial Performance
5. Key Projects
6. Directors’ Report
7. Financial Report
8. Additional Information
9
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024
QUEENSLAND
Disciplinary action
The final instalment of the $100 million penalty issued following the review by the Hon. Robert Gotterson AO into the Group’s
Queensland Operations, was paid on 28 December 2023.
The Star Gold Coast's deferred licence suspension is currently in effect up to 20 December 2024 and Special Manager term
has been extended to 8 December 2024. The deferred suspension of Treasury Brisbane's licence and term of the Special
Manager will cease on surrender of its casino licence following the opening of The Star Brisbane.  An External Adviser has
been appointed by the Minister for The Star Brisbane casino operations which are managed by the Group (see section 5). On
the same date, the Group was also directed by the Department of Justice and Attorney-General to prepare a plan for the
remediation of the management and operations of The Star Brisbane. 
Regulatory reforms
On 28 March 2024, the Casino Control and Other Legislation Act 2024 was enacted to give effect to the balance of the
recommendations of the Gotterson Report and certain other casino reforms. The proposed reforms include the introduction
of mandatory carded play, restrictions on the use of cash, mandatory player pre-commitments including play and break
limits, and a supervisory levy payable by casino licence holders. Most reforms took effect from enactment, with the remaining
reforms to either commence on a date to be fixed by proclamation (including the introduction of a supervisory levy) or 6
months after enactment. The implementation of each of the key measures noted above requires the introduction of
regulations giving effect to those reforms.
Suitability Investigation – Chow Tai Fook Enterprises (CTFE)
On 2 May 2024, the Qld A-G noted that there is insufficient evidence to conclude that CTFE or its relevant associates are
unsuitable to be an associate or close associate of DBC, which holds The Star Brisbane casino licence. CTFE is a 25%
interest-holder in DBC. 
FUTURE DEVELOPMENTS
Future developments in the Group’s activities will be dependent on several factors outlined in this Directors’ Report, notably
successfully addressing the Group's liquidity issues, the resolution of the AUSTRAC proceeding, and timely and effective
execution of the extensive program of remediation activities necessary for a return to suitability in both NSW and
Queensland. There were no other significant changes in the state of affairs of the Group during the year.

50
THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024
2.7 RISK MANAGEMENT
The Group takes a structured approach to identifying, evaluating and managing those current and emerging risks which have
the potential to affect achievement of strategic objectives. The commentary relating to Principle 7 in the Company’s
Corporate Governance Statement describes the Group’s risk management framework which is based on ISO31000, the
international standard on risk management. The Corporate Governance Statement can be viewed on the Company’s website.
An overview of the Group’s material risks and associated mitigation strategies are set out below. The mitigation strategies
are designed to reduce the likelihood of the risk occurring and/or to minimise the adverse consequences of the risk should it
happen.  However, some risks are affected by factors external to, and beyond the control of, the Group.
Risk and description
Mitigation strategy
Suitability
The Company and the Group's operations are regulated by
laws, licences, permits and approvals from relevant
government agencies and regulators.  
The failure of one or more of the relevant Group entities for
The Star Sydney, The Star Gold Coast or The Star Brisbane to
be suitable, or return to suitability, to hold a casino licence or
meet relevant suitability requirements, including
demonstrating financial viability, could have an impact on the
Group's reputation, financial performance and position and
the ongoing operation of the business.
Following the Bell and Gotterson reviews in NSW and
Queensland, respectively, the Group is presently operating
with a suspended licence in NSW and a licence which is
subject to deferred suspension in Queensland.
The Bell Two Inquiry was undertaken during the second half
of FY24. Final outcomes of this review are unknown, but
could be material for the Group's operations, including a loss
of licence to operate in New South Wales.  
The Company has developed a comprehensive remediation
program which seeks to uplift and reform the Group’s
governance, accountability and capabilities, culture and risk
and compliance processes to meet suitability requirements
for a casino operator in the states in which it operates. This
is a multi-year Plan, requiring significant financial and
human resources to deliver.
The Remediation Plan was approved in Queensland and
actions under the plan commenced in the first half of FY24. 
The Plan has recently been reviewed to simplify the
organisation of milestones and to increase the focus on
cultural uplift across the Group.  Additional findings or
actions arising from Bell Two were incorporated into the
reset Remediation Plan. The amended Remediation Plan
and associated documents were submitted to OLGR on 18
September 2024 for consideration and approval by the
Queensland Attorney General. The reset remediation plan is
subject to the approval of OLGR and government in
Queensland. Copies of the plan and associated documents
were also submitted to the NICC for information on 20
September 2024.
Transition to All-Carded and Cash-Limited Gambling
There may be significant adverse impacts on the Group's
financial performance and customer experience with the
introduction of cash-limited and all-carded play from August
2024. Complexities arising from the implementation of this
program may have material impacts on the Group and the
impact on player activity is unknown. A phased approach has
commenced to address new regulations, presenting risk in
the near term.
The implementation of new technology may result in
unforeseen complications and complexities, including system
outages, impacting revenue and customer satisfaction.
The change required to the customer experience is without
precedent in the gaming industry. Supporting the transition,
changes to business processes, technology, controls, and
workforce design is transformational in scale and complex,
particularly when implemented concurrent with other
business priorities and objectives of the Group.
The Group has mobilised a significant program of work to
implement the technology, business processes, controls and
workforce changes required to meet these evolving
regulatory obligations.  A "cashless" and all-carded live trial
has been in operation in The Star Sydney since February
2024 and a further expansion of the technology,  processes
and solutions commenced from August 2024.  
The Group continues to monitor customer adoption and has
developed plans to support an effective expansion,
incorporating learnings from expanded trials.  The Group will
continue to engage regulators and adopt strategies and
secure funding for future phases of the complete transition
to all-carded, cash-limited gambling across all properties of
the Group.   
10

THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT
51
1. Chair and CEO Reports
2. Our People
3. Sustainability Report
4. Financial Performance
5. Key Projects
6. Directors’ Report
7. Financial Report
8. Additional Information
11
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024
Risk and description
Mitigation strategy
Cyber Security
Information systems applications and technology are
essential to maintaining effective operations.  As the Group
moves to fully carded gambling with reduced cash in its
operations, digital transactions will necessarily increase, with
a commensurate increase in volume and magnitude of
sensitive information, including sensitive customer
information.  This information will be retained electronically
for a larger number of clients.
Threats to information systems applications and technology
are continuously evolving and cyber threats and the risk of
attacks are increasing.  Any failure of the Group’s systems
and processes could result in, amongst other things,
business interruption, legal or regulatory breaches and
liability, with negative impacts on the Group's reputation and
financial performance.
The Group has a dedicated information technology (IT)
security function which tests and monitors technology
systems to detect and block viruses and other threats to the
security of the Group’s data.  The Group employs industry
experts to undertake reviews and testing of its cyber
resiliency and the IT function continues to implement a cyber
resilience plan.  
Employees are regularly trained on the importance of cyber
security and related processes, with continued testing of
control effectiveness with reporting to senior management
and the Board.
Information Security and Privacy
The Group necessarily collects and manages confidential
business and customer data in the course of its business
operations.  The move to a more digital environment through
all-carded and cash-limited play, will necessarily increase the
volume and variety of sensitive data held by the Group,
increasing the risk arising from failed processes and controls,
including from a leak or unauthorised access such as a cyber
attack.   At the same time, regulatory and community
expectations to protect customer data is increasing.  
Any systems or process failures could result in the exposure
of confidential information and sensitive customer data,
leading to customer dissatisfaction, legal or regulatory
breaches (including of privacy legislation) and liability,
impacting the Group’s reputation and financial performance.
The Group has a dedicated Privacy team as part of its Group
Risk function.  The Privacy team supports privacy awareness
and education across the Group and works closely with
Information Technology to drive data security and protection
controls across the Group.  During the year a new Privacy
Management Framework was developed and implemented.
The Star Brisbane Opening / Queen's Wharf Project
The Group has recently opened The Star Brisbane as part of
the Queen's Wharf project, a joint venture with Destination
Brisbane Consortium (DBC).  The failure to realise the
potential return from the Group’s invested capital in The Star
Brisbane or the Queen’s Wharf Project may have an adverse
impact on the Group’s reputation, financial performance and
position.
As the Group operationalises The Star Brisbane and closes
the Treasury casino, new operational, regulatory and
governance risks may arise connected to the recruitment of a
significant number of new employees and the opening of an
entirely new facility.  Further, as Queens Wharf
operationalises new risks around the oversight of the
business and ongoing engagement with Destination Brisbane
Consortium may arise.
The Group is closely managing The Star Brisbane through
regular stand-ups and has processes in place to monitor
operational effectiveness, including financial performance,
employee sufficiency and risk and regulatory matters.  The
Group is actively working with regulators and DBC to deliver
a smooth operation.  
Decanting and ultimate closure and sale of the Treasury
building is being managed closely as a project.  
Governance structures are in place and are being refined to
report risks to the Group's Board and the Destination
Brisbane Consortium Board and relevant Committees.

52
THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024
Risk and description
Mitigation strategy
Financial
The Group’s ongoing financial performance and liquidity
position is critical in order for the Group to be able to access
funding to meet current and anticipated expenses, penalties
and judgements and to fund future growth opportunities on
commercially acceptable terms.  The Group faces material
uncertainty that could impact its financial strength and
liquidity, including the shift to all-carded gambling and lower
cash limits, the economic environment, unknown operation
and performance of new assets that may cast significant
doubt on its ability to remain a going concern (refer to Note G
in the financial statements).  
Under the scope of the Bell Two Inquiry, the financial strength
of The Group has and will be considered in the decision
about suitability.  If the financial strength of the Group is not
found to be sufficient, this may be a basis for regulators
finding the Group to be unsuitable to hold a casino licence.  
The Group's financial performance is continuously monitored
for any variations from annual financial budgets and market
expectations.  When deemed necessary, proactive steps are
taken to reduce costs with a potential consequential impact
on employees and operations.  It may not be the case that
such steps are timely or sufficient to address any negative
trends in revenue, resulting in unexpected losses.    
The Group continuously monitors its financing and capital
requirements and will seek to raise funds from either debt or
equity capital markets, debt financiers or otherwise, to
support the Group’s financial management needs, in each
case, subject to such funding being available on
commercially acceptable terms. Professional financiers are
engaged to assist in complex financing requirements when
appropriate. 
The Group and its lenders executed a commitment letter on
25 September 2024 for a new debt facility (of up to $200
million in two tranches) which will become effective on
completion of long-form documentation and satisfaction of
various conditions precedent (refer to Note G in the financial
statements in respect of this arrangement and other
mitigating actions).  
Culture
The Group recognises that a risk-aware culture, where team
members are willing and unafraid to escalate matters, is
necessary to the effective operation of its business.
Failure to operate with such a constructive culture
consistently across the Group’s operations could result in a
failure to identify, raise and escalate incidents, breaches,
operational and other matters that could negatively impact
the operational and financial performance of the Group.
As a result of a failure to escalate matters, a weak culture
could also negatively impact the Group’s reputation,
regulatory relationships, the Group’s return to suitability and
ability to hold casino licences in the states in which the
Group operates.
The Group is expanding the focus on Culture in the
Remediation Program and is developing measurable targets
to track progress towards a supportive and sustainable
culture.  This work builds on the independent culture
assessment completed at the end of FY23 as well as later
observations, such as those evidenced through the Bell Two
Inquiry.  The Group has appointed a Chief Culture and Ethics
Officer to lead this work and to drive and support culture
change across the Group.  
Escalation of incidents, issues, breaches and other matters,
continues to be promoted through the “Raise It” program,
launched Q4 FY23.  This is further supported by newly-
developed, day-long, in-person training for several thousand
team members which builds awareness on how to identify
and escalate matters. 
An independently managed and confidential whistleblowing
program is in place to support escalation when team
members may not be comfortable escalating through
internal channels.
12

THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT
53
1. Chair and CEO Reports
2. Our People
3. Sustainability Report
4. Financial Performance
5. Key Projects
6. Directors’ Report
7. Financial Report
8. Additional Information
13
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024
Risk and description
Mitigation strategy
Safer Gambling
The Company recognises the failure to deliver and support
responsible gambling practices as a material risk for the
Group’s business operations. The Group seeks to provide a
safe gambling environment where problem gambling and
gambling related harm are minimised.  
Failure to provide a Safer Gambling environment at each of
its venues may impact the Group’s suitability to hold casino
licences and result (including following self-reporting) in
significant fines or other penalties or sanctions, which in turn
may have an adverse impact on the Group’s reputation,
suitability to hold one or more casino licences, and financial
performance and position. 
A number of serious issues related to the Group's execution
of new Safer Gambling controls were tabled at the Bell Two
Inquiry. The outcomes of any regulatory action over those
matters is not yet known.
Failure to provide a Safer Gambling environment may also
increase customer dissatisfaction, which could result in
compensatory claims, leading to an adverse impact on the
Group’s financial performance and position.
Through the Remediation Plan the culture of Safer Gambling
is being embedded in the Group’s business strategy,
processes, and individual accountabilities.  
Resourcing dedicated to Safer Gambling monitoring and
guest welfare has risen materially.  
The impending implementation of all-carded play increases
the ability of the Group to monitor player activity and will
enable more timely and informed support for guests through
safer gambling activities.     
Analytics is being used to detect patterns, modes and
durations of play which may be indicators of gambling harm. 
Global modelling is being tested to enable more proactive
engagement with guests on safer gambling matters.  All-
carded play will further support these solutions.
Anti-Money Laundering and Counter-Terrorism Financing
Compliance
The Group operates in an industry that presents high money
laundering risks.
As a provider of ‘designated services’ under the Anti-Money
Laundering and Counter-Terrorism Financing Act 2006 (Cth)
(AML/CTF Act), some entities within the Group are ‘reporting
entities’ which are subject to obligations under the AML/CTF
Act and Anti-Money Laundering and Counter- Terrorism
Financing Rules Instrument 2007 (No. 1). 
A failure to comply with these obligations may expose the
Group to significant penalties or other regulatory actions.
AUSTRAC continues to pursue civil penalty proceedings
against the Group, alleging wide-spread non- compliance with
the AML / CTF Act and Rules.  The outcome of AUSTRAC’s
action against the Group is unknown, but may result in a
material penalty which may have a significant negative
impact on the Group’s financial position. 
During the public inquiries of Bell Two, there was material
discussion about the Group's approach to enhanced
customer due diligence (ECDD).  This has been followed by
further regulatory inquiries with state regulators.  The
outcomes of these inquiries is not yet known.  
The Group continues to invest heavily in improvements to its
AML / CTF framework, through a dedicated workstream of
the Remediation Plan.  This work is carried forward by
specialist AML / CTF resourcing.  Key improvements through
the year include new tools to assess risk, new training
solutions, new capacity to monitor AML / CTF risks and
continued increases in resourcing.  An updated AML / CTF
Program Manual was approved by the Board in November
2023, setting the financial crime risk appetite and
expectations for the Group to manage those risks.   
During the second half of FY24, the Group has implemented
a specialist intelligence unit with the capability to further
investigate the background and profiles of guests who
present higher risks for financial crime.   

54
THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024
Risk and description
Mitigation strategy
Legal and Regulatory Compliance
The Group operates in a highly regulated industry and is
reliant on receiving and maintaining regulatory approvals in
the jurisdictions in which it conducts gambling and non-
gambling operations.
Legislative and regulatory changes or decisions affecting the
operation of casinos (including the potential effect of
changes in the administration of laws in foreign countries
affecting the ability of foreign nationals to travel to and/or
bring funds to Australia) may have an adverse impact on the
operations, financial performance and position of the Group.
The Group’s remediation program is designed to enhance
and mature the Group’s governance and compliance
frameworks and processes.
The Group continuously monitors for potential legislative and
regulatory changes or changes in relevant government policy
and positions in the states in which it operates. This includes
matters core to the integrity of gambling operations such as
gambling regulatory compliance, Safer Gambling, service of
alcohol and AML/CTF compliance.
The Group works collaboratively with state and federal
regulatory authorities to ensure that applicable laws and
regulations are properly interpreted and applied. The Group
works with these authorities and other stakeholders in
relation to anticipated or proposed legislative or regulatory
changes or decisions.
Legislative and Contractual Restrictions on Dealing with
Assets
Beyond the current regulatory issues applying to the Group’s
operations in NSW and Qld (including the manager
appointments), there are various restrictions arising under
state-based legislation and various contractual arrangements
which apply to the casino licences and associated assets
which comprise the Group’s operations.
These arrangements restrict certain dealings in the relevant
assets, such that the relevant assets cannot be assigned or
mortgaged, charged or otherwise encumbered, at least
without relevant consents or approvals being obtained (if
applicable) or at all.
Certain assets are also subject to joint venture arrangements
and the financing arrangements which apply to those joint
ventures.
The inability of the Group to deal with these assets in certain
circumstances or obtain necessary regulatory approvals or
legislative changes to transact or finance these assets could
negatively impact the Group's operations and financial
position.
These restrictions are a function of the legislative and
contractual obligations which apply to the Group’s
operations in NSW and Qld.
The Group seeks to ensure that it consults with relevant
regulatory bodies and third parties in connection with such
restrictions and limitations as appropriate. Where applicable,
relevant consents or approvals are sought.
14

THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT
55
1. Chair and CEO Reports
2. Our People
3. Sustainability Report
4. Financial Performance
5. Key Projects
6. Directors’ Report
7. Financial Report
8. Additional Information
15
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024
Risk and description
Mitigation strategy
Key Stakeholder Relations
The Group may experience difficulties or be unable to engage
with key stakeholders proactively and constructively, leading
to adverse outcomes.  
Any deterioration of the Group’s relationships with key
stakeholders may have an adverse impact on the Group’s
operations and ‘social licence’ to operate, which in turn could
have an adverse impact on the Group’s reputation and
financial performance and position.  The behaviours leading
up to, and the outcomes arising from the Bell Two Inquiry will
have contributed to strained regulatory relationships and
could still strain relationships with key stakeholders, with
unknown outcomes. 
Critical stakeholders for the Group are the financial services
companies that provide transactional banking services. If the
Group is unable to maintain transactional banking services
(including for new businesses such as The Star Brisbane)
there may be negative impacts on operational and financial
performance.  Transactional banking facilities are presently
in place until March 2025.  
The Group is developing standard frameworks and
processes, including as contemplated by the remediation
program, for engaging with a variety of stakeholder groups to
improve the quality and depth of its relationships with,
amongst other stakeholders, governments, regulators,
shareholders, customers, joint venture partners, lenders,
transactional banking providers, suppliers, employees,
media and unions.
The Group has also developed partnerships with local
community groups and charitable organisations.
Corporate Governance
There may be potential adverse impacts for the Group from a
failure to maintain a strong and effective governance
structure which supports a culture of transparency,
accountability, and compliance.
Executive changes during FY24 and to date include the
appointment of a new Group Chief Executive Officer, new
Group Chief Operating Officer, and new Chief Executive
Officers for each of the three casinos. A Group Chief Audit
Officer, reporting to the Chair of the Board Audit Committee
has also been appointed.  In addition, a new Board
Chairman was appointed in April 2024, and two new
independent non-executive directors were appointed during
FY24.  These appointments have been completed with the
intent of driving stronger governance and a culture of
transparency, accountability and compliance.
The Group has established and is refining an integrated “3
lines of accountability” model to identify and manage key
risks and to provide assurance that critical controls are
effective in managing those risks. This model is supported by
the Group’s risk management framework.
Sustainability
Failure by the Group to effectively assess and respond to
sustainability risks (including socioeconomic, environmental,
and governance risks), or to be perceived as failing to do so,
could adversely impact the Group’s reputation which in turn
could adversely affect the Group’s financial performance.
Sustainability risks are tracked and reported by
management with actions taken to remain within defined
risk appetite.  Sustainability matters are reported to the
Safer Gambling, Governance and Ethics Committee.

56
THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024
Risk and description
Mitigation strategy
People
The Group may experience high levels of turnover in its
workforce, including from cost reduction initiatives, and may
experience difficulty attracting, recruiting and retaining
appropriately qualified staff – including for key leadership
and operational roles.  
The Group has and may still experience issues in the
calculation and payment of employee remuneration.  Such
wage compliance issues have been reported to the Fair Work
Ombudsman and are being actively rectified, through back-
payment to current and former employees.  Though the
Group is working constructively and transparently with the
Fair Work Ombudsman, the Group may yet face penalty and
censure.      
Relationships with unions may not always be constructive
and supportive, leading to challenging working environments
and potentially, disruptions to business operations.
People are critical to the effective operation of the Group’s
business. Negative developments that impact the Group’s
workforce may have an impact on the Group’s operations
and financial performance.
The Group has dedicated talent acquisition teams and
programs in place to support employee retention. 
Frameworks have been implemented to support a workplace
that is free of discrimination, harassment and bullying. 
Programs such as the Group's "Raise It" campaign drive a
culture of transparency and encourage escalation of issues
that are outside the Group's Code of Conduct.  Late in FY24
the Group launched "Elevate", an in-person training day on
risk awareness and the importance of escalation of issues,
incidents and concerns.  The Group monitors employee
engagement through regular surveys and feedback.  
The Group has dedicated resources and project governance
to address wage compliance matters and reports regularly to
management and the Group Board.  
The Group holds a constructive relationship with unions
through structured engagement from Senior Leadership to
Front line team members with a transparent and
consultative approach. Our National Deed of Agreement with
United Workers Union and property Enterprise Agreements
provide a base line governance for our ways of working.  The
Enterprise Agreement for The Star Sydney was agreed and
ratified during FY24.
The Remediation Plan has workstreams which are designed
to uplift capabilities in people and culture across the Group.
Health & Safety
The Company seeks to operate the Group’s facilities without
negatively affecting the safety, security and wellbeing of its
guests, team members and contractors.  This includes the
responsible serving of alcohol for guests.  
There may be adverse impacts for the productivity,
operations and reputation of the Group if a guest, team
member or contractor is injured or some other event or
circumstance occurs in relation to their safety, security and
wellbeing, at one of the Group’s premises. This may also
impact the financial performance of the Group.
The Group takes a risk-based approach to managing health
and safety. Dedicated health and safety and injury
management specialists are employed at each of the
Group’s properties. Each property employs security and
surveillance personnel to provide support in monitoring
threats and managing potential incidents on a real time
basis.  Team members are trained on the responsible
serving of alcohol.  
The Group monitors psychological safety and psychosocial
hazards.  During the second held of FY24, the Group rolled
out the People at Work Survey, supported by external
experts.    
Operational Risks
The Group faces operational risks in its day-to-day activities
and processes. This includes risk of loss or reputational
damage resulting from inadequate, changed or failed internal
processes, people or systems (including, amongst other
things, technology, innovation, data storage, staffing levels
and skills, and information security systems), or from external
events.
Though controls are in place, these may not always be
effective at mitigating unexpected internal or external events
which may adversely impact the Group’s operational and
financial performance.
Measures have been taken over FY24 to enhance the
Group’s operational controls, including for new risks
associated with the opening of The Star Brisbane. Risk
management capability across the Group continues to be
enhanced, with growing numbers of resourcing for controls
management and expanded capability in a dedicated Risk
Management function.
The remediation program includes clearly defined work
streams designed to simplify the control environment and
identify any control gaps. A culture of risk awareness and an
entrenched ‘three-lines-of accountability’ model is the
Group’s objective and is in the progress of being embedded.
Assurance and Audit capabilities are being improved.
16

THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT
57
1. Chair and CEO Reports
2. Our People
3. Sustainability Report
4. Financial Performance
5. Key Projects
6. Directors’ Report
7. Financial Report
8. Additional Information
17
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024
Risk and description
Mitigation strategy
Realising Value from Capital Projects
There may be potential adverse impacts for the Group from a
failure to generate adequate returns from the financial
capital invested in capital projects.
The Group has a project management framework and has
employed experienced project managers to reduce the risk
of delays in completion and/or overruns in costs of capital
projects and maintain oversight of joint venture investments.
The Group markets and promotes its portfolio of facilities to
seek to achieve a level of customer patronage needed to
deliver the expected returns on investment.
Competitive Position and Customer Behaviour
There may be potential adverse impacts on the Group’s
financial performance and position from increased
competition and disparity in regulatory requirements in the
Group’s key markets in Sydney, Gold Coast and Brisbane. 
The ability of The Group to respond to these may be limited
by conflicting priorities and financial  capacity.
Further, any diminution in customer satisfaction, loyalty or
changes in customer behaviour may have an impact on the
operating and financial performance and position of The
Group. This includes behavioural change arising from
changed business processes and controls.
Substantial investments have been made to develop new or
improved venue facilities for the Group and to improve
customer service capabilities of employees.  Efforts to
diversify revenue sources continue as the Group's business
moves towards a more diversified entertainment offering.  
The Group monitors customer satisfaction and reports
related metrics to management.  To support and facilitate
strategic priorities, change management practices are
employed with specialised communication programs in place
to support customers through business changes.
Political and General Business and Economic Conditions
In light of macroeconomic events and political, economic and
business conditions, geopolitical risks, natural disasters,
inflationary pressures and elevated interest rates, Australia
may continue to experience economic variability and
uncertainty going forward.
These economic and geopolitical conditions have had, and
could in the future have, an adverse impact on the Group’s
operating and financial position and performance.
The Group works collaboratively with external stakeholders
and engages actively with governments and regulators in
support of common objectives. 
The Group monitors the external environment and responds
to challenges that may impact its customers, its employees
and its business, including through management of
expenses and investments. 
2.8 ENVIRONMENTAL REGULATION AND PERFORMANCE
The Group is subject to the reporting requirements of the National Greenhouse and Energy Reporting Act 2007 (NGER Act).
The NGER Act requires the Group to report its annual greenhouse gas emissions and energy consumption for the period 1
July through 30 June each year. The Group has implemented systems and processes for the collection and calculation of the
data required and receives independent limited assurance on this data. The Group submits its report in October each year in
line with the filing requirements.  
The Group is also subject to regulatory obligations as a signatory to, and complying with, the Australian Packaging Covenant,
and as a member of the Australian Packaging Covenant Organisation (APCO). APCO is a not-for-profit organisation, accredited
by the Commonwealth Government, whose role is to administer the Australian Packaging Covenant. As a signatory to the
Australian Packaging Covenant, the Group’s obligations include preparing and implementing an action plan and submitting
annual reports to APCO. The Group submitted its second Annual Report in March 2024 and Action Plan in 2024, meeting
regulatory obligations.
The Group believes its operations are not materially affected by any other significant environmental regulation under any law
of the Commonwealth of Australia or any State or Territory of Australia.  
The Group's Sustainability Strategy: Responsible Business, Sustainable Destinations and key activities to manage the
sustainability risks identified as part of its materiality assessment can be found in the Company's Sustainability Reports on
the Company's website in addition to existing policies and controls. 

58
THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024
3
LOSS PER SHARE
Basic and diluted loss per share for the financial year was (66.8) cents (2023: 211.7 cents). Loss per share is disclosed in
note F3 of the Financial Report.
4
DIVIDENDS
No dividends were declared or paid.
5
SIGNIFICANT EVENTS AFTER THE END OF THE FINANCIAL YEAR
The following events occurred after balance date:
Refinance
The Group and its lenders executed a commitment letter on 25 September 2024 for a new debt facility (of up to $200 million
in two tranches) which will become effective upon completion of long-form documentation and satisfaction of various
conditions precedent. The first tranche is expected to be available to be drawn, subject to conditions precedent, from the end
of October 2024 through to 20 December 2024. The second tranche is subject to more extensive conditions precedent but,
if satisfied, would be expected to be available to be drawn from the end of December 2024 and have a 4 month availability
period following the drawing of the first tranche (see Note G).  
The Group’s existing $450 million facility has been reduced to $334 million, which is fully drawn.  
The maturity date for the new facility is consistent with the existing term loan (December 2027). The Group will also retain up
to $34 million of bank guarantees under the existing revolving credit facility. 
The Company’s lenders have agreed to provide covenant waivers for the next two testing dates, being 30 September 2024
and 31 December 2024, with the waiver for the latter date being subject to execution of long-form documentation for the
new debt facility and other customary conditions.
Bell Two Report
On 1 August 2024, the NICC advised that its request to extend the term of the appointment of the Manager of The Star
Sydney Casino by regulation to 31 March 2025 had been approved. In addition, on 30 August 2024, the NICC provided to the
Company and The Star Sydney, a copy of the Bell Two Report. A copy of the non-confidential parts of the Bell Two Report was
released to the public on the same day. See Note B7.
On 13 September 2024 the NICC served a 'show cause' notice on the Company pursuant to section 23 of the Casino Control
Act 1992 (NSW) in respect of matters arising from the Bell Two Report (Notice). In addition to the Notice, the NICC has also
asked the Company to make submissions as to the actions being taken by the Company in respect of a number of findings in
the Bell Two Report relating to, among other things, the Company’s suitability to hold the casino licence for The Star Sydney
and progress in respect of its remediation plan. The NICC has also requested information about the Company’s current
financial position and its proposed plans to address these issues on an ongoing basis so that it can make informed decisions
about the Company’s (and The Star Sydney’s) financial suitability. The Company lodged its response on Friday, 27 September
2024.
Treasury Brisbane Casino and The Star Brisbane
On 25 August 2024 Treasury Brisbane Casino owned by the Group ceased operation and will surrender its licence no later
than 23 October 2024. On 28 August 2024, DBC (of which the Group owns 50%) was issued a casino licence for The Star
Brisbane, which subsequently commenced operation on 29 August 2024 under the management of the Group through an
agreement with DBC. 
On the direction of the Department of Justice and Attorney-General dated 28 August 2024, an External Adviser has been
appointed by the Minister for The Star Brisbane casino operations which are managed by the Group, the cost of which will be
borne by the Group. On the same date the Group was also directed by the Department of Justice and Attorney-General to
prepare a plan for the remediation of the management and operations of The Star Brisbane.
Sale of Treasury Brisbane Casino Building
Agreement was reached to sell the leasehold interest in the Treasury Brisbane Casino Building to Griffith University for $67.5
million (plus GST). After settlement adjustments, the net proceeds were $60.5 million (plus GST). Settlement occurred on 27
September 2024.
Underpaid NSW casino duty
The Group has reached agreement with L&GNSW in relation to the primary amount of underpaid casino duty payable
following the completion of the independent review and an assurance review conducted by L&GNSW (see Note B7). Penalty
interest, if any, has not been agreed.
18

THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT
59
1. Chair and CEO Reports
2. Our People
3. Sustainability Report
4. Financial Performance
5. Key Projects
6. Directors’ Report
7. Financial Report
8. Additional Information
19
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024
Reset Remediation Plan
Following the findings from the Bell Two Report, the Company has prepared an amended remediation plan which
incorporates a number of enhancements to the previously approved version of the plan. After extensive engagement with the
Manager (The Star Sydney), Special Manager (The Star Gold Coast), External Adviser (The Star Brisbane) to obtain feedback,
the Company submitted the amended plan and associated documents to OLGR on 18 September 2024 for consideration
and approval by the Queensland Attorney General. The reset remediation plan is subject to the approval of OLGR and
government in Queensland. Copies of the plan and associated documents were also submitted to the NICC for information on
20 September 2024.
Other than those events that have already been disclosed in this report or elsewhere in the Financial Report, there have been
no other significant events occurring after 30 June 2024 and up to the date of this report that have materially affected or
may materially affect the Group’s operations, the results of those operations or the Group’s state of affairs.
6
DIRECTORS' QUALIFICATIONS, EXPERIENCE AND SPECIAL RESPONSIBILITIES
The details of the Company's Directors in office during the financial year and until the date of this report (except as otherwise
stated) are set out below.
Current Directors
Anne Ward
Chairman (from 29 April 2024)
Independent Non-Executive Director (from 18 November 2022).
Barrister and Solicitor of the Supreme Court of Victoria; Fellow of the Australian Institute of
Company Directors; Bachelor of Laws; Bachelor of Arts
Experience:
Anne Ward is an experienced company director with expertise in business management,
strategy, governance, risk and finance and broad industry experience spanning financial
services, banking, insurance, technology, healthcare, government, education, tourism,
entertainment and gaming.
Anne also has considerable experience in complex governance, transformation and risk
management across highly regulated sectors, including casinos.
Anne is currently Chair of ASX-listed ecommerce group Articore Group Limited.
Anne was formerly Chairman of Symbio Holdings Limited, Colonial First State Investments Ltd,
Qantas Superannuation Ltd and Zoos Victoria, and a director of Crown Resorts Limited, MYOB
Group Ltd and Flexigroup Ltd. She was previously a Council Member at RMIT University for
several years, where she contributed to an uplift in governance for the university sector in
Australia.
Prior to her career as a professional director, Anne was a commercial lawyer for 28 years and
was General Counsel for Australia at the National Australia Bank and a partner at Minter Ellison
 
in Melbourne.
Special Responsibilities and subsidiary directorships:
- Chair of the Safer Gambling, Governance and Ethics Committee
- Member of the Risk and Compliance Committee
- Member of the Culture, People and Remuneration Committee
- Member of the Nominations Committee
- The Star Entertainment Finance Limited
- The Star Pty Limited
- The Star Entertainment QLD Limited
 
- The Star Entertainment QLD Custodian Pty Ltd
Directorships of other Australian listed companies held during the last 3 years:
- Articore Group Limited (22 March 2018 to present)
- Symbio Holdings Limited (22 July 2021 to 28 February 2024)
- Crown Resorts Limited (13 January 2022 to 24 June 2022)

60
THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024
Current Directors
Peter Hodgson
Independent Non-Executive Director (from 7 February 2024)
Master of Arts; Bachelor of Arts; Member of the Australian Institute of Company Directors
Experience:  
Peter is an experienced director with extensive global financial services experience and a strong
business track record. He is a strategic thinker with in-depth experience in large complex
companies.
Peter is currently Chairman of ASX-listed Judo Bank and the Centre of Evidence and
Implementation, and a director of Planum Partners, Significant Capital Ventures and Save the
Children Impact Fund.  He is a member of the University of Melbourne’s Trinity College
Investment Management Committee and a member of the advisory board of Drummond Capital
Partners.
Peter previously held senior executive roles in Australian and global financial institutions
including Chief Risk Officer and Group Managing Director Institutional at ANZ, and was most
recently Chief Executive Officer and Managing Director of Myer Family Investments.
Special Responsibilities and subsidiary directorships:  
- Chair of Risk and Compliance Committee
- Member of the Audit Committee 
- Member of the Culture, People and Remuneration Committee
- Member of the Nominations Committee
- The Star Entertainment Finance Limited
- The Star Entertainment Brisbane Holdings Pty Ltd
- The Star Entertainment DBC Holdings Pty Ltd
Directorships of other Australian listed companies held during the last 3 years:
- Judo Capital Holdings Limited (25 January 2017 to present)
Michael Issenberg
Independent Non-Executive Director (from 11 July 2022)
BS in Hotel Administration – Cornell University USA
French Order of Merit (Ordre national du Mérite)
Experience:
Michael Issenberg is an experienced executive and director with over 40 years’ experience in the
hotel and casino industries.
Michael is currently Chairman of Tourism Australia, Director of TFE Hotels, and he is a Lifetime
Member of Tourism & Transport Forum Australia and the Cornell Hotel Society.
Michael was formerly the Chairman of Reef Corporate Services Limited and Non-Executive
Director for over 20 years, the Responsible Entity of Reef Casino Trust. Prior to that, he held
various executive roles with AccorHotels for 25 years, most recently as Chairman and Chief
Executive Officer of AccorHotels Asia Pacific. He previously held the role of Chief Executive Officer
of Mirvac Hotels, following a successful career at Westin Hotels and Resorts, Laventhol &
Horwath, and Horwath & Horwath Services Pty Limited in San Francisco and Sydney.
Special Responsibilities and subsidiary directorships:
- Chair of the Culture, People and Remuneration Committee
- Member of the Audit Committee
- Member of the Safer Gambling, Governance and Ethics Committee
- Member of the Nominations Committee
- The Star Entertainment Sydney Holdings Limited
- The Star Entertainment QLD Custodian Pty Ltd
- The Star Entertainment Brisbane Operations Pty Ltd
Directorships of other Australian listed companies held during the last 3 years:
- Reef Corporate Services as responsible entity of Reef Casino Trust (21 January 2002 to
18 March 2022)
20

THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT
61
1. Chair and CEO Reports
2. Our People
3. Sustainability Report
4. Financial Performance
5. Key Projects
6. Directors’ Report
7. Financial Report
8. Additional Information
21
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024
Current Directors
Deborah Page AM
Independent Non-Executive Director (from 13 March 2023)
Bachelor of Economics, Fellow of Chartered Accountants Australia and New Zealand, Fellow of
the Australian Institute of Company Directors
Experience:
Deborah Page is a Chartered Accountant with dual audit partner and CFO experience during her
executive career. She has specific experience in corporate finance, accounting, audit, mergers
and acquisitions, capital markets, insurance and joint venture arrangements.
Deborah has extensive experience as a company director gained across ASX listed, private,
public sector and regulated entities since 2001. Her relevant sector experience includes
property, technology, and the regulated sectors of insurance and funds management. Deborah's
experience includes Board leadership, governance and compliance, risk management,
remuneration practices, investor relations and health, safety and environment.
Deborah is currently a Non-Executive Director of Brickworks Limited, Growthpoint Properties
Australia Limited and Magellan Financial Group Limited. Deborah is a member of Chief Executive
Women and a member of the Takeovers Panel.
Special Responsibilities and subsidiary directorships:
- Chair of the Audit Committee
- Member of the Risk and Compliance Committee
- Member of the Safer Gambling, Governance and Ethics Committee
- Member of the Nominations Committee
- The Star Entertainment Finance Limited
- The Star Pty Limited
- The Star Entertainment QLD Limited
Directorships of other Australian listed companies held during the last 3 years:
- Brickworks Limited (1 July 2014 to present)
- Growthpoint Properties Australia Limited (1 March 2021 to present)
- Magellan Financial Group Limited (3 October 2023 to present)
- Pendal Group Limited (7 April 2014 to 23 January 2023)
- Service Stream Limited (21 September 2010 to 30 April 2023) 

62
THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024
Current Directors
Antonia Thornton
Independent Non-Executive Director (from 17 October 2023)
Master of Laws, Bachelor of Arts, Graduate Certificate in Finance
Experience:
Antonia is an experienced executive with more than 15 years’ corporate finance and strategic
advisory experience, and 13 years’ experience in audit at Board-level.
Antonia brings a strategic commercial focus and experience in regulated industries including
financial services, education and energy sector as well as experience in property and
placemaking.
Antonia is currently a Non-Executive Director of G8 Education Limited and Habitat Early Learning
and its subsidiaries.
Antonia was previously a Non-Executive Director of South Bank Corporation (the development
and management authority for Brisbane’s South Bank precinct), Devcorp, Gallipoli Medical
Research Foundation, Triathlon Queensland, CS Energy (a Queensland Government energy
company) and Millovate Pty Ltd.
Prior to embarking on her Board career, Antonia had an executive career, holding senior roles
with JBWere, Goldman Sachs JBWere, and National Australia Bank.
Special Responsibilities and subsidiary directorships:
- Chair of the Compliance Committees of casino licensee subsidiaries
- Member of the Culture, People and Remuneration Committee
- Member of the Risk and Compliance Committee
- Member of the Nominations Committee
- The Star Entertainment Sydney Holdings Limited
- The Star Entertainment Brisbane Operations Pty Ltd
Directorships of other Australian listed companies held during the last 3 years:
- G8 Education Limited (29 November 2021 to present)
Former Directors
Robbie Cooke
Group Chief Executive Officer (from 17 October 2022 to 22 March 2024)
Managing Director  (from 18 November 2022 to 22 March 2024)
Bachelor of Laws (Honours); Bachelor of Commerce; Graduate Diploma in Company Secretarial
Practice; Associate of the Governance Institute of Australia; Member of the Australian Institute of
Company Directors; Solicitor of the Supreme Court of Queensland
David Foster
Chairman (from 31 March 2023 to 29 April 2024)
Independent Non-Executive Director (from 15 December 2022 to 22 March 2024)
Executive Director (from 22 March 2024 to 21 June 2024)
Master of Business Administration; Bachelor of Applied Science; Fellow of the Australian
Institute of Management; Senior Fellow of the Financial Services Institute of Australasia;
Member of the Australian Institute of Company Directors
22

THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT
63
1. Chair and CEO Reports
2. Our People
3. Sustainability Report
4. Financial Performance
5. Key Projects
6. Directors’ Report
7. Financial Report
8. Additional Information
23
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024
7
DIRECTORS' INTERESTS IN SECURITIES
At the date of this report (except as otherwise stated), the Directors had the following relevant interests in the securities of
the Company:
Ordinary Shares
Performance Rights
Premium Exercise Price
Options
Current
Anne Ward a
100,000
Nil
Nil
Peter Hodgson b
95,000
Nil
Nil
Michael Issenberg  
32,122
Nil
Nil
Deborah Page AM
57,016
Nil
Nil
Antonia Thornton c
170,000
Nil
Nil
Former
Robbie Cooke d
101
113,525
195,616
David Foster e
Nil
Nil
Nil
a
Appointed as Chairman on 29 April 2024.
b
Appointed as Non-Executive Director on 7 February 2024 following the receipt of all necessary regulatory approvals. 
c
Appointed as Non-Executive Director on 17 October 2023 following the receipt of all necessary regulatory approvals. 
d
Ceased as Group Chief Executive Officer and Managing Director on 22 March 2024.
e
Ceased as Independent Non-Executive Director on 22 March 2024, appointed as Executive Director/Chairman on 22 March 2024,
ceased as Chairman on 29 April 2024, and ceased as Executive Director on 21 June 2024.
8
COMPANY SECRETARY
Jennie Yuen holds the position of Group Manager Shareholder Relations and Company Secretary (appointed on 29 July
2021). 
Ms Yuen has a commercial and corporate law background in private practice and over 15 years of company secretariat and
corporate governance experience with ASX listed and public companies.
Prior to joining The Star Entertainment Group, Ms Yuen was employed as a solicitor and company secretary at Company
Matters Pty Limited and was the outsourced company secretary of various ASX listed companies, including Analytica Limited,
National Leisure and Gaming Limited and Oaks Hotels & Resorts Limited. 
Ms Yuen holds a Bachelor of Laws and a Bachelor of Commerce. She is a member of the Queensland Law Society and a
Fellow of the Governance Institute of Australia.

64
THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024
9
BOARD AND COMMITTEE MEETING ATTENDANCE
During the financial year ended 30 June 2024, the Company held 48 meetings of the Board of Directors (including 28 out of
cycle meetings). The numbers of Board and Committee meetings attended by each of the Directors during the year are set
out in the table below.
Board of
Directors
Audit
Committee
Risk &
Compliance
Committee
Culture, People
and
Remuneration
Committee a
Nomination
Committee b
Safer Gambling,
Governance &
Ethics 
Committee
Directors 
       A
       B
      A
      B        A
       B
       A
       B
       A
      B
      A
       B
Anne Ward c
45
46
-
-
6
7
6
6
-
-
4
5
Peter Hodgson d
18
18
3
4
2
2
2
2
-
-
-
-
Michael Issenberg
43
47
9
9
-
-
6
6
-
-
5
5
Deborah Page AM
47
48
9
9
7
7
-
-
-
-
5
5
Antonia Thornton e
28
29
-
-
5
5
3
3
-
-
-
-
Former
Robbie Cooke f
34
37
-
-
-
-
-
-
-
-
-
-
David Foster g
46
46
9
9
6
6
5
5
-
-
4
4
A -
Number of meetings attended as a Board or Committee member.
B -
Maximum number of meetings available for attendance as a Board or Committee member.
a
The Culture, People and Remuneration Committee was formerly the Remuneration and People Committee (name changed on 30
November 2023).
b
The Nominations Committee was established on 30 April 2024 but did not hold any meetings during the financial year.
c
Appointed as Chairman on 29 April 2024.
d
Appointed as Non-Executive Director on 7 February 2024 following the receipt of all necessary regulatory approvals. 
e
Appointed as Non-Executive Director on 17 October 2023 following the receipt of all necessary regulatory approvals. 
f
Ceased as Group Chief Executive Officer and Managing Director on 22 March 2024.
g
Ceased as Independent Non-Executive Director on 22 March 2024, appointed as Executive Director/Chairman on 22 March 2024,
ceased as Chairman on 29 April 2024, and ceased as Executive Director on 21 June 2024.
Details of the functions and memberships of the Committees of the Board and the terms of reference for each Board
Committee are available from the Corporate Governance section of the Company’s website.
10 INDEMNIFICATION AND INSURANCE OF DIRECTORS AND OFFICERS
The Directors and Officers of the Company are indemnified against liabilities pursuant to agreements with the Company. The
Company has entered into insurance contracts with third party insurance providers, in accordance with normal commercial
practices. Under the terms of the insurance contracts, the nature of the liabilities insured against and the amount of
premiums paid are confidential.  
11 INDEMNIFICATION OF AUDITORS
To the extent permitted by law, the Company has agreed to indemnify its auditors, Ernst & Young Australia, as part of the
terms of its audit engagement agreement against claims by third parties arising from the audit (for an unspecified amount).
No payment has been made to indemnify Ernst & Young during or since the end of the financial year.
12 NON-AUDIT SERVICES
Ernst & Young, the external auditor to the Company and the Group, provided non-audit services to the Company during the 
financial year ended 30 June 2024. The Directors are satisfied that the provision of non-audit services during this period was 
compatible with the general standard of independence for auditors imposed by the Corporations Act 2001 (Cth). The nature 
and scope of each type of non-audit service provided did not compromise auditor independence. These statements are made 
in accordance with advice provided by the Audit Committee.
The Audit Committee reviews the activities of the independent external auditor and reviews the auditor’s performance on an 
annual basis.
24

THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT
65
1. Chair and CEO Reports
2. Our People
3. Sustainability Report
4. Financial Performance
5. Key Projects
6. Directors’ Report
7. Financial Report
8. Additional Information
25
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024
Limited authority is delegated to the Group Chief Financial Officer for the pre-approval of audit and non-audit services
proposed by the external auditor, limited to $50,000 per engagement and capped at 40% of the relevant year's audit fee.
Delegated authority is only exercised in relation to services that are not in conflict with the role of statutory auditors, where
management does not consider the services to impair the independence of the external auditor and the external auditor has
confirmed that the services would not impair their independence. Any other non-audit related work to be undertaken by the
external auditor must be approved by the Chair of the Audit Committee. 
Further details relating to the Audit Committee and the engagement of auditors are available in the Corporate Governance
Statement.
Ernst & Young, acting as the Company’s external auditor, received or is due to receive the following amounts in relation to
the provision of non-audit services to the Company:
Description of services
$000
Fees for other assurance and agreed-upon-procedures services (including sustainability assurance)
under contractual arrangements, where there is discretion as to whether the service is provided by the
auditor
167.8
Fees for other advisory and compliance services
220.0
Total of all non-audit and other services
387.8
Amounts paid or payable by the Company for audit and non-audit services are disclosed in note F10 of the Financial Report.
13 ROUNDING OF AMOUNTS
The Star Entertainment Group Limited is a company of the kind specified in the Australian Securities and Investments
Commission’s ASIC Corporations (Rounding in Financial/Directors’ Reports) Instrument 2016/191. In accordance with that
Instrument, amounts in the Financial Report and the Directors’ Report have been rounded to the nearest hundred thousand
dollars unless specifically stated to be otherwise.
14 AUDITOR'S INDEPENDENCE DECLARATION
Attached is a copy of the auditor's independence declaration provided under section 307C of the Corporations Act 2001
(Cth) in relation to the audit of the Financial Report for the year ended 30 June 2024. The auditor's independence
declaration forms part of this Directors’ Report. 
This report has been signed in accordance with a resolution of Directors.
Anne Ward
Chairman
Sydney
30 September 2024

66
THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT
A member firm of Ernst & Young Global Limited 
Liability limited by a scheme approved under Professional Standards Legislation 
 
 
                                 
Ernst & Young 
200 George Street 
Sydney  NSW  2000 Australia 
GPO Box 2646 Sydney  NSW  2001 
 Tel: +61 2 9248 5555 
Fax: +61 2 9248 5959 
ey.com/au 
Auditor’s Independence Declaration to the Directors of The Star 
Entertainment Group Limited 
 
As lead auditor for the audit of the financial report of The Star Entertainment Group for the financial 
year ended 30 June 2024, I declare to the best of my knowledge and belief, there have been: 
a. 
No contraventions of the auditor independence requirements of the Corporations Act 2001 in 
relation to the audit;  
b. 
No contraventions of any applicable code of professional conduct in relation to the audit; and 
c. 
No non-audit services provided that contravene any applicable code of professional conduct in 
relation to the audit. 
This declaration is in respect of The Star Entertainment Group Limited and the entities it controlled 
during the financial year. 
 
 
 
Ernst & Young 
 
 
 
 
Scott Jarrett 
Partner 
30 September 2024 
 
 
26

REMUNERATION REPORT
(AUDITED)
FOR THE YEAR ENDED 30 JUNE 2024
THE STAR ENTERTAINMENT GROUP LIMITED
ACN 149 629 023 
ASX Code: SGR 
and its controlled entities
THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT
67
1. Chair and CEO Reports
2. Our People
3. Sustainability Report
4. Financial Performance
5. Key Projects
6. Directors’ Report
7. Financial Report
8. Additional Information
THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT
67

68
THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT
INTRODUCTION FROM THE CULTURE, PEOPLE AND REMUNERATION COMMITTEE CHAIR 
Dear Shareholder,
On behalf of the Board, I present the Remuneration Report for the year ended 30 June 2024 (FY24). This report is prepared on a 
consistent basis to the previous year for ease of reference.
FY24 has been another challenging year for The Star as we continue to work hard to regain the trust of our shareholders, guests, 
regulators and the community and restore the value of your company. I want to thank Management and Team Members across the 
business who are working tirelessly to deliver our remediation program, a roadmap to restoring and retaining our suitability to hold 
casino licences in NSW and Queensland. 
The FY23 Remuneration Report received positive support from shareholders with 82.81% voting for its adoption.
FY24 REMUNERATION PROGRAM REVIEW
The remuneration framework plays an important role in reinforcing the right behaviours and culture across The Star. In FY24, 
the remuneration framework was reviewed to ensure that the remuneration tools in place support the Board and management in 
the development of a strong risk management and regulatory compliance culture. As a result, design changes were made to both 
the Short Term Incentive Plan (STI) and the Long Term Incentive Plan (LTI) and a Consequence Management Framework was 
introduced to further reinforce individual accountability. These changes are outlined in sections 3.3, 3.4 and 3.6 of this report 
and are integral to our cultural transformation and return to suitability. 
 FY24 SHORT TERM INCENTIVE OUTCOME
 The majority of the Group Key Performance Indicators for the FY24 STI were met or partially met, with the exclusion of the EBITDA 
target. However, the Board utilised its discretion to determine that the remediation gateway was not met as the quality of deliverables 
was deemed inadequate. As a result, no STI pool was formed in relation to the Company based STI metrics.
Additionally, the Board utilised its discretion to reduce the individual component of the STI award to zero for all participants. 
This decision was made on the basis of the current uncertainty regarding the outcomes of the Bell Two inquiry, coupled with softer 
trading conditions and other financial pressures impacting the Company’s financial position. 
Section 5.1 provides a detailed assessment of the outcomes delivered against the Group KPIs for FY24 and details of the discretion 
exercised by the Board.
LONG TERM INCENTIVE PLAN
 The FY20 LTI award was tested against the Total Shareholder Return (TSR), Earnings Per Share (EPS) and Return On Invested 
Capital (ROIC) performance hurdles. The hurdles were not met and the awards were forfeited in full for the fifth consecutive year. 
The FY21 LTI award will be tested against the relevant performance hurdles in  September 2024. 
 LEADERSHIP CHANGES
 There were numerous changes to the Board and Group Leadership Team (GLT) in FY24. The Company has made the following 
key appointments as it continues to enhance its leadership and further its remediation efforts:
– Janelle Campbell, Chief Executive Officer, The Star Sydney (commenced 25 January 2024)
– Daniel Finch, Chief Executive Officer, The Star Brisbane (commenced 19 February 2024)
–  Neale O’Connell, Interim Chief Financial Officer and Acting CEO (commenced on 25 March 2024 and subsequently assumed 
the additional role of Acting CEO on 24 June 2024)
– Anne Ward, Chairman (effective from 29 April 2024)
– Rowena Craze, Group Chief Audit Officer (commenced 30 April 2024)
– Jeannie Mok, Group Chief Operating Officer (subject to regulatory approval, commenced 11 June 2024)
–  Steve McCann, Group Chief Executive Officer | Managing Director (subject to regulatory approval, commenced 8 July 2024)
Further detail around the timing of the individual KMP changes, including departures, appears at page  29.
On behalf of the Board, I invite you to read the Remuneration Report and we welcome your feedback.
Yours Sincerely,
Michael Issenberg
 Culture, People and Remuneration Committee Chair
DIRECTORS’, REMUNERATION AND FINANCIAL REPORT
27

THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT
69
28
THE STAR ENTERTAINMENT GROUP LIMITED 
A.C.N. 149 629 023
ASX CODE: SGR
AND ITS CONTROLLED ENTITIES
CONTENTS
01.
KEY MANAGEMENT PERSONNEL
 29
02.
REMUNERATION GOVERNANCE
 30
03.
REMUNERATION STRATEGY AND PROGRAMS
 
3.1 REMUNERATION  OVERVIEW 
 31
 3.2  FIXED REMUNERATION 
 32
 3.3  STI DESIGN 
 33
 3.4  LTI DESIGN 
35
3.5  EXECUTIVE SERVICE RIGHTS GRANT 37
3.6  CONSEQUENCE MANAGEMENT 
FRAMEWORK 
38
 3. 7  MINIMUM SHAREHOLDING POLICY 
 38
04.
 EXECUTIVE REMUNERATION
RECEIVED FY 24 
 40
05.
 VARIABLE REWARD OUTCOMES FOR THE
FINANCIAL YEAR ENDED 30 JUNE 202 4
 
5.1 STI OUTCOME FOR FY 24 
 41
 
5.2 VESTING UNDER THE LTI 
 42
 
5.3  SERVICE AWARDS GRANTED IN FY24   45
06.
 EXECUTIVE KMP CONTRACTS
 46
AND REMUNERATION
07.
 STATUTORY EXECUTIVE KMP
 47
REMUNERATION
08.
NED REMUNERATION
47
 
8.1 REMUNERATION POLICY FOR NEDS 
 47
 8.2  FY24 NED FEES 
 48
 
8.3  MINIMUM SHAREHOLDING POLICY 
FOR NEDS 
 49
09.
OTHER INFORMATION
9.1   LOANS AND OTHER
 49 
TRANSACTIONS WITH KMP
The Directors of The Star Entertainment Group Limited 
(The Star Entertainment Group or the Company) have 
approved this Remuneration Report for the consolidated 
entity comprising the Company and its controlled entities 
(collectively referred to as the Group)  in respect of the 
financial year ended 30 June  2024.
This Remuneration Report outlines the remuneration 
arrangements for Key Management Personnel (KMP) who are 
defined as those persons having authority and responsibility 
for planning, directing and controlling the major activities 
of the Group, directly or indirectly, including any director 
 whether executive or otherwise) of The Star Entertainment 
Group Limited. This report has been prepared in accordance 
with the requirements of the Corporations Act 2001, (Cth)  
(the Corporations Act) and its regulations. The information 
has been audited as required by section 308(3C) of the 
Corporations Act where indicated.
For the purposes of this report, the term ‘Executive KMP’ 
means the  Group Chief Executive Officer | Managing 
Director (Group CEO | MD), the Group Interim Chief Financial 
Officer, the Group Chief Risk Officer, the Chief Executive 
Officer, The Star Sydney, the Chief Executive Officer,  
The Star Brisbane, the Group Chief Operating Officer and 
the former Chief Executive Officer, The Star Gold Coast , but 
excludes Non-Executive Directors (NEDs).
REMUNERATION REPORT
FOR THE YEAR ENDED 30 JUNE  2024
1. Chair and CEO Reports
2. Our People
3. Sustainability Report
4. Financial Performance
5. Key Projects
6. Directors’ Report
7. Financial Report
8. Additional Information

70
THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT
01. KEY MANAGEMENT PERSONNEL
The names and titles of the Company’s KMP for the year ended 30 June  2024 are set out below. 
1  On 29 April 2024, the Company announced the appointment of Anne Ward as Chair man of the Board effective immediately. 
2  On 7 July 2023, the Company announced the appointment of Peter Hodgson as a Non-Executive Director, subject to casino regulatory 
approvals being obtained. Peter Hodgson commenced as a Non-Executive Director on 7 February 2024.
3  On 11 November 2022, the Company announced the appointment of  Antonia (Toni) Thornton as a Non-Executive Director, subject to 
casino regulatory approvals being obtained. Toni Thornton commenced as a Non-Executive Director on 17 October 2023.
4  On 22 March 2024, the Company announced David Foster as Executive Chair man. On 29 April 2024, with the appointment of a new 
Chair man , the Company announced that  Mr Foster would remain on the Board and continue in his Executive  responsibilities. Mr Foster 
subsequently resigned from the Company, his cessation date  was 21 June 2024. 
 5  On 22 March 2024 the Company announced the  appointment of Neale O'Connell as Interim Group  Chief Financial Officer. Mr O'Connell 
was subsequently appointed as Acting CEO on  24 June 2024. He will cease  the Acting CEO role once Steve McCann receives his 
regulatory approvals.   
6  Jeannie Mok commenced on 11 June 2024.
 7  On 1 August 2023 Scott Saunders' title changed from Chief Risk Officer to Group Chief Risk Officer. Mr Saunders subsequently resigned 
from his role on the 31st of July 2024 and will continue to work until his termination date of 31 January 2025.
8  On 25 January 2024, the Company announced the appointment of Janelle Campbell as Chief Executive Officer, The Star Sydney. 
 9  On  23 January 2024, the Company announced the appointment of Daniel Finch to the role of Chief Executive Officer, The Star Brisbane. 
 10 Robbie Cooke's cessation date with the Company was 22 March 2024. 
 11 Christina  Katsibouba's cessation date with the Company was 30 June 2024.
 12  Jessica Mellor  resigned on 18 April 2024  and is currently on gardening leave until her termination date of 15 September 2024.
CURRENT EXECUTIVE KMP
Neale O'Connell5 
Acting CEO / Interim Group Chief Financial Officer
Jeannie Mok6 
Group Chief Operating Officer  
(subject to regulatory approval)
Scott Saunders7 
Group Chief Risk Officer
Janelle Campbell8 
Chief Executive Officer, The Star Sydney
Daniel Finch9 
Chief Executive Officer, The Star Brisbane
FORMER EXECUTIVE KMP
Robbie Cooke10 
Group CEO | MD
Christina Katsibouba11 
Group Chief Financial Officer
Jessica Mellor12 
Chief Executive Officer, The Star Gold Coast
NON-EXECUTIVE DIRECTORS 
CURRENT
Anne Ward1 
Chairman 
Chair of Safer Gambling, Governance & Ethics Committee 
Chair of Nominations Committee
Deborah Page AM 
Chair of Audit Committee
Michael Issenberg 
Chair of Culture, People and Remuneration Committee
Peter Hodgson2 
Chair of Risk & Compliance Committee
Antonia Thornton3 
Chair of Compliance Committees
FORMER
David Foster4 
Non-Executive Director and Chairman
29

THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT
71
1. Chair and CEO Reports
2. Our People
3. Sustainability Report
4. Financial Performance
5. Key Projects
6. Directors’ Report
7. Financial Report
8. Additional Information
30
02. REMUNERATION GOVERNANCE
The  Culture, People & Remuneration Committee (the Committee) considers matters relating to the remuneration of KMP 
as well as the remuneration policies of the Group generally. This includes reviewing and recommending to the Board, 
the remuneration of the Chairman and NEDs, Executive KMP and other direct reports to the  Group MD | CEO. The main 
responsibilities of the Committee are outlined in the Committee available on the corporate governance page of the Company’s 
website at: www.starentertainmentgroup.com.au/corporate-governance/
Under the  Committee’s  Charter, the majority of Committee members must be independent non-executive directors and 
the Chair of the Committee must be an independent non-executive director. All members of the Committee (including the Chair 
of the Committee) are independent non-executive directors . Details of members of the Committee and their background are 
included in the Directors’ Report. 
THE FOLLOWING DIAGRAM REPRESENTS THE STAR ENTERTAINMENT GROUP’S  
REMUNERATION DECISION-MAKING STRUCTURE
USE OF REMUNERATION ADVISORS
The Committee seeks external advice from time to time to ensure it is fully informed when making remuneration decisions. 
Remuneration advisors are engaged by, and report directly to, the Committee. PricewaterhouseCoopers (PwC) are the 
Group’s appointed independent external remuneration consultants. No remuneration recommendations as defined by 
the Corporations Act were provided by PwC during FY 24.
GENDER PAY EQUITY
The Group is committed to all employees being remunerated fairly and equitably. The Group conducts annual gender pay 
equity reviews that are presented to the  Committee and continues to address any gender pay equity issues as they arise .
MANAGEMENT
–  Proposals on executive 
remuneration outcomes
–  Implementing  
remuneration policies
REMUNERATION ADVISORS
–  External and  
independent remuneration  
advice and information
BOARD
–  Reviews and approves remuneration outcomes,  
framework, strategy and policy
–  Exercises discretion in relation to targets,  
goals or funding pools
SHAREHOLDERS
–  Feedback received through 
shareholder votes on the 
Remuneration Report at the  
AGM and consultation with  
key stakeholders
CULTURE, PEOPLE AND REMUNERATION COMMITTEE
–  Reviews and recommends to the Board the remuneration  
framework, strategy and policy
–  Reviews and recommends to the Board remuneration  
review outcomes for NEDs, Executive KMP and other direct  
reports to the Group CEO | MD

72
THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT
03. REMUNERATION STRATEGY AND PROGRAMS
3.1 REMUNERATION  OVERVIEW
REMUNERATION PRINCIPLES
The following remuneration principles underpin and guide the design of remuneration programs:
 REMUNERATION MIX
Variable remuneration (comprising STI and LTI at target amounts) accounts for the majority of the total remuneration mix 
for the  Group  Group CEO | MD and other Executive KM P as illustrated in Figure  2 below .
 REMUNERATION TIME HORIZON
Figure 3 provides an illustrative indication of how remuneration will be delivered to Executive KMP.
FIGURE 2: REMUNERATION MIX 
 Group  CEO | MD (Incoming)
Other Executive KMP
27%
46%
9%
18%
LTI
STI 
Restricted 
Shares
STI Cash
Fixed 
Remuneration
 
 Fixed
 
 At Risk
LTI
STI Cash
 33.3%
33.4%
 33.3%
Fixed 
Remuneration
  Date granted      
  End of deferral/performance period      
  Date payable/eligible for vesting
Fixed Remuneration
STI Cash (66.66%)
STI restricted shares  
(33.33%)
LTI performance  
rights
YEAR 1
YEAR 2
YEAR 3
YEAR 4
YEAR 5
FIGURE 3: REMUNERATION TIME HORIZON
 Market  
Competitive Pay
 Pay for  
Performance
 Gender 
 Pay Equity
 Simple, Transparent  
and Consistent
FIGURE 1: REMUNERATION PRINCIPLES
 Reinforce Cultural  
Direction
31

THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT
73
1. Chair and CEO Reports
2. Our People
3. Sustainability Report
4. Financial Performance
5. Key Projects
6. Directors’ Report
7. Financial Report
8. Additional Information
32
 Table 1 below summarises the components of Executive KMP’s Total Annual Reward (TAR) and their link to the strategic 
objectives of the Group.
TABLE 1: COMPONENTS OF EXECUTIVE KMP’S TAR OPPORTUNITY
Fixed Remuneration
STI
LTI
Rationale
Fixed remuneration forms 
an integral component 
of the overall employee 
value proposition of 
the Group, designed to 
attract and retain the 
talented teams required 
to operate the business. 
Annual pay reviews occur 
in August each year with 
remuneration changes 
effective from 1 September.
The STI is designed to 
reward participants for 
execution of the Company’s 
strategy and achievement 
of operational goals 
during the performance 
period. Company KPIs are 
reviewed annually and 
reflect the most critical 
strategic priorities for the 
financial year.
The LTI is designed to 
reward participants 
for their contribution 
towards achieving the 
Group’s strategic priorities 
orientated around delivering 
long term sustainable 
shareholder value creation. 
Performance for FY24 is 
measured against:
–   Relative Total Shareholder 
Return (TSR) 
–   Return to suitability
Structure
Base remuneration  
and superannuation.
Two thirds cash, one  
third restricted shares 
deferred for one year.
Performance rights and 
premium exercise priced 
options with vesting subject 
to performance over a  
four year period.
Quantum
Targeted at the  
median of relevant  
external peer group.
Executive KMP target 60% 
of fixed remuneration. 
Group CEO | MD target 
100% of fixed remuneration.
Executive KMP target 60% 
of fixed remuneration.  
Group CEO | MD target 
100% of fixed remuneration.
3. 2 FIXED REMUNERATION
The fixed remuneration received by Executive KMP may include base salary, superannuation and non-monetary benefits. 
The amount of fixed remuneration an executive receives is based on the following: 
–   Scope and responsibilities of the role;
–   Reference to the level of remuneration paid to executives of comparable ASX-listed organisations, with similar market 
capitalisation (range 70% to 160% of The Star Entertainment Group’s market capitalisation) and appropriate gaming 
and entertainment peers; and
–   Level of international and domestic gaming knowledge, skills and experience of the individual.
Fixed remuneration is reviewed annually, and the policy is to target fixed remuneration at the median of the market. Fixed 
remuneration may deviate from the market median depending on the individual’s capabilities and other business factors.

74
THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT
3.3 STI DESIGN
As noted in the FY23 Remuneration Report, the Company undertook a review of the design of its remuneration programs 
to ensure that the remuneration tools in place support the Board and Management in the development of a strong 
risk management and regulatory compliance culture. Below summarises the changes made to the STI plan as a result of 
this review.
Changes to the FY24 STI plan design:
–   A Remediation Gateway was introduced, which must be met for any payments to be made with respect to the Group 
Key Performance Indicators (KPI) 
–  The Group Regulatory Compliance and Risk Management metric weighting was increased to 30% of the award 
opportunity to recognise the Company’s focus on this critical area in the business. This metric takes into account safety 
measures, mandatory compliance training and delivery of remediation program milestones.
–   Individual performance was increased from 20% to 30% of the overall STI award for Executive KMP. This allows for 
emphasis to be placed on individual performance and behaviours to drive individual accountability.
–   An overarching behavioural assessment was also introduced to assess Executive KMP on the behaviours displayed 
when delivering against objectives. This three point scale aims to adjust individual ratings where behaviours exhibited 
are either below or above expectations as it relates to the Company's Purpose, Values and Principles (PVP).
–  Lastly, the individual rating scale was expanded from a 5 point to a 7 point scale. This was done to provide greater 
differentiation of individual performance across the Company and Executive KMP team.
The number of employees who participated in the STI for FY24 was 888 (increased from 776 for FY23). Each of the 
Executive KMP participated in the plan except for Neale O'Connell as he is on a maximum term contract. Refer to page 46 
for contract details. 
Table 2 sets out the key features of the STI.
TABLE 2: KEY DESIGN FEATURES OF THE STI
Purpose
To reward participants for execution of the Group’s strategy and achievement of operational goals 
during the performance period. 
Remediation 
Gateway1
Delivery of FY24 Remediation Program Milestones, per the timings in the remediation plan, evidenced 
by closure memos approved by the Program Sponsors2 and the Board.
Performance 
Metrics and 
weightings
Metric
Weighting
Group EBITDA
25%
Group Guest Satisfaction
10%
Group Regulatory Compliance and Risk Management
30%
Group Engagement
5%
Individual Performance
30%
Group 
Performance 
Metrics  
Payment Scale
Group performance metrics are assessed by measuring each individual outcome against the Board 
approved targets.
Outcome %
Payout %
<90%
No payment
90%
50%
95%
75%
100%
100%
110%
150%
Individual 
Performance 
Payment Scale
Individual performance is determined by assessing performance against individual priorities to 
arrive at a performance rating. Individual ratings may then be modified by the individual behavioural 
assessment process if behaviours either exceed or are misaligned with expectations. Performance 
ratings link to indicative payouts as follows:
Rating
Payout % Range
1 – Not met
No payment
2 – Below Target
25%
3 – Low on Target
50%
4 – On Target 
100%
5 – High on Target 
110%
6 – Exceeds Target
120%
7 – Outstanding
150%
1 Remediation gateway is applicable to Group performance metrics only.
2  Program Sponsors are defined as the Group Leadership Team Member who has responsibility for sign off on remediation  
plan milestones with in their department. 
33

THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT
75
1. Chair and CEO Reports
2. Our People
3. Sustainability Report
4. Financial Performance
5. Key Projects
6. Directors’ Report
7. Financial Report
8. Additional Information
34
Payment 
calculation
A participant’s individual STI award is based on the following calculation:
Fixed  
Remuneration
   X   
Individual  
Target STI %
   X   
Performance  
Metrics  
Outcome %
(0 – 150%)
   =   
Individual  
STI award  
(capped at  
150% x  
target)
Incentive 
opportunity  
levels
Opportunities are based on the participant’s incentive target in their employment contract (refer Table 14).
The payment range available is 0% – 150% of the participant’s incentive target. 
Delivery of 
payments
Two-thirds of payments are delivered in cash in September.
One-third of all payments are held in restricted shares for a period of twelve months from the date of  
the award. These shares are forfeited in the event that the participant voluntarily terminates from the 
Group or is terminated with cause (refer Clawback below). Restricted shares may also be forfeited  
in part or full in instances of fraud, dishonesty, breach of obligations including the Group’s Code of 
Conduct. Participants are entitled to receive dividends and have voting rights during the restriction 
period, however they are unable to vote on remuneration resolutions at the AGM.
Clawback
Incentives may be clawed back where there has been a material misrepresentation of the financial 
outcomes on which the payment had been assessed and/or the participant’s actions have been  
found to be fraudulent, dishonest or in breach of the Group’s Code of Conduct (e.g. misconduct).  
This provision may extend up to the prior three financial years of STI payments.
Guiding  
Principles 
for informing 
discretion
1.  Nature and timing of adjustments – adjustments, both positive and negative, will only be made  
to the performance/reward outcome (rather than the target) at the time of vesting.
2.  Transparency – the Company will provide a clear rationale and disclosure for any adjustments 
made (for example, providing a reconciliation to statutory results), especially in cases where,  
prima facie, performance has not been achieved. 
3.  Material or significant events – adjustments will only be made for events or items over the 
performance period that have a material impact on the outcome. Adjustments will also only be 
made where it has an impact on the result of the award. 
4.  Balancing short term and long term performance – adjustments will be made that balance the 
interests of short term performance outcomes with long term performance outcomes. For example, 
where a short term objective was not met because a strategic decision was taken to support a 
longer term objective. Adjustments will, where appropriate, be informed by the assumptions used 
in the business plan from which the target was set, to determine whether there has been a material 
deviation in the assumptions used and whether this was outside of management’s control. 
5.  Maintain plan integrity – adjustments will be carefully considered to ensure they maintain the 
plan’s integrity and purpose.
6.  Assessing behavioural impacts on performance outcomes – the actions of participants will be 
considered in the achievement of performance metrics to assess adherence to the Company’s code  
of conduct.
7.  Exercising discretion consistently and fairly – the use of discretion will be applied consistently  
both positively and negatively and information used will be sufficiently objective and free from bias  
to ensure decisions are arrived at fairly.
 

76
THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT
3.4 LTI DESIGN
 The LTI was also subject to review during FY24 to ensure the design aligned to the Company's long term suitability goals. 
As such, the LTI design was amended and the following changes were implemented:
- 30% of the award was delivered as premium exercise priced options, subject to a return to suitability performance hurdle
-  70% of the award was delivered as performance rights subject to a total shareholder return (TSR) hurdle, with the 
previous earnings per share and return on invested capital hurdles being removed.
 In FY2 4, there were 34 participants invited to participate in the plan ( 20 participants in FY2 3). Each of the Executive KMP 
participates in the plan with the exception of Neale O'Connell who is on a maximum term contract.
TABLE 3: KEY DESIGN FEATURES OF  THE LTI PLAN
Purpose
The LTI is designed to reward participants for their contributions towards achieving the Group’s 
strategic priorities orientated around delivering long term sustainable shareholder value.
Type of  
Equity Award
 Performance Rights  
(zero exercise priced options)
(70% of award)
Premium Exercise  
Priced Options 
(30% of award)
Each performance right is a right to receive 
a number of fully paid ordinary shares in the 
Company, subject to the satisfaction of the 
Performance Condition. 
In general, upon satisfaction of Performance 
Condition and provided the holder is still 
employed on the Vesting Date, performance 
rights will Vest and will be automatically 
exercised. The holder will receive full voting  
and dividend rights corresponding to the  
rights of all other holders of ordinary shares  
in the Company.
Each premium exercise priced option provides 
the right (but not the obligation) to buy a share at a 
predetermined price on or before a future date.
In general, upon satisfaction of the Performance 
Condition and provided the holder is still employed 
on the Vesting Date, the Options will Vest and be 
capable of being exercised at the discretion of  
the holder prior to the Expiry Date. The exercise 
of an Option will generally require the payment  
of the applicable exercise price. The holder will 
then be allocated one share for every validly 
exercised Option.
Determination  
of the number  
of performance   
rights
The number of performance rights allocated to a participant is based on 70% of their Target LTI award,  
divided by the Face Value of a Performance Right as shown in the following calculation:
70% of Target  
LTI ($)
  ÷  
Face Value of  
a performance  
right
  =  
Number of 
performance  
rights allocated
The Face Value reflects the face value of the share at the effective Grant Date with reference to the 
volume weighted average price (VWAP) of the Company’s shares traded on the ASX on the 20 trading days 
prior to the Effective Grant Date. Details of annual grants to Executive KMP are set out in Table 10.
Determination 
of the number of 
premium exercise 
priced options
The number of premium exercise priced options allocated to a participant is based on 30% of their 
Target LTI award, divided by the Fair Value of an Option, as shown in the following calculation:
30% of Target  
LTI ($)
  ÷  
Fair Value of  
an Option
  =  
Number of  
premium exercise 
priced options  
allocated
The Fair Value of an Option is determined by the Board with reference to a four-step process using a 
Monte Carlo simulation to project future share prices, and then a binomial model to value the option on 
vesting. The simulation process is carried out 150,000 times to produce 150,000 possible outcomes. 
The valuation result is calculated as the average of the outcomes. 
Performance Rights 
Premium Exercise Priced Options
Dividend 
entitlements
Participants are not entitled to dividends until 
shares are allocated (based on meeting the 
relevant performance hurdles). At that time, 
dividends will either be paid by allocating 
dividend equalisation shares or by means of 
a cash equivalent payment, based on actual 
dividends paid to shareholders during the vesting 
period, the degree to which performance hurdles 
were met and the extent of vesting of the award.
Participants are not entitled to dividends with 
respect to any Premium Exercise Priced Options. 
The non receipt of dividends over the vesting 
period has been factored into the Fair Value of  
an Option.
35

THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT
77
1. Chair and CEO Reports
2. Our People
3. Sustainability Report
4. Financial Performance
5. Key Projects
6. Directors’ Report
7. Financial Report
8. Additional Information
36
Test Date and 
Vesting date
Performance rights are tested on the fourth anniversary of the Effective Grant Date and are not  
subject to retesting.
The return to suitability performance hurdle for the Premium exercise priced options will be continuously 
monitored and the Board may determine to vest the options at any time up until the options expire, being 
the 24th of November 2028, i.e. the 4th anniversary of the options valuation date.
Vesting  
conditions - 
Performance 
Rights  
TSR
The Company’s TSR ranking against the peer group of companies (relative TSR) is used as a performance 
hurdle, as it directly aligns the interests of participants with the interests of shareholders, which is to 
maximise its TSR compared with the TSR for peer companies. 
The table below sets out the vesting scale for TSR. The Company’s TSR ranking, compared to its peer 
group, must be at least at the 50th percentile for any vesting to occur.
TSR Percentile Ranking 
Percentage of awards vesting
Below the 50th percentile 
0% vesting
At the 50th percentile 
50% vesting
Above the 50th and below the 75th percentile 
 Pro-rata between 50% (at 50th percentile)  
and 100% (at 75th percentile)
At or above the 75th percentile 
100%
Vesting  
conditions - 
Premium Exercise 
Priced Options
Return to suitability
The Company "Returning to Suitability within both NSW and Queensland" is used as a performance 
hurdle as it directly aligns the interests of participants with the interest of shareholders for the 
Company to be suitable to hold Casino licenses.
This outcome is a binary met/not met outcome, as determined by the Board.
Cessation of 
employment, 
Change of  
Control and 
Clawback
All unvested performance rights and options lapse immediately upon cessation of employment with 
the Group. However, the Board has discretion in special circumstances to determine the number 
of performance rights or options retained and the terms applicable. Special circumstances include 
events such as retirement, redundancy, death and permanent disability. If a Change of Control Event 
occurs, or the Board determines in its absolute discretion that a Change of Control Event may occur, the 
Board will determine in its absolute discretion appropriate treatment regarding any awards. 
Unvested rights or options may be forfeited where there has been a material misrepresentation of the 
financial outcomes on which the award had been assessed and/or the participant’s actions have been 
found to be fraudulent, dishonest or in breach of the Company’s Code of Conduct (e.g. misconduct).
Guiding principles 
for informing 
discretion
The Board has adopted a set of guiding principles when it considers adjustments to performance 
outcomes under the LTI. The process for adjustments and principles applied are outlined below:
1.  Nature and timing of adjustments – adjustments, both positive and negative, will only be made to  
the performance/reward outcome (rather than the target) at the time of vesting.
2.  Transparency – the Company will provide a clear rationale and disclosure, for any adjustments made 
(for example, providing a reconciliation to statutory results), especially in cases where, prima facie, 
performance has not been achieved. Where possible, advance disclosure of events that may give rise  
to adjustments will be disclosed to ensure early communication to shareholders.
3.  Material or significant events – adjustments will only be made for events or items over the vesting 
period that have a material impact on the outcome. Adjustments will also only be made where it has an 
impact on the result of the award. Where possible, the item will be referenced back to the assumptions 
used in the business plan from which the target was set, to determine whether there has been a 
material deviation in the assumptions used and whether this was outside of management’s control.  
For example, if there has been a change to accounting policies resulting in the EPS and/or ROIC 
targets being determined in a different way to how the outcome is determined at the time of vesting. 
4.  Balance interests of shareholders and management – adjustments will be made to balance 
the interests of shareholders and management, for example, if shareholders are experiencing poor 
results, then management should share in the burden, and vice versa (unless there are compelling 
reasons for this not being the case, in which event, details will be provided). 
5.  Maintain plan integrity – adjustments will be carefully considered to ensure they maintain 
the plan’s integrity and purpose (i.e. to incentivise and reward management for undertaking 
transactions that deliver long-term sustainable shareholder value).
6.  Exercising discretion consistently and fairly  – the use of discretion will be applied consistently 
(both positively and negatively) and information used will be sufficiently objective and free from bias 
to ensure decisions are arrived at fairly.

78
THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT
3.5 EXECUTIVE SERVICE RIGHTS GRANT
In July 2023 , the Board approved a once-off  grant of service rights to each member of the Group Leadership Team, 
including Executive KMP. This offer was made to facilitate retention of the Group Leadership Team throughout the next 
three years as the Company continues with its remediation efforts. The key terms of this once-off  grant are summarised 
in Table  4 below. 
TABLE  4: KEY DESIGN FEATURES OF THE  ONCE-OFF  GRANT OF SERVICE RIGHTS
Purpose
Once-off Grant of Service Rights to retain senior executives as the business focuses on remediation and 
returning to suitability.
Type of Equity 
Award
Each Service Right is a right to receive one fully paid ordinary share in the Company on a one-to-one 
basis, subject to the satisfaction of the Vesting Condition.
Effective  
Start Date
1 July 2023 or commencement date for new KMP.
Determination  
for the number  
of service rights
The number of Service Rights granted is calculated with reference to the following formula: 
90% of Individual Fixed 
Remuneration as at the  
date of grant
  
÷
  
Face Value of share on the 
Effective Grant Date
 
Face Value of a Share is equal to the Volume Weighted Average Price (VWAP) of the Company’s Shares 
traded on the ASX on the 10 trading days commencing on the day following the announcement of The 
Star’s full year results (29 August 2023) until 12 September 2023, or the closing share price on the day of 
commencement for new KMP.
Dividend and  
Voting Rights
Service Rights do not attract dividends until shares have been allocated following vesting. Participants 
will receive any dividends which accrued during the plan period once the vesting conditions have been 
met.
No voting rights until vesting of Service Rights.
Vesting dates
Tranche 1 
20% of Award
Vests 30 June 2024
Tranche 2
30% of Award
Vests 30 June 2025
Tranche 3
50% of Award
Vests 30 June 2026
Vesting  
Conditions
Service rights will vest subject to the participant meeting the continued service criteria, being that they 
must still be employed with the Company on the vesting date for each applicable tranche. 
Holding lock
Once the shares vest, they will be held as restricted shares for a further 12 months. The restriction will 
be lifted 12 months after the initial vesting date, subject to the participant still being employed with the 
Company.
Change of  
control
In the event of a change in control (as determined by the board)
• The Vesting Period for Service Rights will accelerate and all unvested Services Rights will vest; and
• Any Holding Lock applied to shares allocated in satisfaction of vested Service Rights will be lifted.
Lapsing of  
Service Rights
If the participant ceases employment prior to the Vesting Date, the treatment of unvested Service Rights 
will depend on the circumstances of cessation in accordance with the Employee Performance  
Plan Rules.
Should circumstances come to light which the Board determines warrants the partial or full forfeiture 
of unvested Service Rights or Restricted Shares in the context of the application of the Company's 
Consequence Management Framework or the Plan Rules, some or all of unvested Service Rights and /or 
Restricted Shares may be forfeited.
37

THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT
79
1. Chair and CEO Reports
2. Our People
3. Sustainability Report
4. Financial Performance
5. Key Projects
6. Directors’ Report
7. Financial Report
8. Additional Information
38
3. 6 CONSEQUENCE MANAGEMENT FRAMEWORK
In FY24 , a Consequence Management Framework  was introduced  to provide guidance on remuneration consequences 
for serious or egregious risk and/or misconduct incidents, including behaviours which contravene the Company’s  
Purpose, Values and Principles (PVP). The Consequence Management Framework  applies to all incentive programs 
offered by the Company.
The Consequence Management Framework is informed by inputs from the Group Risk, Internal Assurance and Employee 
Relations functions and is overseen by the Consequence Management Committee consisting of the Group CEO | MD, Group 
Chief Risk Officer and Group Chief People Officer. Remuneration outcomes determined by the Consequence Management 
Committee are provided to the Culture, People & Remuneration Committee of the Board for oversight and approval (where 
required under the policy).
Where a serious or egregious risk or misconduct issue is identified and raised to the Consequence Management Committee, 
variable remuneration will likely be impacted and in some cases, reduced to zero. In each case, judgment will be applied to 
determine the appropriate remuneration consequence given the circumstances of the incident.
There were no remuneration consequences applied to any of the Executive KMP for the FY24 period.
3. 7 MINIMUM SHAREHOLDING POLICY
To support the alignment of the interests of the Board and executives with the interests of shareholders, the Group has a 
minimum shareholding  policy in place.   
The minimum shareholding policies for NEDs, Executive KMP and Other Executives are reviewed every  two years to ensure 
that they remain suitable for the business, to align the interests of these individuals and with shareholders generally. 
The  Group  CEO | MD  is to progressively acquire over a three year period from the date of his commencement, a minimum 
number of shares equal to 150% of his fixed pay.  Other Executive KMP are to accrue a minimum amount of shares equal to 
100% of the base rate of pay upon commencement over the course of 5 years. Direct and indirect holdings in shares will 
count towards the minimum shareholding target. Unvested performance rights do not count towards minimum shareholding 
requirements.
All Executive KMP are on track to meet the minimum shareholding requirements in the required timeframes.
Table  5 shows the number of shares , options and performance rights held by Executive KMP at the beginning and end of the 
financial year unless otherwise stated.
TABLE  5:  SHARES, OPTIONS AND RIGHTS HELD BY EXECUTIVE KMP AT 30 JUNE 20 24
Name
Holding
Balance at 
start  
of the year1
Granted as 
compensation
Vested 
during the 
year2
Lapsed 
during  
the year
Balance  
at the end 
of the year3
Current Executive KMP
Neale 
O’Connell
Performance Rights
–
–
–
–
–
Ordinary Shares
–
–
–
–
–
Restricted Shares
–
–
–
–
–
Service Rights
–
–
–
–
–
Premium Exercise Priced Options
–
–
–
–
–
Jeannie 
Mok
Performance Rights
–
–
–
–
–
Ordinary Shares
–
–
–
–
–
Restricted Shares
–
–
–
–
–
Service Rights
–
–
–
–
–
Premium Exercise Priced Options
–
–
–
–
–
Scott 
Saunders
Performance Rights
169,047
469,493
–
–
638,540
Ordinary Shares
–
–
–
–
–
Restricted Shares
–
145,920
–
–
145,920
Service Rights
–
729,602
(145,920)
–
583,682
Premium Exercise Priced Options
–
1,162,500
–
–
1,162,500
Janelle 
Campbell 
Performance Rights
–
–
–
–
–
Ordinary Shares
–
–
–
–
–
Restricted Shares
–
283,333
–
–
283,333
Service Rights
–
1,416,666
(283,333)
–
1,133,333
Premium Exercise Priced Options
–
–
–
–
–
  

80
THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT
Name
Holding
Balance 
at start of 
the year1
Granted as 
compensation
Vested 
during the 
year2
Lapsed 
during  
the year
Balance  
at the end 
of the year3
Current Executive KMP
Daniel  
Finch
Performance Rights
–
–
–
–
–
Ordinary Shares
–
–
–
–
–
Restricted Shares
–
208,928
–
–
208,928
Service Rights
–
1,044,642
(208,928)
–
835,714
Premium Exercise Priced Options
–
–
–
–
–
Former Executive KMP
Robbie 
Cooke4
Performance Rights
1,162,053
969,277
–
(2,017,805)
113,525
Ordinary Shares
–
–
–
–
–
Restricted Shares
–
–
–
–
–
Service Rights
–
1,506,276
–
(1,506,276)
–
Premium Exercise Priced Options
–
2,400,000
–
(2,204,384)
195,616
Christina 
Katsibouba
Performance Rights
349,451
484,638
–
(834,089)
–
Ordinary Shares
277
–
14,621
–
14,898
Restricted Shares
14,621
–
(14,621)
–
–
Service Rights
–
753,138
–
(753,138)
–
Premium Exercise Priced Options
–
1,200,000
–
(1,200,000)
–
Jessica 
Mellor5
Performance Rights
331,000
363,479
–
(61,344)
633,135
Ordinary Shares
34,579
–
2,030
–
36,609
Restricted Shares
2,428
–
(2,030)
–
398
Service Rights
–
564,853
–
(564,853)
–
Premium Exercise Priced Options
–
900,000
–
–
900,000
1 For KMP who commenced in the role during the year, the balance disclosed is from the date they commenced as a KMP.
2  Restricted shares that are no longer subject to a  holding lock are  transferred into the ordinary shares category . Service rights for  
which the service period has been met are transferred to the restricted shares category and subject to a 12 month holding lock.
3 For KMP who ceased their role during the year, the balance disclosed is until the date they ceased as a  KMP.
4  The balance at end of year for Performance Rights and Premium Exercise Priced Options is the portion of FY24 LTI remaining on foot  
and subject to performance hurdles being achieved as set out in table 3.
5 Performance Rights and Premium Exercise Priced Options will lapse on termination date 15 September 2024.
39

THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT
81
1. Chair and CEO Reports
2. Our People
3. Sustainability Report
4. Financial Performance
5. Key Projects
6. Directors’ Report
7. Financial Report
8. Additional Information
40
04.  EXECUTIVE REMUNERATION 
RECEIVED FY 24
REMUNERATION OUTCOMES FOR EXECUTIVE KMP IN FY 24
Table  6 provides a summary of total remuneration received by Executive KMP during the  20 24 financial year. This non-
IFRS information differs from the Statutory Remuneration in Table  15, which presents remuneration in accordance with 
accounting standards.
TABLE  6: FY2 4 EXECUTIVE REMUNERATION
Name
Fixed 
remuneration
STI
Other 
amounts 
paid
Service 
Rights 
Grant4
LTI vested during 
the year $
Total value of 
remuneration5  
$
LTI lapsed  
during the year6
Current Executive KMP
Neale O’Connell
514,603
–
–
–
–
514,603
–
Jeannie Mok1
45,208
–
465,000
-
–
510,208
–
Scott Saunders2
775,000
–
266,666
71,501
–
1,113,167
–
Janelle Campbell
369,377
–
–
138,833
–
508,210
–
Daniel Finch3
239,881
–
250,000
102,375
–
592,256
–
Former Executive KMP
Robbie Cooke7
3,524,036
–
1,600,000
–
–
5,124,036
(988,724)
Christina Katsibouba
800,000
–
–
–
–
800,000
(408,704)
Jessica Mellor
449,025
–
–
–
–
449,025
–
TOTAL
6,717,130
–
2,581,666
312,709
–
9,611,505
(1,397,428)
1 Sign on bonus paid 27 June 2024.  
 2 Retention cash bonus of $133,333 paid on 22 March 2024 and $133,333 paid on 14 June 2024. 
3 Sign on bonus upon receipt of regulatory approval , paid on 14 February 2024 and subject to 12 month clawback.
4 Service  rights grant awarded to all active Group Leadership Team Members, refer to section 3.5 for full details.
 5 Includes payments made after resignations were tendered, including any notice period and termination payments.
 6  Represents the award value (at the 30 June 2024 share price) of the FY20 performance rights that lapsed/were foregone during the year 
due to resignations and/or the minimum hurdles required for vesting not being met.  
 7  Fixed Remuneration is comprised of Total Employment Cost paid up to termination date ($1,168,613), a contractual annual leave 
entitlement of $168,735, a contractual payment in lieu of notice period ($1,600,000), $288,000 cash equivalent in lieu of FY24 executive 
service rights and $298,688 cash payment in lieu of the FY23 LTI.  Other amounts paid represents the cash payment of the One Off 
Performance Rights as approved by shareholders at the 2022 AGM.

82
THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT
05.  VARIABLE REWARD OUTCOMES FOR  
THE FINANCIAL YEAR ENDED 30 JUNE 20 24
5.1 STI OUTCOME FOR FY 24
GROUP PERFORMANCE: 
Under the Companyʼs new STI design, as detailed in Table 2, awards for Executive KMP are generated by performance 
against four Company metrics, comprising  70% of the award, and individual performance comprising  30% of the award. 
Details of the Companyʼs targets and outcomes for FY2 4 are noted in Table  7 below. 
 TABLE  7: FY 24 PERFORMANCE OUTCOMES AGAINST  KEY PERFORMANCE INDICATORS FOR THE STI
STI Metric
Weighting
Target
Outcome
Outcome 
% of Target
Weighted 
Outcome %
EBITDA 
–  Deliver Budgeted Group EBITDA
25%
$198.0m
$167.8m
85%
0%
Guest Satisfaction  
–   Elevate the guest service culture and guest 
experience across all our properties
10%
103
102
99%
9.5%
Regulatory  
Compliance 
& Risk 
Management
–   Total Reportable Injury 
Frequency Rate (TRIFR)
8.5%
16.1
16.0
100.6%
8.9%
–   Compliance Training 
Completion
10.75%
90%
96.3%
107%
14.5%
–   Remediation program  
of work1
10.75%
100%
92%
92%
6.45%
Engagement 
–   Retain talented teams through a compelling 
Employee Value Proposition and highly engaged 
Team Member environment.
5%
7.5
7.2
96%
4%
Weighted Group STI Outcome
43.35%
Remediation Gateway1
NOT MET
Individual STI Component
30%
Final Group STI outcome  
(Board discretion applied)
0%
1  Delivery of FY24 Remediation Program milestones, per the timings in the remediation plan, evidenced by closure memos approved by the 
Program Sponsors and the Board. 
 BOARD DISCRETION FOR FY24 STI OUTCOME
The Board reviewed the outcomes of the remediation program and determined that the remediation gateway was not met. 
Whilst 92% of milestones were delivered on time per the baseline plan requirements, it was determined that milestones 
completed during the period did not meet the expected standard of quality required to deliver adequate remediation 
outcomes. As a result, no STI pool was formed for any of the Company STI metrics.
Additionally, the Board utilised its discretion to reduce the individual component of the STI award to zero for all participants. 
 This decision was made on the basis of the current uncertainty regarding the outcomes of the Bell Two inquiry, coupled with 
softer trading conditions and other financial pressures impacting the Company’s financial position.
 Table  8 details the variable remuneration of Executive KMP under the STI during the period.
41

THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT
83
1. Chair and CEO Reports
2. Our People
3. Sustainability Report
4. Financial Performance
5. Key Projects
6. Directors’ Report
7. Financial Report
8. Additional Information
42
TABLE  8: VARIABLE REMUNERATION UNDER THE STI FOR THE YEAR ENDED 30 JUNE 20 24
Executive
Financial  
year
Cash  
Award 
$
Restricted  
Share Grant 
$
As a % of total 
remuneration
STI not  
achieved as a  
% of target1
Current Executive KMP
Neale O'Connell
2024
–
–
–
–
2023
–
–
–
–
Jeannie Mok
2024
–
–
0%
100%
2023
–
–
–
–
Scott Saunders
2024
–
–
0%
100%
2023
–
–
0%
100%
Janelle Campbell
2024
–
–
0%
100%
2023
–
–
–
–
Daniel Finch
2024
–
–
0%
100%
2023
–
–
–
–
Former Executive KMP
Robbie Cooke
2024
–
–
0%
100%
2023
–
–
0%
100%
Christina Katsibouba
2024
–
–
0%
100%
2023
–
–
0%
100%
Jessica Mellor
2024
–
–
0%
100%
2023
–
–
0%
100%
TOTAL FY24
–
–
TOTAL FY23
 
–
–
 1  Maximum opportunity is 150% of the executivesʼ target incentive level.
Table  9 outlines the performance of the Group and shareholder returns over the last five financial years.
TABLE  9: STATUTORY KEY PERFORMANCE INDICATORS 
Performance metric
FY20
FY21
FY22
FY23
FY24
Statutory NPAT
$(94.6)m
$57.9m
$(202.5)m
$(2,435.2)m
$(1,684.6)m
Basic EPS (statutory)
(10.3)c
6.1c
(21.3)c
(211.7)c
(66.8)c
Full year dividend (fully franked, cents per share) 
10.5c
0.0c
0.0c
0.0c
0.0c
Share price at year end
$2.84
$3.69
$2.79
$1.16
$0.49
Increase/(decrease) in share price
(31%)
+30%
(24%)
(59%)
(58%)
5.2 VESTING UNDER THE LTI
 Table  10 sets out the details of performance rights and premium exercise priced options issued under the Company’s LTI 
plan over the last five financial years.

84
THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT
TABLE  10: DETAILS OF  LTI AWARDS ACTIVE DURING THE YEAR
Detail
FY20 Award
FY21 Award
FY22 Award
FY23 Award
FY24 
Performance 
Rights
FY24 
Premium 
Exercise 
Priced 
Options
Effective  
Grant Date
25 Sep 2019
24 Sep 2020
23 Sep 2021
26 Sep 2022
3 Oct 2023
24 Nov 2023
Test date
25 Sep 2023
24 Sep 2024
23 Sep 2025
26 Sep 2026
3 Oct 2027
Any time up to 
expiry date of 
24 Nov 2027
Vesting hurdle(s)
TSR, EPS & 
ROIC
TSR, EPS & 
ROIC
TSR, EPS & 
ROIC
TSR, EPS & 
ROIC
TSR
Return to 
Suitability
Test result
All rights 
lapsed
N/A
N/A
N/A
N/A
N/A
During FY 24, the FY 20 Award was tested and did not vest as performance hurdles were not met. The next test date will be in  
September  20 24, for performance rights granted in FY 21.
 Performance rights relating to the FY 20 award were tested in  September 202 3 and 100% lapsed. The TSR performance of 
the Group was - 75.655% (excluding the value of franking credits), with a percentile ranking of  0%. As this was below the 
50th percentile, none of the TSR component of the FY 20 award vested. The EPS performance hurdle of - 211.7 cents per 
share was below the threshold of  28.0 cents per share and target of  30.7 cents per share, and accordingly none of the EPS 
component of the FY 20 award vested. The ROIC outcome of  -76.3% was below the threshold of  7.4% and target of  9.0%, 
resulting in no vesting of performance rights for this component.
The FY 21 award,  tested on  24 September 2024, has EPS, TSR and ROIC performance hurdles each comprising one third 
of the award outcome. Details of the performance outcomes relative to target and threshold amounts will be provided to 
shareholders ahead of the  20 24 AGM and reported in the FY 25 Remuneration Report.
 Table 1 1 summarises the unvested performance rights and options held by Executive KMP as at 30 June 20 24.
TABLE 1 1: PERFORMANCE  RIGHTS AND OPTIONS BY AWARD HELD BY EXECUTIVE KMP AT 30 JUNE 202 4
Executive KMP
FY21  
Award
FY22  
Award
FY23  
Award
FY24  
Award
Total
Current Executive KMP
Neale 
O'Connell
Performance rights
–
–
–
–
–
Premium Exercise Priced Options
–
–
–
–
–
Jeannie 
Mok
Performance rights
–
–
–
–
–
Premium Exercise Priced Options
–
–
–
–
–
Scott 
Saunders
Performance rights
–
–
169,047
469,493
638,540
Premium Exercise Priced Options
–
–
–
1,162,500
1,162,500
Janelle 
Campbell
Performance rights
–
–
–
–
–
Premium Exercise Priced Options
–
–
–
–
–
Daniel 
Finch
Performance rights
–
–
–
–
–
Premium Exercise Priced Options
–
–
–
–
–
Former Executive KMP1
Robbie 
Cooke2
Performance rights
–
–
–
113,525
113,525
Premium Exercise Priced Options
–
–
–
195,616
195,616
Christina 
Katsibouba
Performance rights
–
–
–
–
–
Premium Exercise Priced Options
–
–
–
–
–
Jessica 
Mellor3
Performance rights
84,218
72,013
113,425
363,479
633,135
Premium Exercise Priced Options
–
–
–
900,000
900,000
Total performance rights 
84,218
72,013
282,472
946,497
1,385,200
Total premium exercise priced options
–
–
–
2,258,116
2,258,116
 1  All performance rights under the LTI lapsed on termination, as per the performance plan rule s , unless approved by the Board.
   2  FY24 LTI Rights and Options for Mr Cooke were pro-rated and remain on foot subject to achieving the applicable performance hurdles as 
set out in Table 3.
 3  Performance rights in  FY21, FY22 and FY23 reflect those gra nted prior to her appointment as Chief Executive Officer,  
The Star Gold Coast . All Performance Rights and Options will lapse on her termination date  of 15 September 2024. 
43

THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT
85
1. Chair and CEO Reports
2. Our People
3. Sustainability Report
4. Financial Performance
5. Key Projects
6. Directors’ Report
7. Financial Report
8. Additional Information
44
Table 1 2 shows movements in the variable remuneration of Executive KMP under the LTI (Performance Rights) during the 
period. Details of the number of performance rights granted, vested or lapsed during the period are also provided as 
required under the Corporations Act and its regulations, including the relevant Australian Accounting Standard principles.
TABLE 1 2:  VARIABLE REMUNERATION UNDER THE LTI  (PERFORMANCE RIGHTS)  
FOR THE YEAR ENDED 30 JUNE 202 4
Executive
Financial  
Year
Number of  
Performance  
Rights 
Granted
Fair Value of 
Performance 
Rights  
Granted
Fair Value  
at Grant  
Date
Effective 
Grant  
Date1
Test Date
As a % of  
total  
remuneration2
Number of 
Performance  
Rights  
Vested
Number of 
Performance 
Rights  
Lapsed3
Current Executive KMP
Neale O'Connell
2024
–
–
–
–
–
–
–
–
2023
–
–
–
–
–
–
–
–
Jeannie Mok
2024
–
–
–
–
–
–
–
–
2023
–
–
–
–
–
–
–
–
Scott Saunders
2024
469,493
122,068
0.26
3/10/2023
3/10/2027
3%
–
–
2023
169,047
393,316
2.33
26/09/2022
26/09/2026
2%
–
–
Janelle 
Campbell
2024
–
–
–
–
–
–
–
–
2023
–
–
–
–
–
–
–
–
Daniel Finch
2024
–
–
–
–
–
–
–
–
2023
–
–
–
–
–
–
–
–
Former Executive KMP
Robbie Cooke
2024
969,277
252,012
0.26
3/10/2023
3/10/2027
-2%
–
(2,017,805)
2023
581,670
1,353,352
2.33
26/09/2022
26/09/2026
7%
–
–
2023
580,383
1,255,562
2.16
23/09/2022
23/09/2025
–
–
–
Christina 
Katsibouba
2024
484,638
126,006
0.26
3/10/2023
3/10/2027
-2%
–
(834,089)
2023
174,501
406,006
2.33
26/09/2022
26/09/2026
2%
–
(20,145)
Jessica Mellor
2024
363,479
94,505
0.26
3/10/2023
3/10/2027
-6%
–
–
2023
–
–
–
–
–
–
–
–
TOTAL FY24
2,286,887
594,591
–
(2,851,894)
TOTAL FY234
 
1,505,601
3,408,236
–
(20,145)
1  The Effective Grant Date is the date used to determine the VWAP and commencement of TSR performance hurdle measurement.
2  Percentage calculation based on accounting LTI expense and total remuneration as reported in Table 16.
3  Performance rights granted in FY 20 were tested in  September 2023 and 100% of the award lapsed. Performance rights granted in  FY21 
are due for testing in  September 2024 . All of Mr  Cooke and  Ms Katsibouba rights lapsed on their termination .
4  The totals for FY2 3 of 1,505,601, 3,408,236 and (20,145) are different to the totals in the FY23 Remuneration Report of 1,850,967, 
4,211,788 and (769,439) respectively as they do not include the FY23  Former  Executive KMP Geoff Hogg and Scott Wharton.

86
THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT
Table 13 shows movements in the variable remuneration of Executive KMP under the LTI (Premium Exercise Priced Options) 
during the period. Details of the number of Options granted, vested or lapsed during the period are also provided as required 
under the Corporations Act and its regulations, including the relevant Australian Accounting Standard principles.
TABLE 13: VARIABLE REMUNERATION UNDER THE LTI  (OPTIONS) FOR THE YEAR ENDED 30 JUNE 2024
Executive
Financial 
Year
Number of 
Premium 
Exercise  
Priced Options 
Granted
Fair Value of 
Premium  
Exercise  
Priced Options 
Granted
Fair Value  
at Grant 
Date
Effective 
Grant Date1
Premium 
Exercised 
Priced Options 
Expiry Date
As a % of total 
remuneration2
Number of 
Premium 
Exercised 
Priced Options 
Lapsed
Current Executive KMP
Neale O'Connell
2024
 –
– 
– 
– 
–
–
 –
Jeannie Mok
2024
–
–
–
–
–
–
–
Scott Saunders
2024
1,162,500
46,500
0.04
24/11/2023
24/11/2027
1%
–
Janelle Campell
2024
 –
– 
– 
– 
–
–
 –
Daniel Finch
2024
–
–
–
–
–
–
–
Former Executive KMP
Robbie Cooke
2024
2,400,000
96,000
0.04
24/11/2023
24/11/2027
0%
(2,204,384)
Christina Katsibouba
2024
1,200,000
48,000
0.04
24/11/2023
24/11/2027
0%
(1,200,000)
Jessica Mellor
2024
900,000
36,000
0.04
24/11/2023
24/11/2027
0%
–
TOTAL FY24
5,662,500
226,500
–
(3,404,384)
1  The Effective Grant Date is the date used to determine the VWAP and commencement of Premium Exercise performance hurdle measurement.
2  Percentage calculation based on accounting LTI expense and total remuneration as reported in Table 16.
5.3 SERVICE AWARDS GRANTED IN FY24
Table 1 4 details the number of service rights granted to Executive KMP in  FY24. 
TABLE 1 4: SERVICE RIGHTS AWARD GRANTED FY24
Executive
Financial 
Year
Number of 
Service Rights 
Granted
Fair Value  
of Service 
Rights  
Granted
Fair Value 
at Grant 
Date
Effective 
Grant Date1
Test  
Date
As a %  
of total 
remuneration2
Number 
Service  Rights 
Vested 
Number  
of Service  
Rights  
Lapsed
Current Executive KMP
Neale O’Connell
2024
 –
– 
– 
– 
–
–
 –
 –
Jeannie Mok
2024
–
–
–
–
–
–
–
–
Scott Saunders
2024
729,602
335,617
0.46
1/07/2023
30/06/2024 
30/06/2025 
30/06/2026
9%
145,920
–
Janelle Campell
2024
1,416,666 
651,666 
0.46
25/01/2024
30/06/2024 
30/06/2025 
30/06/2026
36%
283,333 
– 
Daniel Finch
2024
1,044,642 
480,535 
0.46
19/02/2024
30/06/2024 
30/06/2025 
30/06/2026
25%
208,928 
 –
Former Executive KMP
Robbie Cooke
2024
1,506,276 
692,887 
0.46
1/07/2023
30/06/2024 
30/06/2025 
30/06/2026
 –
–
( 1,506,276) 
Christina 
Katsibouba
2024
753,138 
346,443 
0.46
1/07/2023
30/06/2024 
30/06/2025 
30/06/2026
0%
–
( 753,138) 
Jessica Mellor
2024
564,853 
259,832 
0.46
1/07/2023
30/06/2024 
30/06/2025 
30/06/2026
0%
–
( 564,853) 
TOTAL FY24
 
6,015,177
2,766,980
–
638,181
(2,824,267)
1  The Effective Start Date is 1 July 2023 or the commencement date for new KMP.
2  Percentage calculation based on accounting LTI expense and total remuneration as reported in Table 16.
45

THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT
87
1. Chair and CEO Reports
2. Our People
3. Sustainability Report
4. Financial Performance
5. Key Projects
6. Directors’ Report
7. Financial Report
8. Additional Information
46
06.  EXECUTIVE KMP CONTRACTS  
AND REMUNERATION
Remuneration arrangements for Executive KMP are reviewed annually by the Board. Table  1 5 outlines the remuneration 
arrangements for Executive KMP in FY2 4 and their contracted employment details. 
TABLE  1 5: EXECUTIVE KMP REMUNERATION AND EMPLOYMENT CONTRACTS
CURRENT 
EXECUTIVE KMP 
 
 Neale O’Connell   
 Acting CEO | Interim 
Group Chief Financial 
Officer
 Jeannie Mok 
 Group Chief 
Operating Officer 
(subject to regulatory 
approval)
Scott Saunders 
 Group Chief Risk Officer
 Janelle Campbell   
 Chief Executive 
Officer,  
The Star Sydney
 Daniel Finch  
 Chief Executive 
Officer,  
The Star Brisbane
 
FY2 3
FY2 4
FY2 3
 FY24
FY2 3
FY2 4
FY2 3
FY2 4
FY2 3
 FY24
Fixed remuneration1
 N/A
 $850,000
N/A
 $ 775,000
 $775,000
 $775,000
 N/A
 $850,000
N/A
 $650,000
Short-term  
incentive target
 N/A
 $–
N/A
 $ 465,000
 $465,000
 $465,000
 N/A
 $510,000
N/A
 $390,000
Long-term incentive  
(annual award value)
 N/A
 $–
N/A
 $ 465,000
 $465,000
 $465,000
 N/A
 $510,000
N/A
 $390,000
Total Target  
Annual Reward
 N/A
 $ 850,000
N/A
 $ 1,705,000
 $1,705,000
 $1,705,000
 N/A
 $1,870,000
N/A
 $1,430,000
Short-term incentive 
maximum value
 N/A
 $–
N/A
 $ 697,500
 $697,500
 $ 697,500
 N/A
 $765,000
N/A
 $585,000
Long-term incentive  
maximum value
 N/A
 $–
N/A
 $ 465,000
 $ 465,000
 $465,000
 N/A
 $510,000
N/A
 $390,000
 Additional Items2
 N/A
 $125,000  
per month
N/A
 $–
 N/A
 
 N/A
 $–
N/A
 $–
Non-monetary 
benefits
N/A
N/A
 6 months
N/A
N/A
Notice by the 
Executive
 3 months
 6 months
 6 months
 12 months
 12 months
Notice by the Group
 3 months
 6 months
12 months
 12 months
 12 months
Restraint3
 12 months
12 months
12 months
12 months
12 months
Non solicitation
 12 months
12 months
Open ended
12 months
12 months
Contract duration
 Maximum Term ending 
28 March 2025
Open ended
Open ended
Open ended
FORMER  
EXECUTIVE KMP  
 
 
 Robbie Cooke  
 Group  CEO | MD
 Christina Katsibouba  
Group Chief Financial 
Officer
 Jessica Mellor  
Chief Executive Officer,  
The Star Gold Coast
INCOMING 
EXECUTIVE KMP
 Steve McCann 
 Group  CEO | MD  
(subject to regulatory 
approval )
FY2 3
FY2 4
FY2 3
FY2 4
FY2 3
FY2 4
 
FY2 5
Fixed remuneration1
 $1,600,000  $1,600,000  $800,000
 $800,000
 $520,000
$650,000
Fixed remuneration1
 $ 2,500,000
Short-term  
incentive target
 $960,000
 $960,000
 $480,000
 $480,000
 $260,000
$390,000
Short-term  
incentive target
$ 2,500,000
Long-term incentive  
(annual award value)
 $1,600,000  $1,600,000  $480,000
 $480,000
 $312,000
$390,000
Long-term incentive  
(annual award value)
$ 2,500,000
Total Target  
Annual Reward
 $4,160,000
 $4,160,000  $1,760,000
 $1,760,000  $1,092,000
$1,430,000 Total Target  
Annual Reward
$ 7,500,000
Short-term incentive 
maximum value
 $1,440,000  $1,440,000  $720,000
 $720,000
 $390,000
$585,000
Short-term incentive 
maximum value
$ 2,500,000
Long-term incentive  
maximum value
 $1,600,000  $1,600,000  $480,000
 $480,000
 $312,000
$390,000
Long-term incentive  
maximum value
$ 2,500,000
Additional Items
N/A
N/A
N/A
Additional Items4
$ 2,500,000
Non-monetary 
benefits
N/A
N/A
N/A
Non-monetary 
benefits
 Access to car 
parking and 
accommodation 
at The Star 
Sydney
Notice by the 
Executive
 12 months
 9 months
 12 months
Notice by the 
Executive
 12 months
Notice by the Group
 12months
 9 months
 12months
Notice by the Group
 12 months
Restraint3
12 months
12 months
12 months
Restraint3
12 months
Non solicitation
12 months
12 months
12 months
Non solicitation
12 months
Contract duration
Open ended
Open ended
Open ended
Contract duration
Open ended
  1   The Star Entertainment Group deducts superannuation from the Executives’ fixed remuneration as per the Australian  Taxation Office 
Superannuation Guarantee Cap.
2   Mr O'Connell receives an $125,000 a month payment in addition to his salary to compensate him for not being invited into the  
Company's STI and LTI plans. He also receives a higher duties payment of $40,000 per month for his Acting CEO role, which will cease 
once Mr McCann receives regulatory approval to commence in his role of Group CEO | MD.
 3  Exclusion from being engaged in any business or activity in Australia which competes with or is substantially similar to the business  
of The Star Entertainment Group.
 4  Sign-on cash bonus of $2,500,000 paid on commencement in lieu of participation  in the Company's FY25 Long Term Incentive Plan.

88
THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT
07. STATUTORY EXECUTIVE KMP REMUNERATION 
 Table  1 6 sets out Executive KMP remuneration as required by the Corporations Act and its regulations, including the 
relevant Australian Accounting Standard principles.
TABLE  1 6: STATUTORY EXECUTIVE KMP REMUNERATION
Executive 
Financial 
year
Short-term
Long-term
Post- 
Employment
Charge for share  
based allocations
Termination 
payments6
Total 
remuneration
Performance 
related 
Salary1
$
Other 
amounts 
paid 
$
Non-monetary 
benefits2
 $
Long service  
leave  
$
Superannuation3  
$
Performance 
 rights and 
Premium 
Exercise 
Priced 
Options4  
$
Restricted 
shares5  
$
 Service 
rights7
$
$
%
Current Executive KMP
 Neale 
O'Connell
20 24
 526,775
–
 838
 317
 6,850
 –
–
–
–
 534,780
 0%
20 23
 –
–
–
 –
 –
 –
–
–
–
–
 –
 Jeannie Mok
20 24
 44,268
–
 229
 59
 –
 –
–
–
–
 44,556
 –
 2023
 –
–
–
 –
 –
 –
–
–
–
–
 –
 Scott 
Saunders
20 24
 761,134
 266,666
 4,354
 1,960
 27,399
 46,467
–
116,056
–
 1,224,036
 13%
 2023
 683,249
–
 1,079
 393
 12,646
 11,270
–
–
–
 708,637
 2%
 Janelle 
Campbell
20 24
 386,263
–
 1,871
511
 13,699
 –
–
 225,346
 –
 627,690
 36%
 2023
 –
–
 –
 –
 –
 –
–
–
–
 –
 –
 Daniel Finch 
20 24
 245,914
 250,000
 1,875
330
 13,699
 –
–
 166,169
 –
 677,987
 25%
 2023
–
–
–
–
–
–
–
–
–
–
–
Former Executive KMP
 Robbie 
Cooke
202 4
 1,230,039  1,600,000
 4,123
 (1,511)
 20,549
 (92,252)
 –
 –
 2,186,688
 4,947,636
-2%
202 3
 1,204,298
 –
 3,478
 1,511
 18,969
 92,252
 –
 –
–
 1,320,508
 7%
 Christina 
 Katsibouba
202 4
 572,030
–
 6,354
 (73,922)
 20,549
 (71,239)
–
–
 752,454
1,206,226
 -6%
202 3
 816,665
–
 3,861
 15,276
 25,292
 18,202
–
–
–
 879,296
 2%
 Jessica 
Mellor
202 4
 357,265
–
 5,682
 (13,095)
 18,597
 (70,509)
 –
 –
 885,263
 1,183,20 3
 -6%
202 3
 –
–
 –
 –
 –
 –
 –
 –
 –
 –
 –
TOTAL FY 24
 4,123,688
 2,116,666
 25,326
 (85,351)
 121,342
 (187,533)
 –
 507,571
 3,824,405
 10,446,114
–
TOTAL FY 2 38
 2,704,212
 –
 8,418
 17,180
 56,907
 121,724
 –
 –
–
 2,908,441
–
1  Comprises salary, salary sacrificed benefits (including motor vehicle novated leases) and annual leave expense. 
2  Comprises car parking, accommodation, airfares and travel costs where applicable. These amounts are non-contractual.
3  Comprises superannuation contributions per Superannuation Guarantee legislation and salary sacrificed superannuation.
4  Represents the fair value of share based payments expensed / (credited) by The Star Entertainment Group in relation to LTI awards.  
 Credits in FY24 are due to the forfeitures of rights on termination.
5   Represents the fair value of share based payments expensed by The Star Entertainment Group in relation to STI awards. The expense  
is recognised over a 26 month holding lock period. 
6   Termination payments include salary, annual leave, long service leave and other on costs expected to be incurred between the 
executiveʼs resignation date and expected termination date. The termination expense for  Robbie Cooke includes payment in lieu of his 
contractual notice period.
7  Service rights  are new for FY24 and vests in 3 tranches. Holding lock period is 12 months after the vesting date.
8  The total for FY23 of  2,908,441 is different to the total in the FY2 3 Remuneration Report of  4,570,866 as it does not include Former 
executive KMPs Geoff Hogg (924,994) and Scott Wharton (737,431).
  08.  NED REMUNERATION
 8.1 REMUNERATION POLICY FOR NEDS
–   NEDs (excluding the Chairman) receive a Board fee and a Committee fee for their participation as Chair or member 
of each Committee. 
–   The Chairman receives an all-inclusive fee as Chairman of the Board and as an ex-officio member of all Board 
Committees. 
–   NEDs do not receive any performance or incentive payments and are not eligible to participate in any of the 
Group’s  remuneration programs. This policy aligns with the principle that NEDs act independently and impartially.
–   Board fees are not paid to the  Group  CEO | MD . Executive KMPs do not receive fees for directorships of any subsidiaries.
–  NEDs do not receive fees for participation  on the Nominations Committee or any of the Company's other subsidiary 
Boards.
47

THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT
89
1. Chair and CEO Reports
2. Our People
3. Sustainability Report
4. Financial Performance
5. Key Projects
6. Directors’ Report
7. Financial Report
8. Additional Information
48
8.2 FY24 NED FEES
The aggregate fees payable to NEDs for their services as directors are limited to the maximum annual amount approved 
by shareholders, currently set at $2,500,000 including superannuation contributions. 
There was no change  to Committee fees in  FY 24  and there will be no changes to NED or Committee fees for FY 25.
Table  1 7 sets out the annual Board and Committee fee structure for FY 24.
TABLE  1 7: ANNUAL NED FEES (INCLUSIVE OF SUPERANNUATION)
Board 
Audit
Risk & 
Compliance
Culture, 
People & 
Remuneration
Safer Gaming, 
Governance 
and Ethics
Compliance 
Committees1
Chair
$501,458
$35,000
$35,000
$35,000
$35,000
$35,000
Member
$168,912
$17,500
$17,500
$17,500
$17,500
$17,500
1  Compliance Committees are standing committees of The Star Entertainment Group Limited Board which have been established for 
each of The Star Pty Limited (effective 30 March 2023), The Star Entertainment QLD Limited and The Star Entertainment QLD Custodian 
Pty Limited (both effective 1 April 2023). The Compliance Committees provide independent oversight of the respective subsidiary’s 
compliance with its obligations under regulatory statues applicable to the operation of a casino in New South Wales and Queensland 
respectively, both Commonwealth and State.
 Individuals invited to join the Board prior to receipt of all required regulatory approvals are not immediately appointed as 
NEDs. They are observers until such time as they are appointed to the Board (“Board Observers”). Board Observers receive 
the equivalent of directors’ fees and committee fees as determined by the  Board.
 Table  1 8 sets out total remuneration received by each NED.
TABLE  1 8: NED REMUNERATIO N1 
NED
Financial  
year
Board and 
Committee Fees 
$2
Executive  
Salary  
$
Superannuation3 
 
$
Total 
 
$
Current Non-Executive Directors
Anne Ward4
2024
301,870
–
24,607
326,477
2023
126,710
–
13,305
140,015
Deborah Page AM
2024
215,236
–
23,676
238,912
2023
62,200
–
6,531
68,731
Michael Issenberg
2024
215,236
–
23,676
238,912
2023
203,883
–
22,519
226,402
Toni Thornton
2024
152,459
–
16,770
169,229
2023
–
–
–
–
Peter Hodgson
2024
60,990
–
6,709
67,699
2023
–
–
–
–
Former Non-Executive Directors
David Foster5
2024
463,612
121,429
27,399
612,440
2023
172,524
–
12,816
185,340
TOTAL FY24
2024
1,409,403
121,429
122,837
1,653,669
TOTAL FY236
2023
565,317
55,171
620,488
1    The Group agrees to indemnify directors and officers against any liabilities incurred in the course of their duties
2   Fees paid to Directors from the time they receive regulatory approval. Observer fees are not included. 
3  Comprises superannuation contributions per Superannuation Guarantee legislation and salary sacrificed superannuation.
 4   From her appointment to Chairman on April 29 2024,  Ms Ward was given an increased duties fee of $20,000 per month to assume 
additional responsibilities until Steve McCann receives all necessary regulatory approvals. 
 5  Upon the resignation of Group CEO | MD Robbie Cooke on  22 March 2024, David Foster assumed the role of Executive Chairman until 
Anne Ward was appointed Chairman on 29 April 2024. Mr Foster remained with the Company as  Executive Director until his employment 
ceased on 21 June 2024 .
6  Total for FY23 of 620,488 is different to the total in the FY23 Remuneration report of 1,268,314  as it does not  include FY23 former  
non-executive directors Gerard Bradley (73,804), Katie Lahey AM (110,706), Richard Sheppard ( 87,223) and Ben Heap (376,093).

90
THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT
8.3 MINIMUM SHAREHOLDING POLICY FOR NEDS
To support the alignment of the interests of the Board and executives with the interests of shareholders, the Group has  a 
minimum shareholding policy in place. NEDs are required to progressively acquire shares over a three year period from 
the date of commencement of their unconditional appointment . NEDs are to hold shares of equal value to their respective 
annual base fee applicable at the time of their unconditional appointment. Direct and indirect holdings will count towards 
the minimum shareholding target. 
All NEDs are on track to meet their minimum shareholding requirements in the required timeframes. 
TABLE  1 9: SHARES HELD BY NEDS AT 30 JUNE 202 4
Name
Balance at  
start of the year1
Number 
acquired
Number  
divested
Balance at the  
end of the year2
Current Non-Executive Directors
Anne Ward
–
100,000
–
100,000
Deborah Page AM
35,500
21,516
–
57,016
Michael Issenberg
20,000
12,122
–
32,122
Toni Thornton
–
170,000
–
170,000
Peter Hodgson
–
95,000
–
95,000
Former Non-Executive Directors
David Foster
13,948
76,152
–
90,100
Total ordinary shares
69,448
474,790
–
544,238
1  For NEDs who commenced their role during the year, the balance disclosed is from the date they commenced as a NED.
2 For NEDs who ceased their role during the year, the balance disclosed is to the date they ceased as a NED. 
 09. OTHER INFORMATION 
9.1. LOANS AND OTHER TRANSACTIONS WITH KMP
There have been no loans or other transactions with KMP during the year.
49

FINANCIAL REPORT
FOR THE YEAR ENDED 30 JUNE 2024
THE STAR ENTERTAINMENT GROUP LIMITED
ACN 149 629 023 
ASX Code: SGR 
and its controlled entities
THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT
91
1. Chair and CEO Reports
2. Our People
3. Sustainability Report
4. Financial Performance
5. Key Projects
6. Directors’ Report
7. Financial Report
8. Additional Information
THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT
91

92
THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT
CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024
Note
2024
$m
2023
$m
Revenue
A2
1,677.8
1,867.5
Other income
A3
2.7
1.0
Government taxes and levies
A3
(412.1)
(456.1)
Employment costs
A3
(723.6)
(737.0)
Depreciation, amortisation and impairment
A4
(1,559.2)
(2,363.1)
Cost of sales
(86.3)
(95.5)
Property costs
(72.6)
(72.2)
Advertising and promotions
(49.5)
(68.8)
Regulatory and legal costs
B7
(100.0)
(594.8)
Other expenses
(169.6)
(139.4)
Share of net profit of associate and joint venture entities accounted for
using the equity method
D5
19.7
5.4
Loss before interest and income tax (LBIT)
(1,472.7)
(2,653.0)
Net finance costs
A5
(59.0)
(110.0)
Loss before income tax (LBT)
(1,531.7)
(2,763.0)
Income tax (expense)/benefit
F2
(152.9)
327.8
Net loss after tax (NLAT)
(1,684.6)
(2,435.2)
Other comprehensive income/(loss)
Items that may be reclassified subsequently to profit or loss
Change in fair value of cash flow hedges taken to equity, net of tax
F1
5.8
(6.5)
Total comprehensive loss for the period
(1,678.8)
(2,441.7)
Loss per share:
Basic loss per share
F3
(66.8) cents
(211.7) cents
Diluted loss per share
F3
(66.8) cents
(211.7) cents
The above consolidated income statement should be read in conjunction with the accompanying notes.
50

THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT
93
1. Chair and CEO Reports
2. Our People
3. Sustainability Report
4. Financial Performance
5. Key Projects
6. Directors’ Report
7. Financial Report
8. Additional Information
51
CONSOLIDATED BALANCE SHEET
FOR THE YEAR ENDED 30 JUNE 2024
Note
2024
$m
2023
$m
ASSETS
Cash and cash equivalents
B1
299.6
88.7
Trade and other receivables
B2
31.5
20.8
Inventories
13.6
14.9
Income tax receivable
F2
56.0
30.8
Derivative financial instruments
B3
-
2.6
Other assets
F4
87.4
93.7
Total current assets
488.1
251.5
Property, plant and equipment
B4
1,157.4
1,752.3
Intangible assets
B5
72.6
332.8
Derivative financial instruments
B3
-
37.4
Investment in associate and joint venture entities
D5
161.7
669.2
Deferred tax assets
F2
-
190.4
Other assets
F4
18.0
26.7
Total non current assets
1,409.7
3,008.8
TOTAL ASSETS
1,897.8
3,260.3
LIABILITIES
Trade and other payables
F5
180.4
184.9
Interest bearing liabilities
B8
6.1
6.0
Provisions
B7
490.2
505.7
Derivative financial instruments
B3
-
3.8
Other liabilities
F6
75.2
18.6
Total current liabilities
751.9
719.0
Interest bearing liabilities
B8
295.7
751.2
Provisions
B7
8.1
8.0
Other liabilities
F6
8.8
11.1
Total non current liabilities
312.6
770.3
TOTAL LIABILITIES
1,064.5
1,489.3
NET ASSETS
833.3
1,771.0
EQUITY
Share capital
F7
4,695.7
3,955.6
Accumulated losses
(3,872.0)
(2,187.4)
Reserves
F7
9.6
2.8
TOTAL EQUITY
833.3
1,771.0
The above consolidated balance sheet should be read in conjunction with the accompanying notes.

94
THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024
Note
2024
$m
2023
$m
Cash flows from operating activities
Net cash receipts from customers (inclusive of GST)
1,768.0
1,986.6
Payments to suppliers and employees (inclusive of GST)
(1,208.8)
(1,277.5)
Payment of government levies, gaming taxes and GST
(413.2)
(461.7)
Interest received
9.0
0.8
Income taxes received/(paid)
F2
14.6
(20.0)
Regulatory, fines, penalties, duty, consultant, legal and other costs
(123.6)
(184.4)
Net cash inflow from operating activities
F8
46.0
43.8
Cash flows from investing activities
Payments for property, plant, equipment and intangibles
(76.3)
(135.3)
Proceeds from sale of plant and equipment
0.3
0.5
Loans from joint venture entities
55.9
-
Payments for investment in associate and joint venture entities
(75.2)
(19.5)
Loans to joint venture entities
(22.7)
(6.3)
Distributions received from joint venture entities
8.9
25.4
Repayments of loans from joint venture entities
14.3
-
Net cash outflow from investing activities
(94.8)
(135.2)
Cash flows from financing activities
Proceeds from interest bearing liabilities
E2
318.0
228.0
Repayment of interest bearing liabilities
E2
(752.2)
(831.1)
Proceeds from settlement of derivative financial instruments
E2
49.7
20.5
Finance costs
(82.4)
(81.8)
Purchase of treasury shares
F7
-
(6.4)
Proceeds from issue of shares
F7
734.5
778.5
Interest payment of lease liabilities
E2
(2.9)
(3.1)
Principal payment of lease liabilities
E2
(5.0)
(6.5)
Net cash inflow from financing activities
259.7
98.1
Net increase in cash and cash equivalents
210.9
6.7
Cash and cash equivalents at beginning of the year
88.7
82.0
Cash and cash equivalents at end of the year
B1
299.6
88.7
The above consolidated statement of cash flows should be read in conjunction with the accompanying notes.
52

THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT
95
1. Chair and CEO Reports
2. Our People
3. Sustainability Report
4. Financial Performance
5. Key Projects
6. Directors’ Report
7. Financial Report
8. Additional Information
53
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
Note
Ordinary
shares
$m
Treasury
shares
$m
Retained
earnings
$m
Hedging
reserve
$m
Cost of
hedging
reserve
$m
Share based
payment
reserve
$m
Total
$m
2024
Balance at 1 July 2023
3,962.9
(7.3)
(2,187.4)
(8.2)
2.4
8.6
1,771.0
Loss for the year
-
-
(1,684.6)
-
-
-
(1,684.6)
Other comprehensive income
F1
-
-
-
8.2
(2.4)
-
5.8
Total comprehensive loss
-
-
(1,684.6)
8.2
(2.4)
-
(1,678.8)
Issue of share capital (net of tax)
F7
739.2
-
-
-
-
-
739.2
Shares issued to settle employee share programs
F7
-
0.9
-
-
-
-
0.9
Employee share based payments
F9
-
-
-
-
-
1.0
1.0
Balance at 30 June 2024
4,702.1
(6.4)
(3,872.0)
-
-
9.6
833.3
2023
Balance at 1 July 2022
3,177.9
(6.9)
247.8
(1.9)
2.6
10.8
3,430.3
Loss for the year
-
-
(2,435.2)
-
-
-
(2,435.2)
Other comprehensive income
F1
-
-
-
(6.3)
(0.2)
-
(6.5)
Total comprehensive loss
-
-
(2,435.2)
(6.3)
(0.2)
-
(2,441.7)
Issue of share capital (net of tax)
F7
785.0
-
-
-
-
-
785.0
Shares purchased for future employee share programs
F7
-
(6.4)
-
-
-
-
(6.4)
Shares issued to settle employee share programs
F7
-
6.0
-
-
-
-
6.0
Employee share based payments
F9
-
-
-
-
-
(2.2)
(2.2)
Balance at 30 June 2023
3,962.9
(7.3)
(2,187.4)
(8.2)
2.4
8.6
1,771.0
The above consolidated statement of changes in equity should be read in conjunction with the accompanying notes.

96
THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
Refer to the Operating and Financial Review (OFR) within the Directors' Report for details of the key transactions during the year.
CONTENTS
A KEY INCOME STATEMENT DISCLOSURES
A1 SEGMENT INFORMATION...............................................................................................................................................................55
A2 REVENUE........................................................................................................................................................................................56
A3 OTHER INCOME AND EXPENSES...................................................................................................................................................56
A4 DEPRECIATION, AMORTISATION AND IMPAIRMENT.....................................................................................................................57
A5 NET FINANCE COSTS......................................................................................................................................................................57
A6 DIVIDENDS......................................................................................................................................................................................58
A7 SIGNIFICANT ITEMS........................................................................................................................................................................58
A8 LEASES............................................................................................................................................................................................58
B KEY BALANCE SHEET DISCLOSURES
B1 CASH AND CASH EQUIVALENTS.....................................................................................................................................................59
B2 TRADE AND OTHER RECEIVABLES................................................................................................................................................59
B3 DERIVATIVE FINANCIAL INSTRUMENTS........................................................................................................................................60
B4 PROPERTY, PLANT AND EQUIPMENT............................................................................................................................................61
B5 INTANGIBLE ASSETS......................................................................................................................................................................63
B6 IMPAIRMENT TESTING AND GOODWILL.......................................................................................................................................64
B7 PROVISIONS, CONTINGENT LIABILITIES AND REGULATORY MATTERS.......................................................................................66
B8 INTEREST BEARING LIABILITIES....................................................................................................................................................70
C COMMITMENTS AND SUBSEQUENT EVENTS
C1 COMMITMENTS..............................................................................................................................................................................72
C2 SUBSEQUENT EVENTS...................................................................................................................................................................72
D GROUP STRUCTURES
D1 RELATED PARTY DISCLOSURES....................................................................................................................................................74
D2 PARENT ENTITY DISCLOSURES.....................................................................................................................................................76
D3 DEED OF CROSS GUARANTEE.......................................................................................................................................................78
D4 KEY MANAGEMENT PERSONNEL DISCLOSURES.........................................................................................................................79
D5 INVESTMENT IN ASSOCIATE AND JOINT VENTURE ENTITIES.......................................................................................................80
E RISK MANAGEMENT
E1 FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES......................................................................................................84
E2 ADDITIONAL FINANCIAL INSTRUMENTS DISCLOSURES...............................................................................................................88
F OTHER DISCLOSURES
F1 OTHER COMPREHENSIVE INCOME................................................................................................................................................90
F2 INCOME TAX....................................................................................................................................................................................90
F3 LOSS PER SHARE...........................................................................................................................................................................93
F4 OTHER ASSETS...............................................................................................................................................................................93
F5 TRADE AND OTHER PAYABLES......................................................................................................................................................94
F6 OTHER LIABILITIES.........................................................................................................................................................................94
F7 SHARE CAPITAL AND RESERVES...................................................................................................................................................94
F8 RECONCILIATION OF NET PROFIT AFTER TAX TO NET CASH INFLOWS FROM OPERATIONS......................................................96
F9 EMPLOYEE SHARE PLANS..............................................................................................................................................................97
F10 AUDITOR'S REMUNERATION........................................................................................................................................................98
G ACCOUNTING POLICIES AND CORPORATE INFORMATION.....................................................................................................99
54

THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT
97
1. Chair and CEO Reports
2. Our People
3. Sustainability Report
4. Financial Performance
5. Key Projects
6. Directors’ Report
7. Financial Report
8. Additional Information
55
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
A
KEY INCOME STATEMENT DISCLOSURES
A1 SEGMENT INFORMATION
The Group's operating segments have been determined based on the internal management reporting structure and the
nature of products and services provided by the Group. They reflect the business level at which financial information is
provided to those in the roles of executive decision makers, being the Acting Chief Executive Officer and the Interim Chief
Financial Officer, for decision making regarding resource allocation and performance assessment.
The Group has three reportable segments:
Sydney
Comprises The Star Sydney's casino operations, including hotels, restaurants, bars and other entertainment
facilities.
Gold Coast
Comprises The Star Gold Coast's casino operations, including hotels, theatre, restaurants, bars and other
entertainment facilities.
Brisbane
Comprises Treasury Brisbane's casino operations, including hotel, restaurants and bars.
2024
Sydney
$m
Gold Coast
$m
Brisbane
$m
Total
$m
Gross revenues - domestic
877.5
456.1
344.2
1,677.8
Segment revenue
877.5
456.1
344.2
1,677.8
Segment 
earnings 
before 
interest, 
tax,
depreciation, amortisation and significant items
51.8
71.3
51.6
174.7
Depreciation and amortisation (refer to note A4)
64.2
36.2
20.2
120.6
Capital expenditure
41.6
24.6
10.1
76.3
2023
Gross revenues - domestic a
984.0
508.9
374.6
1,867.5
Segment revenue
984.0
508.9
374.6
1,867.5
Segment earnings before interest, tax, depreciation,
amortisation and significant items
127.2
107.0
83.2
317.4
Depreciation and amortisation (refer to note A4) 
109.0
60.6
25.7
195.3
Capital expenditure
85.4
37.6
12.9
135.9
a
Total gross revenue is presented as the gross gaming win before player rebates and promotional allowances of nil (2023: nil). 
2024
$m
2023
$m
Reconciliation of reportable segment profit to profit before income tax
Segment earnings before interest, tax, depreciation, amortisation and significant
items 
174.7
317.4
Depreciation and amortisation (refer to note A4)
(120.6)
(195.3)
Significant items (refer to note A7)
(1,547.3)
(2,824.8)
Unallocated items:
- net finance costs a (refer to note A5)
(35.3)
(56.5)
- share of net loss of associate and joint venture entities accounted for using
the equity method a (refer to note D5)
(3.2)
(3.8)
Loss before income tax (LBT)
(1,531.7)
(2,763.0)
a  These items are before significant items (refer to note A7).

98
THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
A2 REVENUE
2024
$m
2023
$m
Gaming
1,111.2
1,260.0
Non-gaming
554.7
596.2
Other
11.9
11.3
Total revenue
1,677.8
1,867.5
Revenue
Revenue is recognised when the Group satisfies its obligations in relation to the provision of goods and services to its
customers in the ordinary course of business. Revenue is measured at an amount that reflects the consideration to which
the Group expects to be entitled in exchange for performing these obligations, including any discounts, rebates, price
concessions, incentives or performance bonuses. Revenue is constrained such that the significant reversal of revenue in a
future period is not highly probable. Revenue comprises net gaming win, less player and gaming promoter rebates and
promotional allowances, as well as other non-gaming revenue from hotels, restaurants and bars.
Customer loyalty programs
The Group operates customer loyalty programs enabling customers to accumulate award credits for on-property spend. A
portion of the spend, equal to the fair value of the award credits earned and reduced for expected breakage, is treated as
deferred revenue (refer to note F6). Revenue from the award credits is recognised in the income statement when the award
is redeemed or expires. The standalone selling price of complimentary services (including hotel room nights, food and
beverage, and other services) that are provided to casino guests as incentives related to gaming play are recorded as
revenues related to the respective goods or services, as they are provided to the patron. The residual amount is recorded as
gaming revenue.
A3 OTHER INCOME AND EXPENSES
Loss before income tax is stated after charging the following expenses and significant items:
2024
$m
2023
$m
Other income
Gain on disposal of assets
0.9
0.8
   Net foreign exchange gain
0.4
0.2
Other
1.4
-
2.7
1.0
Government taxes and levies (including gaming GST):
New South Wales
247.2
271.3
Queensland
164.9
184.8
412.1
456.1
Employment costs:
   Salaries, wages, bonuses, redundancies and other benefits
663.3
677.1
Defined contribution plan expense (superannuation guarantee charges)
58.7
57.3
Share based payment expense (refer to note F9)
1.6
2.6
723.6
737.0
56

THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT
99
1. Chair and CEO Reports
2. Our People
3. Sustainability Report
4. Financial Performance
5. Key Projects
6. Directors’ Report
7. Financial Report
8. Additional Information
57
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
A4 DEPRECIATION, AMORTISATION AND IMPAIRMENT
2024
$m
2023
$m
Property, plant and equipment (refer to note B4)
101.6
161.0
Intangible assets  (refer to note B5)
18.1
33.3
Other
0.9
1.0
Total depreciation and amortisation
120.6
195.3
Impairment - Property, plant and equipment (refer to note B6)
539.0
817.9
Impairment - Goodwill (refer to note B6)
128.8
1,150.9
Impairment - Intangible assets (refer to note B6)
143.2
184.3
Impairment - Investment in associates (refer to note B6)
602.2
-
Impairment - Other non-current assets (refer to note B6)
16.9
14.7
Impairment - Other
8.5
-
Total impairment (refer to note A7)
1,438.6
2,167.8
Total depreciation, amortisation and impairment
1,559.2
2,363.1
Depreciation is calculated using a straight line method. The useful lives over which the assets are depreciated are as follows
(for further details of the useful lives of intangible assets refer to note B5):
Freehold and leasehold buildings
10 - 95 years
Leasehold improvements
4 - 75 years
Plant and equipment
5 - 20 years
Software
3 - 10 years
Licences
Until expiry
Operating equipment (which includes uniforms, casino chips, kitchen utensils, crockery, cutlery and linen) is recognised as a
depreciation expense based on usage. The period of usage depends on the nature of the operating equipment.
Right of use assets, which includes plant, equipment and property, is depreciated on a straight line basis over the shorter of
its estimated useful life and the lease term. The Group's lease portfolio includes assets with lease terms between 1 and 75
years. The residual values and useful lives are reviewed annually, and adjusted if appropriate, at each financial reporting
date.
A5 NET FINANCE COSTS
2024
$m
2023
$m
Interest paid on borrowings
25.5
43.4
Borrowing costs
15.8
18.3
Debt modification
-
30.0
Derivative settlement costs and debt termination fees
23.7
15.6
Fair value hedging adjustment
-
0.4
Interest income
(9.0)
(0.8)
Leases interest
3.0
3.1
Net finance costs recognised in the income statement a
59.0
110.0
a
Net finance costs include the following significant items (refer to note A7): $23.7 million of derivative settlement costs and debt
termination fees. In the pcp, net finance costs included $30.0 million of debt modifications, $15.6 million of derivative settlement costs
(comprising $8.1 million released from fair value adjustments held against debt, $6.7 million released from cash flow hedge reserves
and $0.8 million transaction costs) and $7.9 million of borrowing amendment fees. 

100 THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
A6 DIVIDENDS
No dividends were declared or paid.
2024
$m
2023
$m
Franking credit balance
Amount of franking credits available to shareholders
97.6
111.8
A7 SIGNIFICANT ITEMS
Loss before income tax (LBT) is stated after charging the following significant items:
2024
$m
2023
$m
Impairment a
1,438.6
2,167.8
Regulatory, fines, penalties, duty, consultant, legal and other costs b
100.0
594.8
Debt refinancing costs c
23.7
53.5
Redundancy and employment costs d
7.9
16.1
Accounting for software change e
-
1.8
Profit on sale of assets f
(22.9)
(9.2)
Net significant items
1,547.3
2,824.8
Tax on significant items g
149.2
(348.3)
Significant items net of tax
1,696.5
2,476.5
a
Impairment of goodwill, property, plant & equipment, intangibles and other current and non-current assets (refer to note B6).
b
Regulatory, fines, penalties, underpaid casino duty, consultant, legal, Manager, Special Manager and other costs.
c
Derivative settlement costs and debt termination fees. In the pcp, also included debt modifications.
d
Reorganisation and cessation of employment costs.
e
Software-as-a-Service (SaaS) arrangement project implementation costs. Major projects include the implementation of new payroll
and customer management Salesforce systems.
f
Equity accounted share of Destination Gold Coast Investment’s profit relating to the sale of Sheraton Grand Mirage Resort. In the
pcp, equity accounted share of Destination Gold Coast Consortium’s profit relating to the sale of Tower 1 residential units and
Destination Sydney Consortium’s profit on the NSW Government’s compulsory acquisition of its Pyrmont property.
g
Includes tax benefit of $415.0 million on significant items listed above offset by a $564.2 million deferred tax expense in relation to
the derecognition of deferred tax assets. In the pcp, comprises the tax benefit on significant items only. 
Significant items are determined by management based on their nature and size. They are items of income or expense which
are, either individually or in aggregate, material to the Group or to the relevant business segment and: 

not in the ordinary course of business (for example, the cost of significant reorganisation or restructuring); or

part of the ordinary activities of the business but unusual due to their size and nature (for example, impairment of
assets).
A8 LEASES
The following amounts relating to AASB16 leases are recognised in the income statement:
2024
$m
2023
$m
Depreciation expense of right-of-use assets (refer to note B4)
2.9
5.7
Interest expense on lease liabilities (refer to note A5)
3.0
3.1
Total
5.9
8.8
58

THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT
101
1. Chair and CEO Reports
2. Our People
3. Sustainability Report
4. Financial Performance
5. Key Projects
6. Directors’ Report
7. Financial Report
8. Additional Information
59
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
B
KEY BALANCE SHEET DISCLOSURES
ASSETS
B1 CASH AND CASH EQUIVALENTS
2024
$m
2023
$m
Cash on hand
70.5
69.5
Cash at bank
16.5
9.7
Short term deposits - unrestricted
182.5
9.5
Short term deposits - restricted
30.1
-
299.6
88.7
B2 TRADE AND OTHER RECEIVABLES
Trade receivables
48.5
37.7
Less provision for impairment
(32.9)
(33.0)
Net trade receivables
15.6
4.7
Other receivables
15.9
16.1
31.5
20.8
(i) PROVISION FOR IMPAIRMENT RECONCILIATION
Balance at beginning of year
(33.0)
(37.0)
Impairment of trade receivables a
(0.4)
(1.0)
Less amounts written off as uncollectible
0.5
5.0
(32.9)
(33.0)
a
These amounts are included in other expenses in the income statement.
Trade receivables are non-interest bearing and are generally on 30 day terms.
(ii) AGEING OF TRADE AND OTHER RECEIVABLES
Trade receivables
0 - 30 days
$m
30 days - 1
year
$m
1 - 3 years
$m
3 years +
$m
Total
$m
2024
Not yet due
15.6
-
-
-
15.6
Past due not impaired
-
-
-
-
-
Considered impaired
-
-
2.3
30.6
32.9
15.6
-
2.3
30.6
48.5
2023
Not yet due
4.7
-
-
-
4.7
Past due not impaired
-
-
-
-
-
Considered impaired
-
-
2.4
30.6
33.0
4.7
-
2.4
30.6
37.7

102
THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
OTHER RECEIVABLES
Other receivables are not past due or considered impaired. It is expected that these balances will be received as they fall
due.
Impairment of trade receivables
The Group impairment analysis is performed at each reporting date to measure expected credit losses. The provision reflects
the probability-weighted outcome of reasonable and supportable information that is available at the reporting date about
past events, current conditions and forecasts of future economic conditions.
Debtor balances have been individually assessed based on criteria, including: patron's financial circumstances; payment
history; relationship with the Group; international gambling activity; and whether a legal claim has commenced to collect the
balance. 
B3 DERIVATIVE FINANCIAL INSTRUMENTS
2024
$m
2023
$m
Current assets
Interest rate swaps
-
2.6
-
2.6
Non current assets
Cross currency swaps
-
36.5
Interest rate swaps
-
0.9
-
37.4
Current liabilities
Cross currency swaps
-
3.8
-
3.8
Net financial assets
-
36.2
All derivatives were closed in October 2023 in conjunction with the repayment of existing bank loans and prepayment
and termination of the USPP notes. 
Valuation of derivatives and other financial instruments
The valuation of derivatives and financial instruments is based on market conditions at the balance sheet date. The value of
the instrument fluctuates on a daily basis and the actual amounts realised may differ materially from their value at the
balance sheet date.
Refer to note E2 for additional financial instruments disclosure.
60

THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT 103
1. Chair and CEO Reports
2. Our People
3. Sustainability Report
4. Financial Performance
5. Key Projects
6. Directors’ Report
7. Financial Report
8. Additional Information
61
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
B4 PROPERTY, PLANT AND EQUIPMENT
Note
Freehold
land
$m
Freehold and
leasehold
buildings
$m
Leasehold
improvements
$m
Plant and
equipment
$m
Right of
use asset
$m
Total
$m
2024
Cost
Opening balance at beginning of the
year
74.1
2,760.9
302.2
1,205.8
58.4
4,401.4
Additions
-
18.7
-
27.3
1.6
47.6
Disposals / write offs
-
(16.5)
-
(35.3)
(3.6)
(55.4)
Reclassification / transfer
-
(21.3)
(0.5)
22.6
-
0.8
Non-current asset held for sale
(1.5)
(0.4)
(0.1)
-
-
(2.0)
Closing balance at end of the year a
72.6
2,741.4
301.6
1,220.4
56.4
4,392.4
Accumulated depreciation
Opening balance at beginning of the
year
-
1,405.5
154.7
1,052.2
36.7
2,649.1
Depreciation expense
A4
-
35.9
8.7
54.1
2.9
101.6
Disposals / transfers
-
(16.5)
-
(34.8)
(3.4)
(54.7)
Impairments
A4
-
443.5
25.5
59.1
10.9
539.0
Closing balance at end of the year
-
1,868.4
188.9
1,130.6
47.1
3,235.0
Carrying Amount
Opening balance at beginning of the
year
74.1
1,355.4
147.5
153.6
21.7
1,752.3
Closing balance at end of the year
72.6
873.0
112.7
89.8
9.3
1,157.4
2023
Cost
Opening balance at beginning of the
year
74.1
2,722.1
301.2
1,188.5
58.8
4,344.7
Additions
-
61.3
0.3
35.3
-
96.9
Disposals / write offs
-
(11.1)
-
(28.7)
(0.4)
(40.2)
Reclassification / transfer
-
(11.4)
0.7
10.7
-
-
Closing balance at end of the year a
74.1
2,760.9
302.2
1,205.8
58.4
4,401.4
Accumulated depreciation
Opening balance at beginning of the
year
-
638.9
141.3
910.8
18.2
1,709.2
Depreciation expense
A4
-
67.7
9.7
77.9
5.7
161.0
Disposals / transfers
-
(9.3)
-
(29.0)
(0.7)
(39.0)
Impairments
A4
-
708.2
3.7
92.5
13.5
817.9
Closing balance at end of the year
-
1,405.5
154.7
1,052.2
36.7
2,649.1
Carrying Amount
Opening balance at beginning of the
year
74.1
2,083.2
159.9
277.7
40.6
2,635.5
Closing balance at end of the year
74.1
1,355.4
147.5
153.6
21.7
1,752.3

104
THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
2024
$m
2023
$m
a    Includes capital works in progress of:
 Buildings - at cost
11.2
13.8
        Plant and equipment - at cost
7.3
4.8
        Total capital works in progress
18.5
18.6
For details on capital activities refer to section 2.4 of the Directors' Report. 
Property, plant and equipment is comprised of the following assets:

Freehold land - Gold Coast property;

Freehold and leasehold buildings - Brisbane, Gold Coast and Sydney properties;

Leasehold improvements - Brisbane and Sydney properties;

Plant and equipment - operational and other equipment: and

Right-of-Use assets - Property and other equipment.
Asset useful lives and residual values
For the accounting policy on depreciation and useful lives of property, plant and equipment refer to note A4. 
Impairment
Refer to note B6 for details of the accounting policy and key assumptions included in the impairment calculation. 
62

THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT 105
1. Chair and CEO Reports
2. Our People
3. Sustainability Report
4. Financial Performance
5. Key Projects
6. Directors’ Report
7. Financial Report
8. Additional Information
63
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
B5 INTANGIBLE ASSETS
Note
Goodwill
$m
Sydney and
Brisbane
casino
licences
$m
Sydney casino
concessions
$m
Software a 
$m
Other
$m
Total
$m
2024
Cost
Opening balance at beginning of the year
1,442.2
294.7
100.0
357.9
20.1
2,214.9
Additions
-
-
-
30.3
0.1
30.4
Disposals / write offs
-
-
-
(14.3)
-
(14.3)
Reclassification / transfer
-
-
-
(0.8)
-
(0.8)
Closing balance at end of the year
1,442.2
294.7
100.0
373.1
20.2
2,230.2
Accumulated amortisation
Opening balance at beginning of the year
1,313.4
185.0
69.8
301.8
12.1
1,882.1
Amortisation expense
A4
-
1.8
0.4
15.6
0.3
18.1
Disposals
-
-
-
(14.6)
-
(14.6)
Impairments
A4
128.8
73.4
17.0
50.2
2.6
272.0
Closing balance at end of the year
1,442.2
260.2
87.2
353.0
15.0
2,157.6
Carrying Amount
Opening balance at beginning of the year
128.8
109.7
30.2
56.1
8.0
332.8
Closing balance at end of the year
-
34.5
12.8
20.1
5.2
72.6
2023
Cost
Opening balance at beginning of the year
1,442.2
294.7
100.0
319.2
20.1
2,176.2
Additions
-
-
-
39.1
-
39.1
Disposals
-
-
-
(0.4)
-
(0.4)
Closing balance at end of the year
1,442.2
294.7
100.0
357.9
20.1
2,214.9
Accumulated amortisation
Opening balance at beginning of the year
162.5
81.8
32.3
230.5
7.1
514.2
Amortisation expense
A4
-
3.1
0.9
28.9
0.4
33.3
Disposals
-
-
-
(0.6)
-
(0.6)
Impairments
A4
1,150.9
100.1
36.6
43.0
4.6
1,335.2
Closing balance at end of the year
1,313.4
185.0
69.8
301.8
12.1
1,882.1
Carrying Amount
Opening balance at beginning of the year
1,279.7
212.9
67.7
88.7
13.0
1,662.0
Closing balance at end of the year
128.8
109.7
30.2
56.1
8.0
332.8
a
Includes capital works in progress of $26.0 million (2023: $28.0 million).

106
THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
Asset useful lives and residual values
Intangible assets are amortised using the straight line method as follows:

The Sydney casino licence is amortised from its date of issue until expiry in 2093.

The Sydney casino concessions granted by the New South Wales government include product concessions in New South
Wales which are amortised over the period of expected benefits.

The Brisbane casino licence is amortised over the remaining life of the lease to which the licence is linked, which expires
in 2070. The Group will continue to amortise the casino licence over its current term up until it is surrendered, no later
than 23 October 2024. This follows the closure of Treasury Brisbane on 25 August 2024. 

Software is amortised over useful lives of 3 to 10 years.

Other assets include the contribution to the construction costs of the state government owned Gold Coast Convention
and Exhibition Centre. The Group's Gold Coast casino is deriving future benefits from the contribution, which is being
amortised over a period of 50 years.
Goodwill and impairment testing
Goodwill is assessed for impairment on an annual basis and is carried at cost less accumulated impairment losses. Refer to
note B6 for the accounting policy on asset impairment and details of key assumptions included in the impairment testing
calculation. 
B6 IMPAIRMENT TESTING AND GOODWILL
Goodwill acquired through business combinations has been allocated to the applicable cash generating unit (CGU) for
impairment testing. Each CGU represents a business operation of the Group.
CARRYING AMOUNT OF GOODWILL ALLOCATED TO EACH CASH GENERATING UNIT
Cash generating unit
(Reportable segment)
Sydney
$m
Gold Coast
$m
Brisbane
$m
Total carrying
amount
$m
2024
-
-
-
-
2023
-
-
128.8
128.8
The recoverable amount of each of the three CGUs at year end (Sydney, Gold Coast and Brisbane) is determined based on
'fair value less costs of disposal', which is calculated using the discounted cash flow approach. This approach utilises cash
flow forecasts that represent a market participant's view of the future cash flows that would arise from operating and
developing the Group's assets. These cash flows are principally based on management forecasts for a five-year period,
together with longer term projections and forecast capital investment, extrapolated using an implied terminal growth rate of
2.5% (2023: 2.5%). These cash flows are then discounted using a relevant long term post- tax discount rate specific to each
CGU, ranging between 9.6% to 10.5% (2023: 10.0% to 12.6%). The pre-tax discount rates range between 9.6% to 13.8%
(2023: 11.8% to 15.1%).
An impairment of $1,430.1 million was recognised at 30 June 2024 (2023: $2,167.8 million). The impairment was first
taken against goodwill ($128.8 million) and then apportioned between investments in associates ($602.2 million),
property, plant and equipment ($539.0 million), intangibles ($143.2 million) and other non-current assets ($16.9
million).
KEY ASSUMPTIONS
The fair value measurement is valued using level 3 valuation techniques (refer to note E2(i) for details of the levels). The key
assumptions on which management based its cash flow projections when determining 'fair value less costs of disposal' are
as follows:
i. Cash flow forecasts
The cash flow forecasts for Sydney and Gold Coast are based on management forecasts for a five-year period, together with
longer term projections, growth rates and capital investment forecasts. Cashflows also include the expected outflows to
settle the regulatory and legal provisions held.
The cash flow forecasts for Brisbane incorporate the FY25 budget for the remaining months of Treasury Brisbane operations,
valuation of the Treasury buildings, operator fees derived from Brisbane Consortium Integrated Resort Joint Venture (DBC
and DBC Queens Wharf Integrated Resort) (net of an allocation of corporate costs) and management forecasts for a five-
year period, together with longer term projections, growth rates and forecast capital investment.
Cashflow forecasts for each CGU include a notional allocation of the Group’s corporate costs.
64

THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT 107
1. Chair and CEO Reports
2. Our People
3. Sustainability Report
4. Financial Performance
5. Key Projects
6. Directors’ Report
7. Financial Report
8. Additional Information
65
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
ii. Terminal value
The terminal growth rate used is in line with the forecast long term underlying growth rate in the Consumer Price Index (CPI).
iii. Discount rates
Discount rates applied are based on the post tax weighted average cost of capital applicable to the relevant cash generating
unit. The discount rate includes a risk premium for the uncertainty associated with ongoing regulatory and other matters,
including:

Legal and other matters (Sydney and Gold Coast): significant uncertainty remains around the quantum and timing of any
penalty in relation to the AUSTRAC proceeding and the quantum of any amount payable in relation to the Class Action
(see Note B7).

The Star Brisbane (Brisbane): The Star Brisbane opened on 29 August 2024, replacing the Treasury Brisbane
operations. As a new property with vastly increased scale, there is inherent uncertainty around the ability to predict
sustained longer-term earnings forecasts. 
iv. Impairment
The Sydney and Gold Coast CGUs experienced a significant and rapid deterioration in operating conditions, largely driven by
the compounding impact of meeting existing regulatory requirements, exclusions and by a continuing significant weakness in
consumer discretionary spending behaviour and loss of market share. In Sydney, daily patron cash limits of $5,000 for
carded play and mandatory carded play for private gaming areas and select games on the main gaming floor commenced on
19 August 2024. Fully carded play is required in Sydney by 19 October 2024 and the daily cash permitted per person will be
reduced to $1,000 by 19 August 2025. In Queensland, legislation has been enacted in relation to mandatory carded play
and daily patron cash limits. Regulations to give effect to those reforms are yet to be enacted (see Note B7). Carded play is
currently anticipated to have a negative impact on earnings. Significant uncertainty also remains around the quantum and
timing of any penalty in relation to the AUSTRAC proceeding and the quantum of any amount payable in relation to the Class
Action (see Note B7). In Brisbane, the operating and macro-economic conditions affecting Sydney and Gold Coast are
expected to impact the future earnings of The Star Brisbane casino.
In combination, these factors have reduced the valuation of the CGUs, requiring an impairment of $1,430.1 million (Sydney:
$337.1 million, Gold Coast $274.0 million and Brisbane $819.0 million) to be recognised for the year ended 30 June 2024
(2023: $2,167.8 million). The impairment is recognised in the line ‘Depreciation, amortisation and impairment expense’ in
the Consolidated Income Statement. The impairment was first allocated against the CGU’s goodwill balance ($128.8 million)
and then apportioned between investment in associates ($602.2 million), property, plant and equipment ($539.0 million),
intangibles ($143.2 million) and other non-current assets ($16.9 million).
v. Sensitivities
The key estimates and assumptions used to determine the 'fair value less costs of disposal' of a CGU are based on
management's current expectations after considering past experience, future investment forecasts and external information.
They are considered to be reasonably achievable, however, changes in any of these key estimates, assumptions or regulatory
or operating environments may require further impairment charges to be recognised.
An increase or decrease of 0.5% in the discount rate would result in changes to the impairment of each cash generating unit:
Sydney (+$54.6 million or -$62.1 million); Gold Coast (+$26.7 million or -$30.6 million); and Brisbane (nil).
IMPAIRMENT OF ASSETS
Goodwill and indefinite life intangible assets are tested for impairment at least annually. Property, plant and equipment,
other intangible assets and other non-financial assets are considered for impairment if there is a reason to believe that
impairment may be necessary. Factors taken into consideration in reaching such a decision include the economic viability of
the asset itself and where it is a component of a larger economic entity, the viability of the unit itself.

108
THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
LIABILITIES
B7 PROVISIONS, CONTINGENT LIABILITIES AND REGULATORY MATTERS
2024
$m
2023
$m
Current
Regulatory and legal provisions a
399.5
423.1
Employee benefits
82.3
76.2
Worker's compensation
8.4
6.4
490.2
505.7
Non current
Employee benefits
6.7
6.6
Other
1.4
1.4
8.1
8.0
a The Group recognised provisions relating to various regulatory and legal matters including fines issued by the New South Wales
Independent Casino Commission (NICC) and Office of Liquor and Gaming Regulation (OLGR), AUSTRAC proceeding, underpaid casino duty in
NSW, consultants, Manager, Special Manager, legal and other costs. Disclosing individual amounts would seriously prejudice these matters
considering the present status and range of potential outcomes.
Reconciliations of each class of provision, except for employee benefits, at the end of each financial year are set out below:
2024
Regulatory
and legal
provisions
$m
Workers'
compensation
(current)
$m
Other (non-
current)
$m
Carrying amount at beginning of the year
423.1
6.4
1.4
Provisions made during the year
100.0
5.8
-
Provisions utilised during the year
(123.6)
(3.8)
-
399.5
8.4
1.4
2023
Carrying amount at beginning of the year
12.7
6.4
1.4
Provisions made during the year
594.8
3.3
-
Provisions utilised during the year
(184.4)
(3.3)
-
423.1
6.4
1.4
AUSTRAC proceeding
On 30 November 2022, the Australian Transaction Reports and Analysis Centre (AUSTRAC), commenced civil penalty
proceedings in the Federal Court of Australia against The Star Pty Limited and The Star Entertainment QLD Limited
(collectively The Star Entities). AUSTRAC alleges that The Star Entities contravened the Anti-Money Laundering and Counter
Terrorism Financing (AML/CTF) Act 2006 (Cth) by failing to conduct appropriate due diligence on customers who were higher
risk and by failing to have an appropriate AML/CTF program.
The Star Entities filed a Statement of Admissions and Factual Contentions (SAFC) on 10 November 2023 and subsequently
the parties continued to negotiate with a focus on narrowing the issues in dispute. On 24 July 2024, the Court made orders
referring a list of issues of fact in the proceeding to a referee who will provide a report to the Court to assist it to determine
those issues. The reference process involves a hearing in the period from 4 to 22 November 2024 with the report to be
delivered to the Court some time thereafter.
66

THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT 109
1. Chair and CEO Reports
2. Our People
3. Sustainability Report
4. Financial Performance
5. Key Projects
6. Directors’ Report
7. Financial Report
8. Additional Information
67
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
AUSTRAC has commenced civil penalty proceedings against other companies on five occasions. The AUSTRAC proceedings to
date have led to the Federal Court approving and / or ordering the respondent to pay significant penalties: Tabcorp $45
million (2017); CBA $700 million (2018); Westpac $1.3 billion (2020); Crown $450 million (2023); and most recently,
SkyCity $67 million (2024). The determination of the Federal Court’s penalty (including where a penalty has been jointly
proposed by AUSTRAC and the defendant to the Court) is specific to the facts of each case and arrived at after consideration
of admissions made and evidence and submissions in relation to the appropriateness of the penalty.
AUSTRAC alleges that the number of contraventions committed by The Star Entities is innumerable. The Group has
determined a provision on the Balance Sheet at 30 June 2024. This provision was, and is, recognised at a time where there
remains considerable uncertainty as the quantum of the penalty, including what approach the Court may take into
consideration of any evidence or submissions as to appropriate quantum which may be put forward by the parties. Any actual
penalty paid by The Star Entities may differ materially to the provision recorded at 30 June 2024.
Underpaid casino duty
The Bell Inquiry of The Star Pty Ltd conducted in 2022 (Bell One Review) identified potential issues with the way in which the
Group calculated rebate duty payable to the NSW Government. 
In accordance with the recommendations from the Bell One Review, an independent review has been conducted of all rebate
play at The Star Sydney between 28 November 2016 and 9 May 2022 in accordance with the scope agreed with Liquor and
Gaming NSW (L&GNSW). L&GNSW has conducted an assurance review over the findings of that independent review. 
In addition, the Group is working with the NICC and NSW Treasury to develop a clear and objective test for the residency of
rebate players. Such a test was recommended from the Bell One Review and will require an amendment to The Star Sydney's
Duty agreement and result in changes to relevant internal controls. 
The Group has determined a provision on the Balance Sheet at 30 June 2024 of the potential impact based on the amount
determined from the independent review, which was subsequently agreed with L&GNSW (refer to note C2). Penalty interest
could be enforced under the relevant Duty Agreements during the relevant period for late payment of casino duty and
responsible gambling levy at a daily penalty rate of 0.15%. If this is applied, the final quantum of the penalty interest could
materially increase the amount provided. The penalty interest is subject to discussions with the Department of Creative
Industries, Tourism, Hospitality and Sport and NSW Treasury.
ASIC proceedings against former directors and officers of the Company
In December 2022, the Australian Securities and Investment Commission (ASIC) commenced civil penalty proceedings in the
Federal Court of Australia against 11 former directors and officers of The Star Entertainment Group Limited (Company)
alleging contraventions of the Corporations Act 2001 (Cth). 
As no entity of the Group is party to these proceedings, it is not possible to predict the timing and any financial impact of
these claims on the Group, including in relation to the likely costs incurred by the Group on behalf of the defendants, or the
extent to which those costs might be covered by the Group's insurance policies and indemnities in place for former officers
and directors. 
The Group has determined a provision on the Balance Sheet at 30 June 2024 relating to an estimate of legal costs.
Class action
On 30 March 2022, a shareholder class action was commenced in the Supreme Court of Victoria, alleging the Company
failed to comply with its continuous disclosure obligations and engaged in misleading or deceptive conduct in relation to the
Company systems, controls, operations and regulatory risks.
The Company has filed its defence containing no admissions of any contravention. At 30 June 2024, the Company has
assessed there is no present obligation in respect of this matter and it represents a contingent liability. The outcome of the
Class Action and any potential financial impacts are unknown, including the extent to which any amounts might be covered
by the Group’s insurance policies.
GST amended assessments
On 11 August 2021 the Group received amended assessments from the Australian Taxation Office (ATO) in respect of a
dispute for the period October 2013 to August 2017 (inclusive) in relation to the GST treatment of rebates paid to junket
operators for The Star Pty Limited. The amount in dispute for this period is approximately $149.3 million (primary tax of
$81.9 million and interest of $67.4 million). In FY22 the Group paid $40.9 million as a deposit to the ATO on a no-admissions
basis. The deposit is held as a current asset on the balance sheet.
On 6 September 2021 the Group filed an application for judicial review with the Federal Court of Australia in relation to the
interest assessment and on 5 October 2021 lodged an objection against the primary assessments with the ATO. The ATO
disallowed the Group’s objections in October 2023. On 5 December 2023 the Group appealed by commencing proceedings
in the Federal Court of Australia.

110
THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
Withholding tax penalty
The Group is in dispute with the ATO in relation to the appropriate method for calculating withholding tax on rebates paid to
junket operators for the 2015 to 2020 income tax years. The amount in dispute for the period is $7.7 million (primary
penalty of $6.4 million and interest of $1.3 million). The relevant Group entities objected to the ATO’s decision to issue the
penalties. The ATO disallowed the Group’s objections in October 2023 and on 5 December 2023 the relevant Group entities
appealed by commencing proceedings in the Federal Court of Australia. In FY2024 the Group paid $3.2 million as a deposit
to the ATO on a no-admissions basis. The deposit is held as a current asset on the balance sheet. 
Legal challenges
There are outstanding legal proceedings between the Company and its controlled entities and third parties as at 30 June
2024. The Group has notified its insurance carrier of all relevant litigation and currently anticipates that any damages (other
than exemplary damages) that may be awarded against the Group, in addition to its costs incurred in connection with the
proceedings, may be covered by its insurance policies where such policies are in place. Provisions are made for known
obligations where the existence of a liability is probable and can be reasonably estimated. As the outcomes of these actions
remain uncertain, contingent liabilities exist for possible amounts eventually payable. 
NEW SOUTH WALES
Disciplinary Action
The final instalment of the $100 million penalty issued following the Bell Review, was paid on 28 December 2023. 
In November 2023, the NICC requested that the term of the appointment of the Manager be extended by regulation to 30
June 2024. Following the commencement of Bell Two Inquiry (Bell Two) (see below) the NICC confirmed on 25 March 2024
that it intended to seek a further extension of the term of the Manager’s appointment to 30 September 2024 to allow for the
Bell Two Report and findings to be delivered on 31 July 2024. The Manager’s appointment was further extended on 1 August
2024 to 31 March 2025 (see below). 
Regulatory reforms
Compulsory carded play and cash play limits were due to commence on 19 August 2024 however the timetable for
compliance was amended by the NSW Government to transition these requirements. From 19 August 2024, mandatory
carded play is required in private gaming areas and on select games on the main gaming floor with daily cash limits of
$5,000 for carded play. Fully carded play is required by 19 October 2024 and the daily cash permitted per person will be
reduced to $1,000 by 19 August 2025. 
Bell Two
On 19 February 2024, the NICC announced an inquiry to investigate the suitability of The Star Pty Ltd (The Star Sydney) and
its close associate, the Company, to be concerned in or associated with the management and operation of The Star Sydney
Casino. The NICC appointed Mr Adam Bell SC to preside over an inquiry with the powers of a royal commissioner in NSW.
Public hearings were conducted from 15 April 2024 to 3 May 2024.
On 1 August 2024, the NICC advised that its request to extend the term of the appointment of the Manager of The Star
Sydney Casino by regulation to 31 March 2025 had been approved. In addition, on 30 August 2024, the NICC provided to the
Company and The Star Sydney, a copy of the report of the Second Inquiry conducted by Mr Adam Bell SC in respect of The
Star Sydney (the Bell Two Report). A copy of the non-confidential parts of the Bell Two Report was released to the public on
the same day.
The Company and The Star Sydney acknowledge the findings of the Bell Two Report. While the Bell Two Report finds that
there has been substantial reform of the control environment of The Star Sydney and a material improvement in risk
management resources, systems, and culture, along with the “positive steps” of the recent appointments of experienced
personnel to important leadership positions in the Company, it nonetheless concludes that the Company and The Star
Sydney are presently unsuitable to be concerned in, or associated with, the management and operation of The Star Sydney.
The Company and The Star Sydney accepted during the Bell Two Inquiry that The Star Sydney was not presently suitable to
hold a licence in its own right. 
The Bell Two Report made findings and recommendations in relation to four areas of non-compliance which resulted in
various breaches by The Star Sydney during 2023 and 2024 which are the subject of ongoing consideration by the NICC and
could, in the future, potentially involve the imposition of fines and penalties under the relevant NSW legislation. A range of
outcomes against The Star Sydney are possible, including among other things, the imposition of a penalty, letter of censure,
amendments to the conditions, further suspension, or cancellation, of The Star Sydney’s licence.
On 13 September 2024, the NICC served a 'show cause' notice (Notice) on the Company, requesting a response to the
Breach Findings from the Bell Two inquiry. The NICC has also requested information about the Company's current financial
position and its plans to address these issues so that it can make informed decisions about the Company's financial
suitability to hold the casino licence for The Star Sydney. The Company lodged its response on Friday, 27 September 2024.
The Company and The Star Sydney are considering the recommendations and guidance in the Bell Two Report and, subject
to any response to the Bell Two Report by the NICC, will seek to implement relevant recommendations at an appropriate
time. 
68

THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT
111
1. Chair and CEO Reports
2. Our People
3. Sustainability Report
4. Financial Performance
5. Key Projects
6. Directors’ Report
7. Financial Report
8. Additional Information
69
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
Casino duty reforms
On 11 August 2023 the NSW Treasurer and the Group announced an in-principle agreement had been reached in relation to
changes to casino duty rates for casinos in New South Wales and their impact on The Star Sydney. An agreement was
finalised between NSW Treasury and The Star Sydney on 20 November 2023. 
The changes include rate increases for rebate duty (10% to 12.5%) and Table Games (17.91% to 20.25%) from 1 July 2023.
Poker Machine duty rates will remain as follows until 2030 (20.91% until 30 June 2024, 21.91% from 1 July 2024 and
22.91% from 1 July 2027). From 1 July 2030 poker machines will be taxed based on average poker machine revenue using
a progressive rate scale with a maximum of 51.6%. In the period 1 July 2023 to 30 June 2030 an additional levy will apply
equal to 35% of The Star Sydney’s gaming revenue above $1.125 billion per financial year. There is no change to the
Responsible Gambling Levy rate.
This agreement includes an undertaking that provides employment certainty for team members as agreed with the United
Workers Union. 
QUEENSLAND
Disciplinary action
The final instalment of the $100 million penalty issued following the review by the Hon. Robert Gotterson AO into the Group’s
Queensland Operations, was paid on 28 December 2023.
On 24 November 2023, the Group received confirmation that the Remediation Plan was approved by the Attorney-General of
Queensland in accordance with the provisions of the Casino Control Act 1982 (QLD). Following this decision, on the
recommendation of the Honourable Yvette D’Ath MP, Attorney-General of Queensland (Qld A-G), the Governor-in-Council
deferred the decision on the licence suspensions of Treasury Brisbane and The Star Gold Coast to 31 May 2024 and
extended the term of the Special Manager by 12 months to 8 December 2024.
On 17 May 2024, the Group was advised by OLGR, on the recommendation of the Qld A-G, that the Governor-in-Council
approved changing the date of effect of the licence suspensions for The Star Gold Coast and Treasury Brisbane casinos from
31 May 2024 to 20 December 2024.
The Company has been advised that this will allow the Queensland Government to consider the outcomes of Bell Two and to
better assess the Group’s remediation progress, before making further decisions. The term of the Special Manager
appointment for The Star Gold Coast and Treasury Brisbane casinos remains unchanged and is currently due to end on 8
December 2024 (no later than 23 October 2024 for Treasury Brisbane on surrender of its casino licence following the
opening of The Star Brisbane).
An External Adviser has been appointed by the Minister for The Star Brisbane casino operations which are managed by the
Group (see note C2). 
Regulatory reforms
On 28 March 2024, the Casino Control and Other Legislation Act 2024 was enacted to give effect to the balance of the
recommendations of the Gotterson Report and certain other casino reforms. The proposed reforms include the introduction
of mandatory carded play, restrictions on the use of cash, mandatory player pre-commitments including play and break
limits, and a supervisory levy payable by casino licence holders. Most reforms took effect from enactment, with the remaining
reforms to either commence on a date to be fixed by proclamation (including the introduction of a supervisory levy) or 6
months after enactment. The implementation of each of the key measures noted above requires the introduction of
regulations giving effect to those reforms.
Suitability Investigation – Chow Tai Fook Enterprises (CTFE)
On 2 May 2024, the Qld A-G noted that there is insufficient evidence to conclude that CTFE or its relevant associates are
unsuitable to be an associate or close associate of DBC, which holds The Star Brisbane casino licence. CTFE is a 25%
interest-holder in DBC. 
Financial guarantees
Refer to note E1 for details of financial guarantees provided by the Group at the reporting date.

112
THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
B8 INTEREST BEARING LIABILITIES
2024
$m
2023
$m
Current
Lease liabilities
6.1
6.0
6.1
6.0
Non current
Bank loans - unsecured (net of unamortised borrowing costs)
269.6
362.9
Private placement - US dollar - amortised cost
-
357.5
Lease liabilities
26.1
30.8
295.7
751.2
On 8 November 2023, a new Australian dollar syndicated facility agreement was executed, providing $450 million of
commitment across two debt facilities:

$300 million four-year term facility, fully drawn on 8 December 2023.

$150 million four-year revolving working capital facility, undrawn.
The syndicated facility (SFA) matures in December 2027 (2023: weighted average maturity of 2.0 years) and is subject to
covenants and undertakings typical of this type of facility. Interest on the facilities is variable, linked to the Australian Bank
Bill Swap Bid Rate, plus a margin. The $150.0 million revolving working capital facility allows up to $50.0 million of issued
bank guarantees, of which $29.5 million has been utilised at 30 June 2024. The facility is secured by a first charge over the
assets of the controlled entities denoted (d) in note D1. 
In October 2023, following completion of the capital raising, existing bank loans were repaid and the US dollar private
placements (USPP) notes were prepaid and terminated. The bank loan facilities were subsequently terminated in November
2023 following execution of the syndicated facility agreement. Fees of $3.0 million were recognised in finance costs in
relation to the terminations.  
Net cash was $30.0 million (2023: net debt of $595.5 million), with the movement due to completion of a $750.0 million
capital raising in October 2023. Net leverage ratio as agreed with the financiers under the SFA was 2.7x. The Group was
compliant with all covenants at 30 June 2024. The Group and its lenders executed a commitment letter on 25
September 2024 for a new debt facility (of up to $200 million in two tranches) which will become effective upon
completion of long-form documentation and satisfaction of various conditions precedent. As part of the new debt facility,
the lenders have agreed to provide covenant waivers for the next two testing dates, being 30 September 2024 and 31
December 2024, with the waiver for the latter date being subject to execution of long-form documentation for the new
debt facility and other customary conditions (see Note G). 
Refer to note F7 (iii) for Capital management disclosures and the calculation of the net leverage ratio.
2024
Type
Facility amount
$m USD
Facility amount
$m AUD
Unutilised at 30 June
$m a
Maturity date
Bank loans 
-
150.0
120.5
December 2027
Bank loans
-
300.0
-
December 2027
Total
-
450.0
120.5
a At 30 June 2024, $29.5 million of bank guarantees have been issued against the revolving facility. No amount has been drawn.
70

THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT
113
1. Chair and CEO Reports
2. Our People
3. Sustainability Report
4. Financial Performance
5. Key Projects
6. Directors’ Report
7. Financial Report
8. Additional Information
71
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
2023
Type
Facility amount
$m USD
Facility amount
$m AUD a
Unutilised at 30 June
$m
Maturity date
Bank loans
-
104.0
104.0
March 2024
Bank loans
-
540.0
226.0
July 2024
Bank loans
-
120.0
70.0
July 2025
Bank loans
-
28.0
28.0
July 2026
Total bank loans
-
792.0
428.0
USPP
28.9
37.0
-
August 2025
USPP
166.5
213.3
-
August 2027
USPP
40.4
54.2
-
September 2028
Total USPP
235.8
304.5
-
Total
235.8
1,096.5
428.0
a USPP Notes are issued in USD and presented at the AUD amount repayable under cross currency interest rate swaps at maturity.
FAIR VALUE DISCLOSURES
Details of the fair value of the Group's interest bearing liabilities are set out in note E2.
FINANCIAL RISK MANAGEMENT
The Group is exposed to interest rate risk as a result of the syndicated facility. The Group utilises its cash in bank, short term
deposits and restricted cash, which receive a floating rate of interest, to provide a natural hedge against this risk, with
approximately 76.4% of the Group’s borrowings covered. 
Bank loans and USPP notes in the prior comparative period exposed the Group to foreign currency and interest rate risk,
which was hedged with cross currency interest and interest rate swaps. These hedges were closed in October 2023 in
conjunction with the repayment of existing bank loans and prepayment and termination of the USPP notes. 
Further details about the Group's exposure to interest rate and foreign currency movements are provided in notes E1 and E2.

114
THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
C
COMMITMENTS AND SUBSEQUENT EVENTS
C1 COMMITMENTS
CAPITAL COMMITMENTS a
2024
$m
2023
$m
Not later than one year
15.0
13.6
Later than one year but not later than five years
1.4
-
Later than five years
-
-
16.4
13.6
a
Other commitments as at 30 June 2024 have increased as a result of capital works in preparation for the phased opening of DBC
Queens Wharf Integrated Resort which commenced on 29 August 2024 and IT projects attributable to Casino 2.0.
At 30 June 2024, the Group had $230.3 million of committed equity contributions to DBC. Subsequent to 30 June, the Group
committed to a further $92.7 million of equity contributions and has currently estimated a further $35 million will be required
to fund costs to complete the development. Further contributions will be required as the Group expects to fund costs
associated with operations during the DBC business growth phase or to support the refinancing of the DBC debt which
matures in December 2025. 
For Destination Gold Coast Consortium (DGCC), equity contributions towards Tower 1 are complete. Tower 2 construction is
underway, with an estimated $6.0 million in contributions payable in FY25. DGCC executed a $309.5 million construction
facility in April 2024 which is expected to fund the remaining construction costs. 
Refer to note D5 for commitments in respect of investment in associate and joint venture entities.
C2 SUBSEQUENT EVENTS
The following events occurred after balance date:
Refinance
The Group and its lenders executed a commitment letter on 25 September 2024 for a new debt facility (of up to $200 million
in two tranches) which will become effective upon completion of long-form documentation and satisfaction of various
conditions precedent. The first tranche is expected to be available to be drawn, subject to conditions precedent, from the end
of October 2024 through to 20 December 2024. The second tranche is subject to more extensive conditions precedent but,
if satisfied, would be expected to be available to be drawn from the end of December 2024 and have a 4 month availability
period following the drawing of the first tranche (see Note G).  
The Group’s existing $450 million facility has been reduced to $334 million which is fully drawn.  
The maturity date for the new facility is consistent with the existing term loan (December 2027). The Group will also retain up
to $34 million of bank guarantees under the existing revolving credit facility. 
The Company’s lenders have agreed to provide covenant waivers for the next two testing dates, being 30 September 2024
and 31 December 2024, with the waiver for the latter date being subject to execution of long-form documentation for the
new debt facility and other customary conditions.
Bell Two Report
On 1 August 2024, the NICC advised that its request to extend the term of the appointment of the Manager of The Star
Sydney Casino by regulation to 31 March 2025 had been approved. In addition, on 30 August 2024, the NICC provided to the
Company and The Star Sydney, a copy of the Bell Two Report. A copy of the non-confidential parts of the Bell Two Report was
released to the public on the same day. See Note B7.
On 13 September 2024 the NICC served a ‘show cause’ notice on the Company pursuant to section 23 of the Casino Control
Act 1992 (NSW) in respect of matters arising from the Bell Two Report (Notice). In addition to the Notice, the NICC has also
asked the Company to make submissions as to the actions being taken by the Company in respect of a number of findings in
the Bell Two Report relating to, among other things, the Company’s suitability to hold the casino licence for The Star Sydney
and progress in respect of its remediation plan. The NICC has also requested information about the Company’s current
financial position and its proposed plans to address these issues on an ongoing basis so that it can make informed decisions
about the Company’s (and The Star Sydney’s) financial suitability. The Company lodged its response on Friday, 27 September
2024.
72

THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT
115
1. Chair and CEO Reports
2. Our People
3. Sustainability Report
4. Financial Performance
5. Key Projects
6. Directors’ Report
7. Financial Report
8. Additional Information
73
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
Treasury Brisbane Casino and The Star Brisbane
On 25 August 2024, Treasury Brisbane Casino, owned by the Group, ceased operation and will surrender its licence no later
than 23 October 2024. On 28 August 2024, DBC (of which the Group owns 50%) was issued a casino licence for The Star
Brisbane, which subsequently commenced operation on 29 August 2024 under the management of the Group through an
agreement with DBC.
On the direction of the Department of Justice and Attorney-General dated 28 August 2024, an External Adviser has been
appointed by the Minister for The Star Brisbane casino operations which are managed by the Group, the cost of which will be
borne by the Group. On the same date the Group was also directed by the Department of Justice and Attorney-General to
prepare a plan for the remediation of the management and operations of The Star Brisbane. 
Sale of Treasury Brisbane Casino Building
Agreement was reached to sell the leasehold interest in the Treasury Brisbane Casino Building to Griffith University for $67.5
million (plus GST). After settlement adjustments, the net proceeds were $60.5 million (plus GST). Settlement occurred on 27
September 2024.
Underpaid NSW casino duty
The Group has reached agreement with L&GNSW in relation to the primary amount of underpaid casino duty payable
following the completion of the independent review and an assurance review conducted by L&GNSW (see Note B7). Penalty
interest, if any, has not been agreed.
Reset Remediation Plan
Following the findings from the Bell Two Report, the Company has prepared an amended remediation plan which
incorporates a number of enhancements to the previously approved version of the plan. After extensive engagement with the
Manager (The Star Sydney), Special Manager (The Star Gold Coast), External Adviser (The Star Brisbane) to obtain feedback,
the Company submitted the amended plan and associated documents to OLGR on 18 September 2024 for consideration
and approval by the Queensland Attorney General. The reset remediation plan is subject to the approval of OLGR and
government in Queensland. Copies of the plan and associated documents were also submitted to the NICC for information on
20 September 2024.
Other than those events disclosed in the Directors' Report or elsewhere in these financial statements, there have been no
other significant events occurring after the balance sheet date and up to the date of this report, which may materially affect
either the Group's operations or results of those operations or the Group's state of affairs.

116
THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
D
GROUP STRUCTURES
D1 RELATED PARTY DISCLOSURES
(i) PARENT ENTITY
The ultimate parent entity within the Group is The Star Entertainment Group Limited.
(ii) INVESTMENTS IN CONTROLLED ENTITIES
The consolidated financial statements incorporate the assets, liabilities and results of the following controlled entities in
accordance with the accounting policy described in note G. The financial years of all controlled entities are the same as that
of the Company (unless stated otherwise below).
Name of controlled entity
Note
Country of
tax
residence
Country of
incorporation
Equity type
Equity
interest at
30 June
2024
%
Equity
interest at
30 June
2023
%
Parent entity
The Star Entertainment Group Limited
d
Australia
Australia
ordinary shares
0.0
0.0
Controlled entities
The Star Entertainment Sydney Holdings Limited
a b
Australia
Australia
ordinary shares
100.0
100.0
The Star Pty Limited
a b
Australia
Australia
ordinary shares
100.0
100.0
The Star Entertainment Pty Ltd
a
Australia
Australia
ordinary shares
100.0
100.0
The Star Entertainment Sydney Properties Pty Ltd
a b
Australia
Australia
ordinary shares
100.0
100.0
The Star Entertainment Sydney Apartments Pty Ltd
a
Australia
Australia
ordinary shares
100.0
100.0
Star City Investments Pty Limited
a
Australia
Australia
ordinary shares
100.0
100.0
Star City Share Plan Company Pty Ltd
Australia
Australia
ordinary shares
100.0
100.0
The Star Entertainment QLD Limited
Australia
Australia
ordinary shares
100.0
100.0
The Star Entertainment QLD Custodian Pty Ltd
Australia
Australia
ordinary shares
100.0
100.0
The Star Entertainment Gold Coast Trust
Australia
Australia
units
100.0
100.0
The Star Entertainment International No.1 Pty Ltd
d
Australia
Australia
ordinary shares
100.0
100.0
The Star Entertainment International No.2 Pty Ltd
d
Australia
Australia
ordinary shares
100.0
100.0
The Star Entertainment (Macau) Limited
c
Macau
Macau
ordinary shares
100.0
100.0
The Star Entertainment International No.3 Pty Ltd
d
Australia
Australia
ordinary shares
100.0
100.0
EEI Services (Hong Kong) Holdings Limited
Australia
Hong Kong
ordinary shares
100.0
100.0
EEI Services (Hong Kong) Limited
Australia
Hong Kong
ordinary shares
100.0
100.0
EEI C&C Services Pte Ltd
Singapore
Singapore
ordinary shares
100.0
100.0
The Star Entertainment RTO Pty Ltd
d
Australia
Australia
ordinary shares
100.0
100.0
The Star Entertainment Finance Limited
Australia
Australia
ordinary shares
100.0
100.0
Destination Cairns Consortium Pty Limited
d
Australia
Australia
ordinary shares
100.0
100.0
The Star Entertainment Technology Services Pty
Ltd
d
Australia
Australia
ordinary shares
100.0
100.0
The Star Entertainment Training Company Pty Ltd
d
Australia
Australia
ordinary shares
100.0
100.0
The Star Entertainment Letting Pty Ltd
d
Australia
Australia
ordinary shares
100.0
100.0
The Star Entertainment Online Holdings Pty Ltd
d
Australia
Australia
ordinary shares
100.0
100.0
The Star Entertainment Online Pty Ltd
d
Australia
Australia
ordinary shares
100.0
100.0
The Star Entertainment Brisbane Holdings Pty Ltd
d
Australia
Australia
ordinary shares
100.0
100.0
The Star Entertainment Brisbane Operations Pty
Ltd
Australia
Australia
ordinary shares
100.0
100.0
The Star Entertainment DBC Holdings Pty Ltd
d
Australia
Australia
ordinary shares
100.0
100.0
The Star Brisbane Car Park Holdings Pty Ltd 
d
Australia
Australia
ordinary shares
100.0
100.0
The Star Entertainment Gold Coast Holdings Pty
Ltd
d
Australia
Australia
ordinary shares
100.0
100.0
The Star Entertainment GC Investments Pty Ltd
Australia
Australia
ordinary shares
100.0
100.0
The Star Entertainment GC Investments No.1 Pty
Ltd
d
Australia
Australia
ordinary shares
100.0
100.0
The Star Entertainment International No.5 Pty Ltd
d
Australia
Australia
ordinary shares
100.0
100.0
74

THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT
117
1. Chair and CEO Reports
2. Our People
3. Sustainability Report
4. Financial Performance
5. Key Projects
6. Directors’ Report
7. Financial Report
8. Additional Information
75
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
Name of controlled entity
Note
Country of
tax
residence
Country of
incorporation
Equity type
Equity
interest at
30 June
2024
%
Equity
interest at
30 June
2023
%
EEI Services Holdings No.1 Pty Ltd
Australia
Australia
ordinary shares
100.0
100.0
EEI Services Holdings No.2 Pty Ltd
Australia
Australia
ordinary shares
100.0
100.0
EEI Services (Macau) Limited
Macau
Macau
ordinary shares
100.0
100.0
The Star Entertainment International Tourism Pty
Ltd
d
Australia
Australia
ordinary shares
100.0
100.0
Destination Sydney Consortium Pty Limited
d
Australia
Australia
ordinary shares
100.0
100.0
The Star Entertainment Pyrmont Investments No.1
Pty Ltd
d
Australia
Australia
ordinary shares
100.0
100.0
The Star Entertainment GC No.1 Pty Ltd
Australia
Australia
ordinary shares
100.0
100.0
The Star Entertainment GC No.2 Pty Ltd
Australia
Australia
ordinary shares
100.0
100.0
The Star Entertainment Group Limited Employee
Share Trust
Australia
Australia
units
0.0
0.0
a
These companies entered into a deed of cross guarantee with The Star Entertainment Sydney Holdings Limited on 31 May 2011, and as
such are members of the closed group as defined in Australian Securities and Investments Commission Instrument 2016/785 (refer to
note D3).
b
These companies have provided a charge over their assets and undertakings as explained in note E1.
c
This company's financial year end is 31 December.
d
These companies have secured the $450.0 million syndicated facility with a first charge over their assets as explained in note E1.
(iii)TRANSACTIONS WITH CONTROLLED ENTITIES
The Star Entertainment Group Limited
During the period, the Company entered into the following transactions with controlled entities:

loans of $432.5 million were advanced by controlled entities (2023: were advanced by controlled entities $344.7
million); and

income tax and GST paid on behalf of controlled entities was $83.5 million (2023: $144.9 million).
The amount receivable by the Company from controlled entities at year end is $1,484.7 million (2023: $1,052.2 million). All
the transactions were undertaken on normal commercial terms and conditions.
(iv)TRANSACTIONS WITH OTHER RELATED PARTIES
Other transactions
During the period, in addition to equity contributions (refer to note D5), the Group entered into the following transactions with
related parties:

Amount recharged to Destination Brisbane Consortium was $49.1 million (2023: $13.1 million) in relation to pre-
opening costs and reimbursement for asset purchases. There was $6.4 million outstanding at 30 June 2024 (2023: nil);

Amount recharged to Destination Gold Coast Consortium Pty Ltd was $9.9 million (2023: $10.8 million) in relation to
labour supply and building management services provided to the Dorsett Hotel. There was $0.7 million outstanding at
30 June 2024 (2023: nil); and

Amount paid to Destination Gold Coast Consortium Pty Ltd was $17.4 million (2023: $15.9 million) relating to
development of Towers 1 and 2. There was $1.3 million outstanding at 30 June 2024 (2023: nil). 

118
THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
D2 PARENT ENTITY DISCLOSURES
The Star Entertainment Group Limited, the parent entity of the Group, was incorporated on 2 March 2011.
2024
$m
2023
$m
Result of the parent entity
Loss for the year a
(1,677.8)
(2,304.5)
Total comprehensive loss for the year b
(1,677.8)
(2,304.5)
a
The Company's investments and intercompany loans were impaired $1,247.9 million (2023: $1,777.9 million) as a result of the
decrease in valuation of the respective CGUs (refer to note B6). 
b
No final dividend was declared (refer to note A6).
Financial position of the parent entity
Current assets
1,895.5
2,178.2
Non current assets
83.4
721.5
Total assets
1,978.9
2,899.7
Current liabilities
96.9
74.7
Non current liabilities
1,048.7
1,054.0
Total liabilities
1,145.6
1,128.7
Net assets
833.3
1,771.0
Total equity of the parent entity
Issued capital
4,695.4
3,956.4
Retained earnings
110.6
110.6
Loss reserve
(3,982.3)
(2,304.5)
Shared based payments benefits reserve
9.6
8.5
Total equity
833.3
1,771.0
CONTINGENT LIABILITIES
Class Action
On 30 March 2022, a shareholder class action was commenced in the Supreme Court of Victoria, alleging the Company
failed to comply with its continuous disclosure obligations and engaged in misleading or deceptive conduct in relation to the
Company systems, controls, operations and regulatory risks.
The Company has filed its defence containing no admissions of any contravention. At 30 June 2024, the Company has
assessed there is no present obligation in respect of this matter and it represents a contingent liability. The outcome of the
Class Action and any potential financial impacts are unknown, including the extent to which any amounts might be covered
by the Group’s insurance policies.
GST Amended Assessments
On 11 August 2021 the Group received amended assessments from the Australian Taxation Office (ATO) in respect of a
dispute for the period October 2013 to August 2017 (inclusive) in relation to the GST treatment of rebates paid to junket
operators for The Star Pty Limited. The amount in dispute for this period is approximately $149.3 million (primary tax of
$81.9 million and interest of $67.4 million). In FY22 the Group paid $40.9 million as a deposit to the ATO on a no-admissions
basis. The deposit is held as a current asset on the balance sheet.
On 6 September 2021 the Group filed an application for judicial review with the Federal Court of Australia in relation to the
interest assessment and on 5 October 2021 lodged an objection against the primary assessments with the ATO. The ATO
disallowed the Group’s objections in October 2023. On 5 December 2023 the Group appealed by commencing proceedings
in the Federal Court of Australia.
The Parent has no other contingent liabilities at 30 June 2024.
76

THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT
119
1. Chair and CEO Reports
2. Our People
3. Sustainability Report
4. Financial Performance
5. Key Projects
6. Directors’ Report
7. Financial Report
8. Additional Information
77
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
CAPITAL EXPENDITURE
The parent entity does not have any capital expenditure commitments for the acquisition of property, plant and equipment
contracted but not provided for at 30 June 2024 (2023: nil).
GUARANTEES
The Company has provided a guarantee to the debt providers of its associates and joint ventures:

Destination Brisbane Consortium: the guarantee covers 50% of the Gaming and Entertainment syndicated facility
agreement (SFA G&E) (see below) (of which $1.5 billion is outstanding at 30 June 2024) (see below); and

Destination Gold Coast Consortium: the guarantee covers up to 46.3% of the $309.5 million in facilities. 
The Company has secured the $450.0 million syndicated facility with a first charge over its assets (refer to note E1). In 2023,
the Company had also guaranteed the customer loans of EEI Services (Hong Kong) Limited1, for which $12.0 million was
recognised in current liabilities. The Group also had bank guarantees of $67.3 million (2023: $58.8 million), comprising
$29.5 million for The Star Entertainment Finance Limited (2023: $21.3 million) and $37.8 million for DBC (2023: $37.5
million) (refer to note E1). 
1 The EEI Services (Hong Kong) Limited office has been closed. The guarantee amount no longer remains as the outstanding
customer loans have been completed. 
DBC Financing Arrangements
The Company and its joint venture partners CTFE and Far East Consortium International (FECI) entered into debt facility
agreements in 2020 in relation to DBC’s $1.6 billion project-level debt funding. The aggregate amount outstanding is $1.5
billion at 30 June 2024 (DBC Funding). The DBC Funding comprises two equal facilities, drawn approximately equally,
separately provided SFA G&E and a Tourism and Leisure syndicated facility agreement (SFA T&L). Amounts outstanding
under the SFA G&E are guaranteed by the Company and amounts outstanding under the SFA T&L are guaranteed by CTFE
and FECI. The two facilities are cross-collateralised against the property leases.
DBC’s ability to refinance its debt on reasonable terms as it becomes due in December 2025 or to repay the debt, its ability
to raise further finance, and its borrowing costs will depend on a range of factors including, but not limited to, prevailing
market conditions and DBC’s operating performance at the time any refinancing takes place. If DBC is unable to refinance its
debt obligations, or to do so on reasonable terms, this may have an adverse impact on the financial position and
performance of the Group, in particular in circumstances where the Company is required to contribute additional equity to
the joint venture as part of any financing or the Company’s SFA G&E guarantee is called upon.
ACCOUNTING POLICY FOR INVESTMENTS IN CONTROLLED ENTITIES
All investments are initially recognised at cost, being the fair value of the consideration given. Subsequently, investments are
carried at cost less any impairment losses.

120
THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
D3 DEED OF CROSS GUARANTEE
The Star Entertainment Sydney Holdings Limited, The Star Pty Limited, The Star Entertainment Pty Ltd, The Star
Entertainment Sydney Properties Pty Ltd, The Star Entertainment Sydney Apartments Pty Ltd and Star City Investments Pty
Limited are parties to a deed of cross guarantee under which each company guarantees the debts of the others. By entering
into the deed, the wholly-owned entities have been relieved from the requirements to prepare a Financial Report and
Directors Report under Instrument 2016/785 issued by the Australian Securities and Investments Commission.
Consolidated income statement and summary of movements in consolidated earnings
The above companies represent a 'closed group' for the purposes of the Class Order, and as there are no other parties to the
deed of cross guarantee that are controlled by The Star Entertainment Sydney Holdings Limited, they also represent the
'extended closed group'.
Set out below is a consolidated income statement and a summary of movements in consolidated retained earnings for the
year ended 30 June 2024 of the closed group.
Consolidated income statement
2024
$m
2023
$m
Revenue
876.2
982.6
Other income
0.4
0.1
Government taxes and levies
(247.0)
(271.3)
Employment costs
(266.7)
(292.0)
Depreciation, amortisation and impairment
(365.0)
(772.2)
Cost of sales
(36.8)
(42.3)
Property costs
(38.4)
(40.4)
Advertising and promotions
(22.6)
(34.0)
Regulatory and legal costs
(39.0)
(373.4)
Other expenses
(59.8)
(66.5)
Loss before interest and tax (LBIT)
(198.7)
(909.4)
Net finance costs
(0.3)
(0.3)
Loss before income tax (LBT)
(199.0)
(909.7)
Income tax (expense)/benefit
(145.4)
127.1
Net loss after tax (NLAT)
(344.4)
(782.6)
Total comprehensive loss for the period
(344.4)
(782.6)
Summary of movements in consolidated retained earnings
Accumulated (loss)/profit at the beginning of the financial year
(733.5)
49.1
Loss for the year
(344.4)
(782.6)
Accumulated loss at the end of the financial year
(1,077.9)
(733.5)
Consolidated balance sheet
Set out below is a consolidated balance sheet as at 30 June 2024 of the closed group consisting of The Star Entertainment
Sydney Holdings Limited, The Star Pty Limited, The Star Entertainment Pty Ltd, The Star Entertainment Sydney Properties Pty
Limited, The Star Entertainment Sydney Apartments Pty Limited, and Star City Investments Pty Limited.
78

THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT
121
1. Chair and CEO Reports
2. Our People
3. Sustainability Report
4. Financial Performance
5. Key Projects
6. Directors’ Report
7. Financial Report
8. Additional Information
79
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
Consolidated balance sheet
2024
$m
2023
$m
ASSETS
Cash assets
38.0
37.9
Trade and other receivables
11.4
11.9
Inventories
5.7
6.5
Other
11.3
12.0
Total current assets
66.4
68.3
Property, plant and equipment
636.0
909.7
Intangible assets
48.7
116.2
Other assets
2.5
3.3
Deferred tax asset
-
117.3
Total non current assets
687.2
1,146.5
TOTAL ASSETS
753.6
1,214.8
LIABILITIES
Trade and other payables
341.3
483.4
Interest bearing liabilities
0.6
1.0
Provisions
104.6
307.8
Other liabilities
8.5
9.8
Total current liabilities
455.0
802.0
Interest bearing liabilities
1.5
2.1
Provisions
234.5
2.7
Other liabilities
0.6
1.6
Total non current liabilities
236.6
6.4
TOTAL LIABILITIES
691.6
808.4
NET ASSETS
62.0
406.4
EQUITY
Issued Capital
1,139.9
1,139.9
Accumulated losses
(1,077.9)
(733.5)
TOTAL EQUITY
62.0
406.4
D4 KEY MANAGEMENT PERSONNEL DISCLOSURES
2024
$000
2023
$000
Compensation of Key Management Personnel
Short term
7,797
4,853
Long term
159
239
Share based payments
320
(60)
Termination benefits
3,824
807
Total compensation
12,100
5,839
The above reflects the compensation for individuals who are Key Management Personnel of the Group. The note should be
read in conjunction with the Remuneration Report.

122
THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
D5 INVESTMENT IN ASSOCIATE AND JOINT VENTURE ENTITIES
Set out below are the investments of the Group as at 30 June 2024. The entities listed below have share capital consisting
solely of ordinary shares, which are held by the Group. The country of incorporation is also their principal place of business,
and the proportion of ownership interest is the same as the proportion of voting rights held. All investments listed below are
measured using the equity accounting method.
2024
Name of entity
Country of
incorporation
% of
ownership
Nature of
ownership
Share of
(loss)/profit
$m
Carrying
amount
$m
Material
Destination Brisbane Consortium Integrated Resort
Holdings Pty Ltd (i)
Australia
50
Associate
(7.6)
-
Destination Gold Coast Investments Pty Ltd (ii)
Australia
50
Joint venture
28.9
65.6
Destination Gold Coast Consortium Pty Ltd (iii)
Australia
33.3
Joint venture
(1.7)
75.6
Non material
Festival Car Park Pty Ltd
Australia
50
Joint venture
0.4
14.1
Destination Sydney Consortium Investments Pty Ltd 
Australia
50
Joint venture
(0.3)
6.4
Total equity accounted investments
19.7
161.7
Total share of profit is up $15.3 million on the pcp primarily due to Destination Gold Coast Investments Pty Ltd, which is
the joint venture that completed the sale of the Sheraton Grand Mirage Gold Coast in November 2023. This sale resulted
in a gain, of which the Group’s share is $22.9 million (refer to note A7).
Parent Company Guarantees over associate and joint venture entity debt facilities 
The Group has guaranteed debt facilities held by:

Destination Brisbane Consortium: the guarantee covers 50% of the facility (of which $1.5 billion is outstanding at 30
June 2024) (refer to note E1).

Destination Gold Coast Consortium Pty Ltd: the guarantee covers up to 46.3% of the $309.5 million in facilities.
For those investments considered material to the Group, further information is provided below:
(i) DESTINATION BRISBANE CONSORTIUM INTEGRATED RESORT HOLDINGS PTY LTD
The Group has partnered with Hong Kong-based organisations CTFE and FECI to form DBC for the Queen’s Wharf Brisbane
Project. The parties have formed two vehicles (the Integrated Resort Joint Venture and the Residential Joint Venture), which
together are responsible for completing the Queen’s Wharf Brisbane project.
Consistent with the ownership structure, the Group will contribute 50% of the capital to the development of the
entertainment and leisure destination and act as the casino operator under a long dated casino management agreement.
CTFE and FECI will each contribute 25% of the capital to the development of the entertainment and leisure destination. The
Group's interest is accounted for using the equity method. CTFE and FECI will each contribute 50% of the capital to undertake
the residential and related components of the broader Queen’s Wharf Brisbane development. The Group is not a party to the
residential apartments development joint venture.
The initial stage of The Star Brisbane opened to the public on 29 August 2024 and includes the main gaming floor and
premium gaming rooms, The Star Grand Hotel, Event Centre, Sky Deck, Neville Bonner pedestrian bridge, public realm,
carpark and certain food and beverage outlets. Further food and beverage venues and the leisure deck will open
progressively throughout FY25. The Dorsett and Rosewood hotels are expected to open in late calendar year 2026. 
Total project costs for DBC's development of the entertainment and leisure destination are expected to be $2.9 billion. The
majority of these cost over-runs are to be funded via additional equity contributions in proportion with the existing joint
venture interests.
Commitments and contingent liabilities
DBC has current capital commitments of $672.9 million (2023: $690.5 million) for the DBC Integrated resort. There were no
contingent liabilities at 30 June 2024.
80

THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT 123
1. Chair and CEO Reports
2. Our People
3. Sustainability Report
4. Financial Performance
5. Key Projects
6. Directors’ Report
7. Financial Report
8. Additional Information
81
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
Summarised financial information
The financial statements of the associate is prepared for the same reporting period as the Group and follow the same
accounting policies of the Group. 
2024
$m
2023
$m
Balance sheet
Cash and cash equivalents
68.8
99.7
Total current assets excluding cash and cash equivalents
70.1
48.0
Total non current assets
2,625.1
2,371.8
Total current liabilities
(138.8)
(109.8)
Total non current liabilities
(1,382.5)
(1,259.1)
Net assets
1,242.7
1,150.6
Reconciliation to investment carrying amount:
Carrying amount at the beginning of the year
535.3
538.6
Equity contributions
74.5
-
Share of loss for the period
(7.6)
(3.3)
Impairment
(602.2)
-
Carrying amount at the end of the year
-
535.3
Income statement
Depreciation and amortisation expense
(2.0)
(2.0)
Operating expenses
(13.3)
(4.5)
Loss before tax
(15.3)
(6.5)
Income tax benefit
-
-
Loss for the year (continuing operations)
(15.3)
(6.5)
Total comprehensive loss for the year (continuing operations)
(15.3)
(6.5)
Group's share of loss for the year
(7.6)
(3.3)
30 June 2024
(ii) DESTINATION GOLD COAST INVESTMENTS PTY LTD
On 20 October 2016, a 50% interest was acquired in Destination Gold Coast Investments Pty Ltd (DGCI). DGCI is a joint
venture with CTFE and FECI, previously involved in the operation of the Sheraton Grand Mirage Resort, Gold Coast. On 3
November 2023, DGCI completed the sale of the Sheraton Grand Mirage Resort for $192.0 million. Sale proceeds were
initially used to repay external debt, with the remaining balance loaned to the unitholders until such time as the final
distributions are completed. $55.9 million was loaned to the Group in November 2023, while a further $9.4 million was
loaned in July 2024. The Group's interest is accounted for using the equity method.
The Securityholders’ Deed for Destination Gold Coast Investments Pty Ltd requires unanimous consent for each Board
resolution. Due to the unanimous requirement for decisions, each party has joint control of the entity. The entity is designed
to exist on its own and the Deed does not grant the rights to assets and liabilities directly to the Group. The investment has
therefore been classified as a joint venture.
Commitments and contingent liabilities
The joint venture had no capital commitments as at 30 June 2024 (2023: nil). There were no other contingent liabilities.

124
THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
Summarised financial information
The financial statements of the joint venture are prepared for the same reporting period as the Group and follow the same
accounting policies of the Group.
2024
$m
2023
$m
Balance sheet
Cash and cash equivalents
12.0
8.9
Total current assets excluding cash and cash equivalents
119.0
147.9
Total non current assets
-
-
Total current liabilities
-
(72.3)
Total non current liabilities - financial liabilities
-
-
Other non current liabilities
-
(11.1)
Net assets
131.0
73.4
Reconciliation to investment carrying amount:
Carrying amount at the beginning of the year
36.7
36.1
Share of profit for the period
28.9
0.6
Carrying amount at the end of the year
65.6
36.7
Income statement
Revenue
65.3
56.7
Interest expense
(1.6)
(3.1)
Depreciation and impairment expense
-
(2.5)
Operating expenses
(16.7)
(49.1)
Profit before tax
47.0
2.0
Income tax benefit/(expense)
41.0
(0.6)
Profit for the year (continuing operations)
88.0
1.4
Total comprehensive profit for the year (continuing operations)
88.0
1.4
Group's share of profit for the year
28.9
0.6
(iii)DESTINATION GOLD COAST CONSORTIUM PTY LTD
On 22 November 2016, a 33.3% interest was acquired in Destination Gold Coast Consortium Pty Ltd (DGCC). DGCC is a joint
venture with CTFE and FECI for the purpose of constructing a new residential and hotel tower in Gold Coast. The Group's
interest is accounted for using the equity method.
Commitments and contingent liabilities
DGCC has current capital commitments of $70.4 million (2023: $102.4 million) in relation to Tower 2. There were no other
contingent liabilities.
82

THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT
125
1. Chair and CEO Reports
2. Our People
3. Sustainability Report
4. Financial Performance
5. Key Projects
6. Directors’ Report
7. Financial Report
8. Additional Information
83
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
Summarised financial information
The financial statements of the joint venture are prepared for the same reporting period as the Group and follow the same
accounting polices of the Group.
2024
$m
2023
$m
Balance sheet
Cash and cash equivalents
25.3
48.6
Total current assets excluding cash and cash equivalents
88.7
85.4
Total non current assets
518.1
473.3
Total current liabilities
(162.4)
(102.9)
Total non current liabilities
(210.1)
(242.2)
Net assets
259.6
262.2
Reconciliation to investment carrying amounts:
Carrying amount at the beginning of the year
76.4
73.6
Share of (loss)/profit for the period
(1.7)
5.5
Share of equity contributions for the Group
9.8
17.9
Distributions received
(8.9)
(21.8)
Other
-
1.2
Carrying amount at the end of the year
75.6
76.4
Income statement
Revenue and other income
56.2
117.4
Operating expenses
(47.9)
(92.1)
Depreciation and amortisation expense
(5.3)
(5.3)
Finance costs
(7.9)
(3.5)
(Loss)/profit before tax
(4.9)
16.5
Income tax expense
-
-
(Loss)/profit for the year (continuing operations)
(4.9)
16.5
Total comprehensive (loss)/profit for the year (continuing operations)
(4.9)
16.5
Group's share of (loss)/profit for the year
(1.7)
5.5
Significant accounting policies 
The following accounting policy is unique to DGCC's accounting within the Group. 
Apartment sales revenue 
Revenue in respect of the development project is recognised upon fulfillment of all performance obligations on a contract.
The revenue is measured at the transaction price agreed under the contract. Payment is received on actual settlement of
individual units when risk and benefits of ownership are transferred to the customer.  

126
THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
E
RISK MANAGEMENT
E1
FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES
The Group's principal financial instruments comprise cash, short-term deposits and Australian denominated bank loans.
The main purpose of these financial instruments is to provide funding for the Group's operations. The Group has various
other financial assets and liabilities such as trade receivables and trade payables, which arise directly from its operations,
and financial guarantee contracts, which support the ongoing viability of associates and joint ventures. Derivative
transactions can also be entered into by the Group, being interest rate swaps, cross currency swaps and forward currency
contracts, the purpose being to manage interest rate and currency risks arising from the Group's operations and sources of
finance.
The Group's risk management policy is carried out by the Group Treasury function under the Group Treasury Policy approved
by the Board. Group Treasury reports regularly to the Board on the Group's risk management activities and compliance with
policies. It is, and has been throughout the period, the Group's policy that no speculative trading in financial instruments
shall be undertaken.
The main risks arising from the Group's financial instruments are interest rate risk, credit risk and liquidity risk.
Details of significant accounting policies and methods adopted, including criteria for recognition, the basis of measurement
and the basis on which income and expenses are recognised, in respect of each class of financial asset, financial liability and
equity instrument, are disclosed in note G.
Interest rate risk
The Group manages interest rate risk by using a floating versus fixed rate debt framework. The relative mix of fixed and
floating interest rate exposure is managed through: utilising assets which receive a floating rate of interest to provide a
natural hedge; the issuance of both fixed rate and floating rate debt; or by using interest rate swap (IRS) contracts. At 30
June 2024, 76.4% of the Group's borrowings are naturally hedged by cash in bank, short term deposits and restricted cash.
Historically, the Group managed its cash flow interest rate risk by using floating-to-fixed interest rate swap contracts.
Credit risk
Credit risk on financial assets which have been recognised on the balance sheet, is the carrying amount less any allowance
for non recovery. The Group minimises credit risk via adherence to a strict credit risk management policy. Collateral is not
held as security.
Customer credit risk
Credit risk in trade receivables is managed in the following ways:

The provision of non gaming credit is covered by a risk assessment process for customers using the Credit Reference
Association of Australia, bank opinions and trade references; and

The provision of cheque cashing facilities for casino gaming patrons was ceased on 7 December 2022. Gaming patron
cheque cashing facilities issued prior to this date remain, however have been fully provided for (refer to note B2). 
Receivable balances are monitored on an ongoing basis with the result that the Group's exposure to bad debts is carefully
managed and controlled.
Financial institution credit risk
Credit risk arising from other financial assets of the Group, which comprise cash, cash equivalents and derivative contracts,
is reduced by transacting with relationship banks that have acceptable credit ratings, as determined by a recognised ratings
agency.
Cash investments, derivative financial instruments, bank guarantees, and other contingent instruments create credit risk in
relation to the relevant counterparties, which are principally large relationship banks. As such, there is a low level of credit
risk.
The maximum counterparty credit exposure on forward currency and cross currency swaps is the fair value amount that the
Group receives when settlement occurs, should the counterparty fail to pay the amount which it has committed to pay the
Group. The credit risk on interest rate hedges is limited to the positive mark to market amount to be received from
counterparties over the life of contracts that are favourable to the Group. The Group's maximum credit risk exposure in
respect of interest rate swap contracts, cross currency swap contracts and forward currency contracts is nil as at 30 June
2024, as detailed in note  E2.
Credit risk includes liabilities under financial guarantees
For financial guarantee contract liabilities, the fair value at initial recognition is determined using a probability weighted
discounted cash flow approach. The expected loss of the financial guarantee contract liabilities is assessed as nil (2023: nil).
Details of the financial guarantee contracts are outlined below.
84

THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT
127
1. Chair and CEO Reports
2. Our People
3. Sustainability Report
4. Financial Performance
5. Key Projects
6. Directors’ Report
7. Financial Report
8. Additional Information
85
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
Fixed and floating charges
The controlled entities denoted (b) in note D1 have provided the NICC with a fixed and floating charge over all of the assets
and undertakings of each company to secure payment of all monies and the performance of all obligations which they have
to the NICC. 
Guarantees and indemnities
The controlled entities denoted (b) in note D1 have entered into a guarantee and indemnity agreement in favour of ILGA
whereby all parties to the agreement are jointly and severally liable for the performance of the obligations and liabilities of
each company participating in the agreement with respect to agreements entered into and guarantees given.
The controlled entities denoted (d) in note D1 have secured the $450.0 million syndicated facility with a first charge over
their assets.
The Group has provided a guarantee to the debt providers of its associates and joint ventures:

Destination Brisbane Consortium: the guarantee covers 50% of the SFA G&E facility (of which $1.5 billion is outstanding
at 30 June 2024) (see below); and

Destination Gold Coast Consortium: the guarantee covers up to 46.3% of the $309.5 million in facilities. 
The Company has secured the $450.0 million syndicated facility with a first charge over its assets (refer to note E1). In 2023,
the Company had also guaranteed the customer loans of EEI Services (Hong Kong) Limited1, for which $12.0 million was
recognised in current liabilities. The Group also had bank guarantees of $67.3 million (2023: $58.8 million), comprising
$29.5 million for The Star Entertainment Finance Limited (2023: $21.3 million) and $37.8 million for DBC (2023: $37.5
million) (separate to the guarantee of debt above) (refer to note E1). 
1 The EEI Services (Hong Kong) Limited office has been closed. The guarantee amount no longer remains as the outstanding
customer loans have been completed. 
DBC Financing Arrangements
The Company and its joint venture partners Chow Tai Fook Enterprises Limited (CTFE) and Far East Consortium International
Limited (FECI) entered into debt facility agreements in 2020 in relation to DBC’s $1.6 billion project-level debt funding. The
aggregate amount outstanding is $1.5 billion at 30 June 2024 (DBC Funding). The DBC Funding comprises two equal
facilities, drawn approximately equally, separately provided under a Gaming and Entertainment syndicated facility agreement
(SFA G&E) and a Tourism and Leisure syndicated facility agreement (SFA T&L). Amounts outstanding under the SFA G&E are
guaranteed by the Company and amounts outstanding under the SFA T&L are guaranteed by CTFE and FECI. The two
facilities are cross-collateralised against the property leases.
DBC’s ability to refinance its debt on reasonable terms as it becomes due in December 2025 or to repay the debt, its ability
to raise further finance, and its borrowing costs will depend on a range of factors including, but not limited to, prevailing
market conditions and DBC’s operating performance at the time any refinancing takes place. If DBC is unable to refinance its
debt obligations, or to do so on reasonable terms, this may have an adverse impact on the financial position and
performance of the Group, in particular in circumstances where the Company is required to contribute additional equity to
the joint venture as part of any financing or the Company’s SFA G&E guarantee is called upon.
Liquidity risk
Liquidity risk arises from the financial liabilities of the Group and the Group's subsequent ability to meet its obligations to
repay its financial liabilities as and when they fall due. At 30 June 2024, the Group faces significant near-term liquidity
requirements (refer to note G), including: funding of the Group's operations at current trading levels; ongoing transformation
and remediation related activities; joint venture equity contributions, particularly DBC (refer to note C1); and anticipated
outflows associated with ongoing regulatory matters (refer to note B7). A range of initiatives and other measures have been
identified and are in the process of being implemented to improve business performance across both revenue generation
and costs, including the execution of a new debt facility on 25 September 2024 (refer to note C2).  
The Group manages liquidity risk through maintaining sufficient cash and adequate amount of undrawn committed credit
facilities to be held above the forecast requirements of the business. The Group manages liquidity risk centrally by monitoring
cash flow forecasts and maintaining adequate cash reserves and debt facilities. The debt portfolio is periodically reviewed to
ensure there is funding flexibility across an appropriate maturity profile. Refer to notes B8 and E2 for maturity of financial
liabilities.

128
THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
The contractual timing of cash flows on derivatives and non-derivative financial assets and liabilities at the reporting date,
including drawn borrowings and estimated interest, are set out in the tables below:
(i) NON-DERIVATIVE FINANCIAL INSTRUMENTS
2024
2023
< 1 year
$m
1 - 5 years
$m
> 5 years
$m
< 1 year
$m
1 - 5 years
$m
> 5 years
$m
Financial assets
Cash on hand and at bank
87.0
-
-
79.2
-
-
Short term deposits
212.6
-
-
9.5
-
-
Trade and other receivables
31.5
-
-
20.8
-
-
331.1
-
-
109.5
-
-
Financial liabilities
Trade and other payables
176.1
-
-
182.0
-
-
Bank loans - unsecured
35.1
385.8
-
26.1
368.7
-
Lease liabilities
8.7
23.7
68.1
8.8
29.2
69.6
USPP notes
-
-
-
37.6
409.0
62.3
219.9
409.5
68.1
254.5
806.9
131.9
Net outflow
111.2
(409.5)
(68.1)
(145.0)
(806.9)
(131.9)
(ii) DERIVATIVE FINANCIAL INSTRUMENTS
2024
2023
< 1 year
$m
1 - 5 years
$m
> 5 years
$m
< 1 year
$m
1 - 5 years
$m
> 5 years
$m
Financial assets
Interest rate swaps - receive AUD floating
-
-
-
4.2
1.8
-
Cross currency swaps - receive USD fixed
-
-
-
14.9
339.5
61.4
-
-
-
19.1
341.3
61.4
Financial liabilities
Interest rate swaps - pay AUD fixed
-
-
-
1.5
1.0
-
Cross currency swaps - pay AUD floating
-
-
-
4.8
76.4
-
Cross currency swaps - pay AUD fixed
-
-
-
13.1
226.3
56.2
-
-
-
19.4
303.7
56.2
Net (outflow)/inflow
-
-
-
(0.3)
37.6
5.2
For floating rate instruments, the amount disclosed is determined by reference to the interest rate at the last repricing date.
For foreign currency receipts and payments, the amount disclosed is determined by reference to the AUD/USD rate at
balance sheet date.
(iii)FINANCIAL INSTRUMENTS - SENSITIVITY ANALYSIS
Interest rates - AUD and USD
The following sensitivity analysis is based on interest rate risk exposures in existence at year end.
At 30 June, if interest rates had moved, as illustrated in the table below, with all other variables held constant, post tax profit
and other comprehensive income would have been affected as follows:
86

THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT 129
1. Chair and CEO Reports
2. Our People
3. Sustainability Report
4. Financial Performance
5. Key Projects
6. Directors’ Report
7. Financial Report
8. Additional Information
87
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
2024
Net profit after tax
higher/(lower)
$m
Other
comprehensive
income
higher/(lower)
$m
AUD
+ 0.5% (50 basis points) 
(0.2)
-
- 0.5% (50 basis points) 
0.2
-
2023
AUD
+ 0.5% (50 basis points) 
(2.0)
5.2
- 0.5% (50 basis points) 
2.0
(5.3)
USD
+ 0.5% (50 basis points)
-
(6.2)
- 0.5% (50 basis points)
-
6.3
The movements in profit are due to higher/lower interest costs from variable rate debt and investments. The movement in
other comprehensive income is due to an increase/decrease in the fair value of financial instruments designated as cash
flow hedges. The numbers derived in the sensitivity analysis are indicative only. Significant assumptions used in the interest
rate sensitivity analysis include:

reasonably possible movements in interest rates were determined based on the Group's current credit rating and mix of
debt; and

price sensitivity of derivatives is based on a reasonably possible movement of spot rates at the balance sheet dates.
Foreign Exchange
The following sensitivity analysis is based on foreign currency risk exposures in existence at the balance sheet date. At 30
June, had the AUD moved, as illustrated in the table below, with all other variables held constant, post tax profit and other
comprehensive income would have been affected as follows:
Judgements of reasonably possible movements:
Net profit after tax
higher/(lower)
Other
comprehensive
income
higher/(lower)
Net profit after tax
higher/(lower)
Other
comprehensive
income
higher/(lower)
2024
$m
2024
$m
2023
$m
2023
$m
AUD/USD + 10 cents
-
-
1.1
(0.8)
AUD/USD - 10 cents
-
-
(1.6)
1.1
The movement in other comprehensive income is due to an increase/decrease in the fair value of financial instruments
designated as cash flow hedges. Management believes the balance sheet date risk exposures are representative of the risk
exposure inherent in the financial instruments. The numbers derived in the sensitivity analysis are indicative only.
Significant assumptions used in the foreign currency exposure sensitivity analysis include: 

reasonably possible movements in foreign exchange rates were determined based on a review of the last two years'
historical movements and economic forecaster's expectations;

the reasonably possible movement of 10 cents was calculated by taking the USD spot rate as at balance sheet date,
moving this spot rate by 10 cents and then re-converting the USD into AUD with the 'new spot-rate'. This methodology
reflects the translation methodology undertaken by the Group; and

price sensitivity of derivatives is based on a reasonably possible movement of spot rates at the balance sheet dates.

130
THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
E2
ADDITIONAL FINANCIAL INSTRUMENTS DISCLOSURES
(i) FAIR VALUES
The fair value of the Group's financial assets and financial liabilities approximates their carrying value as at the balance
sheet date.
There are various methods available in estimating the fair value of a financial instrument. The methods comprise:
Level 1
the fair value is calculated using quoted prices in active markets.
Level 2
the fair value is estimated using inputs other than quoted prices included in Level 1 that are observable for the
asset or liability, either directly (as prices) or indirectly (derived from prices).
Level 3
the fair value is estimated using inputs for the asset or liability that are not based on observable market data.
All of the Group's derivative financial instruments are valued using the Level 2 valuation techniques, being observable inputs.
There have been no transfers between levels during the year. 
Interest rate swaps and cross currency swaps
The fair value of cross currency contracts is calculated as the present value of expected future cash flows of these
instruments. Key variables include market pricing data, discount rates and credit risk of the group or counterparty where
relevant. Variables reflect those which would be used by the market participants to execute and value the instruments.
Forward currency contracts
Fair value is calculated using forward exchange market rates at the balance sheet date.
USPP
Fair value is calculated using discounted future cash flow techniques, where estimated cash flows and estimated discount
rates are based on market data at the balance sheet date, in combination with restatement to current foreign exchange
rates.
(ii) FINANCIAL INSTRUMENTS - INTEREST RATE SWAPS
Interest rate swaps were closed in October 2023 in conjunction with the repayment of existing bank loans and prepayment
and termination of the USPP notes. In 2023, interest rate swaps met the requirements to qualify for cash flow hedge
accounting and were stated at fair value.
These swaps were used to hedge the exposure to variability in cash flows attributable to movements in the reference interest
rate of the designated debt or instrument and were assessed as highly effective in offsetting changes in the cash flows
attributable to such movements. Hedge effectiveness was measured by comparing the change in the fair value of the hedged
item and the hedging instrument respectively each quarter. Any difference represents ineffectiveness and was recorded in
the income statement.
The notional principal amounts and periods of expiry of the interest rate swap contracts are as follows:
2024
$m
2023
$m
Less than one year
-
50.0
One to five years
-
50.0
More than five years
-
-
Notional Principal
-
100.0
Fixed interest rate range p.a.
0.4% - 2.6%
Net settlement receipts and payments were recognised as an adjustment to interest expense on an accruals basis over the
term of the swaps, such that the overall interest expense on borrowings reflects the average cost of funds achieved by
entering into the swap agreements. 
(iii)FINANCIAL INSTRUMENTS - CROSS CURRENCY SWAPS
Cash flow hedges
Cross currency swaps were closed in October 2023 in conjunction with the repayment of existing bank loans and prepayment
and termination of the USPP notes. In 2023, cross currency swap contracts were classified as cash flow hedges and were
stated at fair value.
88

THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT
131
1. Chair and CEO Reports
2. Our People
3. Sustainability Report
4. Financial Performance
5. Key Projects
6. Directors’ Report
7. Financial Report
8. Additional Information
89
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
These cross currency swaps were being used to hedge the exposure to the cash flow variability in the value of the USD debt
under the USPP and were assessed as highly effective in offsetting changes in movements in the forward USD exchange rate.
Hedge effectiveness was measured by comparing the change in the fair value of the hedged item and the hedging
instrument respectively each quarter. Any difference represents ineffectiveness and was recorded in the income statement.
Fair value hedges
Cross currency swaps were closed in October 2023 in conjunction with the repayment of existing bank loans and prepayment
and termination of the USPP notes. In 2023, cross currency swaps were used to hedge the exposure to fair value changes of
the USD debt under the USPP as a result of fluctuations in the underlying USD to AUD exchange rate and US interest
benchmark and were assessed as highly effective. The decrease in fair value of the cross currency swaps of $3.0 million
(2023: $2.4 million increase in value) has been recognised in finance costs, offsetting gains on the USPP borrowings. The
ineffectiveness recognised in FY24 was immaterial (2023: immaterial).
The principal amounts and periods of expiry of the cross currency swap contracts are as follows:
              2024
           2023
AUD $m
USD $m
AUD $m
USD $m
Less than one year
-
-
-
-
One to five years
-
-
250.3
195.4
More than five years
-
-
54.2
40.4
Notional principal
-
-
304.5
235.8
Fixed interest rate range p.a.
3.2% - 4.4%
The terms and conditions in relation to interest rate and maturity of the cross currency swaps were similar to the terms and
conditions of the underlying hedged USPP borrowings as set out in note B8.
(iv)RECONCILIATION OF MOVEMENT IN FINANCING ACTIVITIES
Opening 
$m
Cash
flows
$m
Changes
in fair
values
$m
Foreign
exchange
movement
$m
Debt
modification
$m
Net loss on
settlement
$m
Borrowing
costs
$m
Closing
$m
2024
Interest 
bearing 
liabilities
(excluding lease liabilities) (refer
to note B8)
(720.4)
434.2
3.0
(16.5)
8.0
(8.3)
30.4
(269.6)
Net derivative assets (refer to
note B3)
36.2
(49.7)
13.5
-
-
-
-
-
2023
Interest 
bearing 
liabilities
(excluding significant items) (refer
to note B8)
(1,289.6)
603.1
(2.4)
(12.1)
(10.9)
(8.1)
(0.4)
(720.4)
Net derivative assets (refer to
note B3)
58.6
(20.5)
(1.9)
-
-
-
-
36.2
Opening
$m
Cash
flows
$m
Interest
$m
Transition
$m
Additions
$m
Other
$m
Disposals
$m
Closing
$m
2024
Lease liabilities (refer to note B8)
(36.8)
7.9
(2.9)
-
-
-
(0.4)
(32.2)
2023
Lease liabilities (refer to note B8)
(42.9)
9.2
(3.1)
-
-
-
-
(36.8)

132
THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
F
OTHER DISCLOSURES
F1
OTHER COMPREHENSIVE INCOME
2024
$m
2023
$m
Net gain/(loss) on derivatives
8.2
(9.3)
Tax on above items recognised in other comprehensive income
(2.4)
2.8
5.8
(6.5)
a
All derivatives were closed in October 2023 in conjunction with the repayment of existing bank loans and prepayment and termination
of the USPP notes. The cash flow hedge reserve was released to the income statement.
F2
INCOME TAX
(i) INCOME TAX BENEFIT
2024
$m
2023
$m
The major components of income tax benefit is:
Current tax benefit/(expense)
31.3
22.4
Adjustments in respect of current income tax of previous years
5.5
6.5
Deferred income tax (expense)/benefit
(189.7)
298.9
Income tax (expense)/benefit reported in the income statement
(152.9)
327.8
Aggregate of current and deferred tax relating to items charged or
credited to equity:
Current tax benefit reported in equity
-
0.6
Deferred tax benefit/(expense) reported in equity
2.2
9.3
Income tax benefit/(expense) reported in equity
2.2
9.9
Income tax benefit
A reconciliation between income tax benefit and the product of
accounting profit before income tax multiplied by the income tax rate is as
follows:
Accounting loss before income tax benefit
(1,531.7)
(2,763.0)
At the Group's statutory income tax rate of 30%
459.5
828.9
- Non deductible goodwill impairment
(44.4)
(361.3)
- Non assessable gain on sale
-
10.3
- Recognition/(derecognition) of temporary differences
(564.2)
(2.6)
- Non deductible expenses
(5.0)
(149.0)
- Over provision in prior years
1.2
1.5
Aggregate income tax expense
(152.9)
327.8
Effective income tax rate
%
(10.0)
%
(11.9)
90

THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT 133
1. Chair and CEO Reports
2. Our People
3. Sustainability Report
4. Financial Performance
5. Key Projects
6. Directors’ Report
7. Financial Report
8. Additional Information
91
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
(ii) DEFERRED TAX BALANCES
The balance comprises temporary differences attributable to: 
2024
Balance
1 July 2023
$m
Recognised
in the income
statement
$m
Recognised
directly in
equity
$m
Other
$m
Balance
30 June 2024
$m
Property, plant and equipment
93.9
141.2
-
-
235.1
Intangible assets
27.8
9.9
-
-
37.7
Employee provisions
23.8
1.3
-
-
25.1
Other provisions and accruals
23.7
13.2
-
-
36.9
Impairment of trade receivables
9.9
-
-
-
9.9
Unrealised financial liabilities
18.9
(16.6)
(2.4)
-
(0.1)
Finance leases
11.4
(1.4)
-
-
10.0
Other
6.0
197.0
4.6
-
207.6
Tax losses
28.2
6.1
-
(3.0)
31.3
Deferred tax assets (DTA) set off
243.6
350.7
2.2
(3.0)
593.5
Intangible assets
(33.0)
22.6
-
-
(10.4)
Property, plant and equipment
(6.5)
3.7
-
-
(2.8)
Unrealised financial assets
(11.9)
12.0
-
-
0.1
Other
(1.8)
(14.4)
-
-
(16.2)
(53.2)
23.9
-
-
(29.3)
Derecognition of DTA balancesa
-
(564.2)
-
-
(564.2)
Net deferred tax assets
190.4
(189.6)
2.2
(3.0)
-
a DTA's, including $31.3 million of tax losses, have been derecognised as they no longer meet the recognition criteria.
2023
1 July 2022
30 June 2023
Property, plant and equipment
-
93.9
-
-
93.9
Intangible assets
-
27.8
-
-
27.8
Employee provisions
30.1
(6.3)
-
-
23.8
Other provisions and accruals
17.3
6.4
-
-
23.7
Impairment of trade receivables
11.2
(1.3)
-
-
9.9
Unrealised financial liabilities
18.6
(2.8)
3.1
-
18.9
Finance Leases
13.3
(1.9)
-
-
11.4
Other
7.9
(8.4)
6.5
-
6.0
Tax losses
-
5.1
-
23.1
28.2
Deferred tax assets set off
98.4
112.5
9.6
23.1
243.6
Intangible assets
(54.7)
21.7
-
-
(33.0)
Property, plant and equipment
(144.5)
138.0
-
-
(6.5)
Unrealised financial assets
(19.3)
7.7
(0.3)
-
(11.9)
Other
(20.8)
19.0
-
-
(1.8)
(239.3)
186.4
(0.3)
-
(53.2)
Net deferred tax (liabilities)/assets
(140.9)
298.9
9.3
23.1
190.4

134
THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
(iii)TAX CONSOLIDATION
Effective June 2011, The Star Entertainment Group Limited (the Head Company) and its 100% owned subsidiaries formed an
income tax consolidation group. Members of the tax consolidation group entered into a tax sharing arrangement that
provides for the allocation of income tax liabilities between the entities should the Head Company default on its tax payment
obligations. At balance date, the possibility of default is remote.
Tax effect accounting by members of the tax consolidation group
Members of the tax consolidation group have entered into a tax funding agreement effective June 2011. Under the terms of
the tax funding agreement, the Head Company and each of the members in the tax consolidation group have agreed to make
a tax equivalent payment to or from the Head Company, based on the current tax liability or current tax asset of the member.
Deferred taxes are recorded by members of the tax consolidation group in accordance with the principles of AASB 112
'Income Taxes'. Calculations under the tax funding agreement are undertaken for statutory reporting purposes.
The allocation of taxes under the tax funding agreement is recognised as either an increase or decrease in the subsidiaries'
intercompany accounts with the Head Company. The Group has chosen to adopt the Group Allocation method as outlined in
Interpretation 1052 'Tax Consolidation Accounting' as the basis to determine each members' current and deferred taxes. The
Group Allocation method as adopted by the Group will not give rise to any contribution or distribution of the subsidiaries'
equity accounts as there will not be any differences between the current tax amount that is allocated under the tax funding
agreement and the amount that is allocated under the Group Allocation method.
(iv)INCOME TAX PAYABLE
The balance of income tax payable is the net of current tax and tax instalments/refunds during the year. A current tax liability
arises where current tax exceeds tax instalments paid and a current tax receivable arises where tax instalments paid exceed
current tax.
The income tax (payable)/receivable balance is attributable to:
2024
Receivable
1 July 2023
$m
Increase in
tax receivable
$m
Tax instalment
refunded
$m
Over
provision of
tax
$m
Other
$m
Receivable
30 June
2024
$m
Tax consolidated group - year ended
30 June 2024 a
-
-
-
-
-
-
Tax consolidated group - year ended
30 June 2023 b
16.4
23.3
-
-
-
39.7
Prior years c
14.4
10.9
(14.6)
5.5
0.1
16.3
Total Australia
30.8
34.2
(14.6)
5.5
0.1
56.0
Overseas subsidiaries
-
-
-
-
-
-
Total
30.8
34.2
(14.6)
5.5
0.1
56.0
a
No instalments paid due to carried forward losses.
b
The 1 July 2023 receivable balance relates to refundable tax instalments and the increase in tax receivable relates to loss carry back
amendments recognised in 2024. 
c
The receivable balance relates to depreciation deductions for capital projects and the increase in tax receivable relates to loss carry
back amendments recognised in 2024.
2023
(Payable)/
receivable
1 July 2022
$m
Increase in
tax payable
$m
Tax instalment
paid
$m
Over
provision of
tax
$m
Other
$m
Receivable
30 June
2023
$m
Tax consolidated group - year ended
30 June 2023
-
-
16.4
-
-
16.4
Tax consolidated group - year ended
30 June 2022
(1.7)
-
3.5
1.7
-
3.5
Prior years a
6.0
-
-
5.0
(0.1)
10.9
Total Australia
4.3
-
19.9
6.7
(0.1)
30.8
Overseas subsidiaries
0.1
-
0.1
(0.2)
-
-
Total
4.4
-
20.0
6.5
(0.1)
30.8
a
The receivable balance relates to depreciation deductions for capital projects.
92

THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT 135
1. Chair and CEO Reports
2. Our People
3. Sustainability Report
4. Financial Performance
5. Key Projects
6. Directors’ Report
7. Financial Report
8. Additional Information
93
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
F3
LOSS PER SHARE
2024
$m
2023
$m
Net loss after tax attributable to ordinary shareholders
(1,684.6)
(2,435.2)
Basic loss per share (cents per share)
(66.8)
(211.7)
Diluted loss per share (cents per share)
(66.8)
(211.7)
2024
Number
2023
Number
Weighted average number of shares used as the denominator
Number of ordinary shares issued at the beginning of the year
1,616,195,845
950,118,767
Adjustment for issue of new share capital on 6 October 2023 a
680,535,539
-
Adjustment for issue of new share capital on 19 October 2023 b
226,669,736
-
Adjustment for issue of new share capital on 7 March 2023 c
-
135,723,473
Adjustment for issue of new share capital on 20 March 2023 d
-
65,920,550
Movement in treasury shares
275,977
(1,602,749)
Weighted average number of shares used as the denominator
2,523,677,097
1,150,160,041
Adjustment for calculation of diluted earnings per share:
Adjustment for Performance Rights
-
-
Weighted average number of ordinary shares and potential ordinary shares as
used as the denominator in calculating diluted earnings per share at the end of
the year
2,523,677,097
1,150,160,041
a On 6 October 2023, the Group issued 925,933,112 shares for the private placement to institutional investors under the accelerated non-
renounceable entitlement offer. The capital raising is after $8.0 million of costs, net of tax.
b On 19 October 2023, the Group issued 324,066,888 new shares for retail component of the accelerated non-renounceable entitlement
offer. The capital raising is after $2.8 million of costs, net of tax.
c On 7 March 2023, the Group issued 430,774,501 new shares for private placement to institutional investors under the accelerated non-
renounceable entitlement offer. The capital raising is after $9.7 million of costs, net of tax.
d On 20 March 2023, the Group issued 235,892,166 new shares for retail component of the accelerated non-renounceable entitlement
offer (including shares issued to CTFE and FECI under the placement and institutional entitlement offer, in accordance with the retail
entitlement offer timetable). The capital raising is after $5.3 million of costs, net of tax.
40,201 performance rights (2023: 430,985) could potentially dilute basic earnings per share in the future, but were not
included in the calculation above because they are antidilutive for the period presented.
F4
OTHER ASSETS
2024
$m
2023
$m
Current
Prepayments
38.5
43.0
Other assets
48.9
50.7
87.4
93.7
Non current
Rental paid in advance
0.8
0.8
Other assets
17.2
25.9
18.0
26.7

136
THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
F5
TRADE AND OTHER PAYABLES
2024
$m
2023
$m
Trade creditors and accrued expenses
176.1
182.0
Interest payable
4.3
2.9
180.4
184.9
F6
OTHER LIABILITIES
2024
$m
2023
$m
Current
Sale proceeds loaned from DGCI
55.9
-
Customer loyalty deferred revenue a
16.2
16.3
Other deferred revenue
1.9
2.3
Other
1.2
-
75.2
18.6
Non current
Other
8.8
11.1
8.8
11.1
a
The Group operates customer loyalty programs enabling customers to accumulate award credits for gaming and on-property spend. A
portion of the spend, equal to the fair value of the award credits earned, is treated as deferred revenue, and recognised in the income
statement when the award is redeemed or expires.
F7
SHARE CAPITAL AND RESERVES
(i) SHARE CAPITAL
There is only one class of shares (ordinary shares) on issue. These ordinary shares entitle the holder to participate in
dividends and proceeds on winding up of the Company, in proportion to the number and amounts paid on the shares held.
On a show of hands, every holder of ordinary shares present at a meeting in person or by proxy, is entitled to one vote, and
upon a poll each share is entitled to one vote. The Company does not have authorised capital nor par value in respect of its
issued shares
Share
Shares
capital
$m
Treasury
Shares
shares
$m
Net
Shares
outstanding  
$m
Opening balance 1 July 2023
1,618,680,877
3,962.9
(2,485,032)
(7.3)
1,616,195,845
3,955.6
Issue of share capital (net of tax)
- 6 October 2023 a
925,933,112
547.6
-
-
925,933,112
547.6
Issue of share capital (net of tax) -
19 October 2023 b
324,066,888
191.6
-
-
324,066,888
191.6
Shares issued to settle employee
share programs
-
-
340,133
0.9
340,133
0.9
Closing balance 30 June 2024
2,868,680,877
4,702.1
(2,144,899)
(6.4)
2,866,535,978
4,695.7
94

THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT
137
1. Chair and CEO Reports
2. Our People
3. Sustainability Report
4. Financial Performance
5. Key Projects
6. Directors’ Report
7. Financial Report
8. Additional Information
95
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
Share
Shares
capital
$m
Treasury
Shares
shares
$m
Net
Shares
outstanding
$m
Opening balance 1 July 2022
952,014,210
3,177.9
(1,895,443)
(6.9)
950,118,767
3,171.0
Issue of share capital (net of tax) -
7 March 2023 c
430,774,501
507.2
-
-
430,774,501
507.2
Issue of share capital (net of tax) -
20 March 2023 d
235,892,166
277.8
-
-
235,892,166
277.8
Shares 
purchased 
for 
future
employee share programs
-
-
(2,255,061)
(6.4)
(2,255,061)
(6.4)
Shares issued to settle employee
share programs
-
-
1,665,472
6.0
1,665,472
6.0
Closing balance 30 June 2023
1,618,680,877
3,962.9
(2,485,032)
(7.3)
1,616,195,845
3,955.6
a On 6 October 2023, the Group issued 925,933,112 shares for the private placement to institutional investors under the accelerated non-
renounceable entitlement offer. The capital raising is after $8.0 million of costs, net of tax.
b On 20 March 2023, the Group issued 235,892,166 new shares for retail component of the accelerated non-renounceable entitlement
offer. The capital raising is after $5.3 million of costs, net of tax.
c On 7 March 2023, the Group issued 430,774,501 new shares for private placement to institutional investors under the accelerated non-
renounceable entitlement offer. The capital raising is after $9.7 million of costs, net of tax.
d On 20 March 2023, the Group issued 235,892,166 new shares for retail component of the accelerated non-renounceable entitlement
offer (including shares issued to CTFE and FECI under the placement and institutional entitlement offer, in accordance with the retail
entitlement offer timetable). The capital raising is after $5.3 million of costs, net of tax.
(ii) RESERVES (NET OF TAX)
2024
$m
2023
$m
Hedging reserve a
-
(8.2)
Cost of hedging reserve b
-
2.4
Share based payments reserve c
9.6
8.6
9.6
2.8
Nature and purpose of reserves
a
The hedging reserve records the spot element of fair value changes on the portion of the gain or loss on a hedging
instrument in a cash flow hedge that is determined to be an effective hedge.
b
The spot element of derivative contracts are designated as hedging instruments with fair value changes recorded in the
hedging reserve. The forward element is recognised in other comprehensive income and accumulated in a separate
component of equity under costs of hedging reserve.
c
The share based payments reserve is used to recognise the value of equity settled share based payment transactions
provided to employees, including Key Management Personnel as part of their remuneration. Refer to note F9 for further
details on these plans. 
(iii)CAPITAL MANAGEMENT
The Group's objectives when managing capital are to ensure the Group continues as a going concern while providing optimal
returns to shareholders and benefits for other stakeholders, and to maintain an optimal capital structure to reduce the cost
of capital.
In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends to be paid to shareholders,
return capital to shareholders or issue new shares. Gearing is managed primarily through the ratio of net debt to earnings
before interest, tax, depreciation, amortisation, impairment, significant items and share of the net loss of associate and joint
venture entities. 
The Group’s capital management also aims to ensure that it meets financial covenants attached to the interest bearing loans
and borrowings that define capital structure requirements. There have been no breaches of the financial covenants of any
interest bearing loans and borrowings in the current period. 

138
THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
2024
$m
2023
$m
Gross Debt
301.8
757.2
Net Debt a
-
595.5
EBITDA (before significant items) b
174.7
317.4
Gearing ratio (times) c
x
2.7
x
1.9
a
Net debt is shown as interest bearing liabilities (excluding lease liabilities), less cash and cash equivalents, less net
position of derivative financial instruments.
b
EBITDA (before significant items) is a non-IFRS disclosure and stands for earnings before interest, tax, depreciation,
amortisation, impairment, significant items and share of profits / losses from joint ventures. 
c
At 30 June 2024 the Group is in a net cash position.
F8
RECONCILIATION OF NET PROFIT AFTER TAX TO NET CASH INFLOWS FROM OPERATIONS
Note
2024
$m
2023
$m
Net loss after tax
(1,684.6)
(2,435.2)
- Depreciation, amortisation and impairment
A4
1,533.8
2,348.4
- Employee share based payments expense
F9
1.7
2.6
- Gain on disposal of property, plant and equipment
-
(0.8)
- Finance costs
A5
68.0
110.8
- Share of net profit of associate and joint venture entities
D5
(19.7)
(5.4)
- Gain on disposal of aircraft
-
-
Working capital changes
- Increase in trade and other receivables and other assets
(6.5)
(10.7)
- Decrease in inventories
1.3
1.3
- (Decrease)/increase in trade and other payables, accruals and provisions
(15.5)
380.7
- Decrease in tax provisions
167.5
(347.9)
Net cash inflow from operating activities
46.0
43.8
Operating cash flow before interest and tax was $22.4 million, down 64.4% on the pcp. The EBITDA to cash conversion
ratio was 26%, primarily due to material regulatory and legal cost payments made that had been accrued in the pcp.   
96

THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT 139
1. Chair and CEO Reports
2. Our People
3. Sustainability Report
4. Financial Performance
5. Key Projects
6. Directors’ Report
7. Financial Report
8. Additional Information
97
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
F9
EMPLOYEE SHARE PLANS
Long term incentive plan
During the current and prior periods, the Company issued Performance Rights and Premium Exercised Price Options under
the long term incentive plan to eligible employees. The share based payment credit of $0.2 million (2023: $0.3 million) in
respect of the equity instruments granted is recognised in the income statement. 
The number of Performance Rights granted to employees and forfeited or lapsed during the year are set out below.
2024
Grant Date
Balance at start of
year
Granted during the
year
Forfeited during
the year
Lapsed during
the year a Vested during
the year
Balance at end
of year
25 September 2019
322,821
-
-
322,821
-
-
24 September 2020
650,981
-
258,127
-
-
392,854
23 September 2021
1,220,635
-
859,036
-
-
361,599
26 September 2022
1,842,126
-
1,096,796
-
-
745,330
22 December 2023
-
6,830,545
2,616,200
-
-
4,214,345
4,036,563
6,830,545
4,830,159
322,821
-
5,714,128
2023
Grant Date
Balance at start of
year
Granted during the
year
Forfeited during
the year b
Lapsed during
the year
Vested during
the year
Balance at end
of year
3 October 2018
449,656
-
34,050
415,606
-
-
25 September 2019
611,504
-
288,683
-
-
322,821
24 September 2020
1,101,265
-
450,284
-
-
650,981
23 September 2021
981,505
580,383
341,253
-
-
1,220,635
26 September 2022
-
2,187,492
345,366
-
-
1,842,126
3,143,930
2,767,875
1,459,636
415,606
-
4,036,563
Grants in FY24 include a market based hurdle (relative total shareholder return (rTSR)) and a premium exercised price option
(PEP). Grants in FY23 and prior include a market based hurdle (rTSR), an earnings per share (EPS) component and a return
on investment capital (ROIC) component. The Performance Rights have been independently valued. For the rTSR and PEP
component, valuation was based on a Monte-Carlo simulation model. For the EPS and ROIC component, a discounted cash
flow technique was utilised. The EPS and ROIC value does not contain any specific discount for forfeiture if the employee
leaves the Group during the vesting period. This adjustment, if required, is based on the number of equity instruments
expected to vest at the end of each reporting period. 
a
Performance rights granted on 25 September 2019 were tested and did not vest. The FY20 grant comprised three performance
hurdles (rTSR, EPS and ROIC). None of the performance hurdles were satisfied in respect of the FY20 grant. 
b
Performance rights granted on 3 October 2018 were tested in the prior year and did not vest. The FY19 grant comprise three
performance hurdles (rTSR, EPS and ROIC). None of the performance hurdles were satisfied in respect of the FY20 grant. 
The key assumptions underlying the Performance Rights valuations are set out below:
Effective grant date
Test and vesting date
Share price at
date of grant
$
Expected
volatility in
share price
%
Expected
dividend yield
%
Risk free
interest rate
%
Average Fair
Value per
Performance
Right
$
25 September 2019
25 September 2023
4.20
%
22.00
%
-
%
0.72
3.66
24 September 2020
24 September 2024
3.15
%
29.00
%
-
%
0.26
2.76
23 September 2021
23 September 2025
4.35
%
31.00
%
-
%
0.41
3.78
26 September 2022
26 September 2026
2.63
%
32.00
%
-
%
3.80
2.33
22 December 2023
3 October 2027
0.51
%
37.00
%
-
%
3.67
0.26
Premium exercise price options
22 December 2023
24 November 2027
0.51
%
36.00
%
-
%
3.74
0.04

140
THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
Equity retention plan
Since FY19, the Company has granted restricted shares under the equity retention plan to eligible employees. The share
based payment expense of $1.1 million (2023: $2.7 million) in respect of the equity instruments granted is recognised in the
income statement. The number of restricted shares granted to employees and forfeited during the year are set out below. 
2024
Balance at start
of year
Granted during
the year
Forfeited
during the
year
Lapsed
during the
year
Vested during
the year
Balance at end of
year
1 July 2023
1,206,889
-
109,979
-
-
1,096,910
2023
Balance at start
of year
Granted during
the year
Forfeited
during the
year
Lapsed
during the
year
Vested during
the year
Balance at end of
year
1 July 2022
1,149,639
1,639,642
312,306
-
1,270,086
1,206,889
The awards are granted at no cost to participants and are subject to a service condition of five years. Participants are entitled
to dividends and may benefit from share price growth over the vesting period.
Executive service rights grant
In July 2023, the Board approved a once-off grant of service rights to each member of the Group Leadership Team. The
share based payment expense of $0.6 million (2023: nil) in respect of the equity instruments granted is recognised in the
income statement.
The number of restricted shares granted to employees and forfeited during the year are set out below.
2024
Balance at
start of year
Granted
during the
year
Forfeited
during the
year
Lapsed
during the
year
Vested
during the
year
Balance at
end of year
1 July 2023
-
8,986,302
4,806,900
-
835,879
3,343,523
The awards are issued at no cost to participants and are in three tranches: Tranche 1, comprising 20% of the award vested
30 June 2024; Tranche 2, comprising 30% of the award vests 30 June 2025; and Tranche 3, comprising 50% of the award
vests 30 June 2026. On vesting, all rights are subject to a 12 month holding lock.
Service rights do not attract dividends until shares have been allocated following vesting. Participants will receive any
dividends which accrued during the plan period once the vesting conditions have been met. Participants may benefit from
share price growth over the vesting period. 
Short term incentive plan
In FY24, $0.1 million (2023: $0.2 million) was recognised for the FY22 short term incentive plan, relating to certain
executives for whom one third of their eligible award was granted as shares, subject to a 12 month holding lock. 
F10 AUDITOR'S REMUNERATION
2024
$
2023
$
Fees to Ernst & Young (Australia):
Fees for auditing the statutory financial report of the parent and consolidated
group
3,072,328
2,279,588
Fees for other assurance and agreed-upon-procedures services (including
sustainability assurance) under contractual arrangements where there is
discretion as to whether the service is provided by the auditor
167,750
197,600
Fees for other advisory and compliance services
220,000
58,000
Total fees to Ernst & Young Australia
3,460,078
2,535,188
The auditor of the Company and its controlled entities is Ernst & Young. From time to time, Ernst & Young provides other
services to the Group, which are subject to strict corporate governance procedures encompassing the selection of service
providers and the setting of their remuneration. The Chair of the Audit Committee (or authorised delegate) must approve any
other services provided by Ernst & Young to the Group. The Company's Group Chief Financial Officer has limited delegated
authority for the pre-approval of audit and non-audit services proposed by the external auditors, limited to $50,000 per
engagement and capped at 40% of the relevant year's audit fee. 
98

THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT
141
1. Chair and CEO Reports
2. Our People
3. Sustainability Report
4. Financial Performance
5. Key Projects
6. Directors’ Report
7. Financial Report
8. Additional Information
99
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
G
ACCOUNTING POLICIES AND CORPORATE INFORMATION
Significant accounting policies are contained within the financial statement notes to which they relate and are not detailed in 
this section.
CORPORATE INFORMATION
The Star Entertainment Group Limited (the Company) is a company incorporated and domiciled in Australia. The Financial 
Report of the Company for the year ended 30 June 2024 comprises the Company and its controlled entities (collectively 
referred to as the Group). The Company's registered office is Level 3, 159 William Street, Brisbane QLD 4000.
The Company is of the kind specified in Australian Securities and Investments Commission (ASIC) Instrument 2016/191. In 
accordance with that Instrument, amounts in the Financial Report and the Directors Report have been rounded to the 
nearest hundred thousand dollars, unless specifically stated to be otherwise. All amounts are in Australian dollars ($). The 
Company is a for profit organisation. The Financial Report was authorised for issue by the Directors on 30 September 2024.
BASIS OF PREPARATION
The Financial Report is a general purpose Financial Report which has been prepared in accordance with the Corporations Act 
2001, Australian Accounting Standards and other mandatory Financial Reporting requirements in Australia. The financial 
statements comply with International Financial Reporting Standards (IFRS) as issued by the International Accounting 
Standards Board.
The financial statements have been prepared under the historical cost convention except as disclosed in the accounting 
policies below and elsewhere in this report. The policies used in preparing the financial statements are consistent with those 
of the previous year except as indicated under 'Changes in accounting policies and disclosures'.
GOING CONCERN
The following matters, detailed in note B7 create material uncertainty relating to events or conditions that may cast 
significant doubt upon the Group’s ability to continue a going concern:

The elevated earnings uncertainty arising from the combination of decreasing revenue profile due to a loss of market
share across all of the Group's casinos, financial crime remediation activities, the impact of casino operating reforms
(including cashless and carded play and safer gambling) on gaming revenues and a softening macroeconomic backdrop;
together with an increase in the cost base to execute the Group’s uplifted risk and control environment and its
compliance with new casino regulations.

The ability of the Group to return to suitability following the indefinite suspension of the Sydney Casino licence (from 21
October 2022) and the deferred suspension of the Queensland Casino licences for The Star Gold Coast and Treasury
Brisbane (from 1 December 2023 to 20 December 2024, noting Treasury Brisbane will surrender its casino licence by
23 October 2024). On 30 August 2024, the NICC provided to the Company and The Star Sydney, a copy of the Bell Two
Report which concludes that the Company and The Star Sydney are presently unsuitable to be concerned in, or
associated with, the management and operation of The Star Sydney (refer to note B7). A copy of the non-confidential
parts of the Bell Two Report was released to the public on the same day. On 13 September 2024, the NICC served a
'show cause' notice (Notice) on the Company, requesting a response to the Breach Findings from the Bell Two inquiry.
The NICC has also requested information about the Company's current financial position and its plans to address these
issues so that it can make informed decisions about the Company's financial suitability to hold the casino licence for The
Star Sydney. The Company lodged its response on Friday, 27 September 2024. A range of disciplinary actions are
available to the NICC, including among other things, the imposition of a penalty, letter of censure, amendments to the
conditions, further suspension, or cancellation, of The Star Sydney’s licence. On 1 August 2024, the NICC advised that
its request to extend the appointment of the Manager of The Star Sydney by regulation to 31 March 2025 was
approved. The Department of Justice and Attorney-General will also have consideration for the Bell Two findings.

The phased opening of the DBC Queens Wharf Integrated Resort (of which the Group is a 50% shareholder and provides
management services) commenced operations on 29 August 2024, including The Star Brisbane casino operations, The
Star Grand hotel, the Event Centre, certain food and beverage outlets, the carpark, and the public realm. Additional
facilities, including additional restaurants, cafes, and leisure deck amenities, are scheduled to open between September
and December 2024. The Rosewood and Dorsett Hotels (comprising an additional 522 rooms) are planned to open by
the end of calendar year 2026. The phased opening of a property of this size and scale causes uncertainty in the
timeframe it may take for the DBC property’s earnings and cashflows to grow to a level where assistance is no longer
required from its owners (including the Group). The Group has capital commitments (refer to note C1) in relation to
future construction which needs to be funded and has associated risks such as delays and increased costs. DBC will
also need to undertake a refinance of its debt facilities in December 2025 and the Group has a guarantee with lenders
(refer to note D5).

142
THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

The outcomes (magnitude and timing of payments) of various provisions and contingent liabilities, including the
AUSTRAC proceeding, historic underpaid casino duty, outstanding class action and any material penalties which may be
levied against the Group for regulatory breaches identified in the Bell Two Report or subsequently.
The Group and its lenders executed a commitment letter on 25 September 2024 for a new debt facility (of up to $200 million
in two tranches) which will become effective upon completion of long-form documentation and satisfaction of various
conditions precedent. 
The Group’s existing $450 million facility has been reduced to $334 million which is fully drawn. 
The new facility comprises two tranches of $100 million each. The first tranche is expected to be available to be drawn,
subject to conditions precedent, from the end of October 2024 through to 20 December 2024. 
The first tranche is subject to certain conditions precedent being met, including: 

the provision of unsecured guarantees from some of the Group's regulated entities and enhanced security granted to
lenders; 

regulatory consents and government approvals as required for guarantees and enhanced security for the lender group; 

the establishment of a disposal proceeds account with a credit balance of an amount representing the net proceeds of
the sale of the Treasury Brisbane casino building and any other non-core asset proceeds completed before the draw
down; and 

other customary conditions precedent. 
The second tranche is subject to more extensive conditions precedent but, if satisfied, would be expected to be available to
be drawn from the end of December 2024 and have a 4 month availability period following the drawing of the first tranche. 
The conditions precedent for the second tranche drawdown include: 

the receipt of required regulatory consents and finalisation of documentation for the granting to the lender group of
security over the Group's regulated entities;  

provision of information in relation to the Group’s long-term strategy; 

all lender approval of the Group's strategic plan and long-term financial forecasts; 

the Company raising additional subordinated capital of at least $150m; and 

other customary conditions precedent. 
The all-in coupon for the new facility is 13.50% per annum (assuming cash pay is elected), and the existing $300 million term
facility has been repriced to this level: 

the Company has the flexibility to capitalise a component of the interest at its election; and 

there is a reduction in the coupon subject to the Group’s Adjusted Net Leverage Ratio falling below 4.0x. 
The maturity date for the new facility is consistent with the existing term loan (December 2027). The Group will also retain up
to $34 million of bank guarantees under the existing revolving credit facility. 
In addition to the new debt facility set out above and in response to the operating environment, management has identified
approximately $100 million of annualised cost savings (currently targeted to be achieved by the end of March 2025) and a
reduction in capital expenditure (excluding remediation expenditure) in FY25. The Group is in the process of selling its
Treasury buildings in Brisbane and will continue to review the potential sale of other non-core assets and identify any
additional cost savings. 
The Group’s lenders have agreed to provide covenant waivers for the next two testing dates, being  30 September 2024 and
31 December 2024, with the waiver for the latter date being subject to execution of long-form documentation for the new
debt facility and other customary conditions. It is the Group’s intention to engage with its lenders in relation to the 31 March
2025 and 30 June 2025 testing dates prior to 31 March 2025. 
In the Directors' opinion, notwithstanding the new debt facility, there is material uncertainty as to the outcome of the matters
outlined above which may cast significant doubt on the Group’s ability to continue as a going concern, there are reasonable
grounds to believe the Group will be able to meet its liabilities as and when they fall due over the next twelve months and
continues to remain a going concern, provided that:

the conditions precedent in relation to the new debt facility outlined above are able to be satisfied and the Group
receives the required support of its lenders;

the Group is able to access additional sources of liquidity to fund ongoing operations, commitments and any pecuniary
penalties if required;

the Group is able to further progress its plans to implement longer-term funding arrangements that provide the Group
with sufficient additional flexibility having regard to the uncertainties outlined above. These arrangements are expected
to involve continued discussions and negotiations with various stakeholders including regulators, Governments, lenders,
shareholders and other parties;
100

THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT 143
1. Chair and CEO Reports
2. Our People
3. Sustainability Report
4. Financial Performance
5. Key Projects
6. Directors’ Report
7. Financial Report
8. Additional Information
101
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

the outcomes of the provisions and contingent liabilities outlined in note B7 are of such a magnitude, and with adequate
flexibility on timing of payments, so as to not render the Group unable to pay its debts as and when they fall due;

the reduction of earnings due to the implementation of cashless and carded play in Sydney and Queensland casinos is
not materially worse than expected and there are not further regulatory changes that materially reduce earnings;

the capital commitments required for the completion of the DBC Queens Wharf Integrated Resort can be funded;

the costs associated with remediation activities do not materially increase;

management successfully undertakes initiatives relating to reductions in cost and capital spend, and expected non-core
asset sales; and

the Group, by continuing to work with its Regulators, the Manager (The Star Sydney), Special Manager (The Star Gold
Coast) and External Adviser (The Star Brisbane), is able to develop and implement its remediation measures and restore
the Group to suitability to hold its casino licences on an unconditional basis.
If the Group is unable to successfully address or resolve any one or more of the matters outlined above, it is likely that the
Group would not remain a going concern and be unable to pay its debts as and when they fall due. The financial report does
not include any adjustments relating to the recoverability and classification of recorded asset amounts or to the amounts and
classifications of liabilities that might be necessary should the entity not continue as a going concern. 
SIGNIFICANT ACCOUNTING JUDGEMENTS, ESTIMATES AND ASSUMPTIONS
Preparation of the financial statements in conformity with Australian Accounting Standards and IFRS requires management
to make judgements, estimates and assumptions that affect the reported amounts of assets and liabilities and the
disclosure of contingent liabilities at the date of the financial statements and the reported amounts of revenues and
expenses during the reporting period.
In the process of applying the Group's accounting policies, management has made the following judgements, which have the
most significant effect on the amounts recognised in the consolidated financial statements:

Going concern (refer note above);

Asset useful lives and residual values (refer notes A4 and B5);

Impairment of assets (refer note B6);

Valuation of derivatives and other financial instruments and hedge accounting (refer note B3);

Impairment of trade receivables (refer note B2);

Significant items (refer note A7); and

Provisions, contingent liabilities and regulatory matters (refer note B7).
Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the
carrying amount of the asset or liability in future periods.
CHANGES IN ACCOUNTING POLICIES AND DISCLOSURES
The Group has adopted the following new and amended accounting standards, which became applicable for the year ended
30 June 2024: 
Reference
Title
AASB 101
Amendments to AASB 101 - Disclosure of Accounting Policies
AASB 112
Amendments to AASB 112 - Deferred Tax related to Assets and Liabilities arising from a Single
Transaction 
Amendments to AASB 101: Disclosure of Accounting Policies
The amendments to AASB 101 Making Materiality Judgements provide guidance and examples to help entities apply
materiality judgements to accounting policy disclosures. The amendments aim to help entities provide accounting policy
disclosures that are more useful. This is achieved by replacing the requirements for entities to disclose their ‘significant’
accounting policies with a requirement to disclose their ‘material’ accounting policies and adding guidance on how entities
apply the concept of materiality in making decisions about accounting policy disclosures.
The amendments had no impact on the consolidated financial statements of the Group.
Amendments to AASB 112: Deferred Tax related to Assets and Liabilities arising from a Single Transaction 
The amendments to AASB 112 Income Tax narrow the scope of the initial recognition exception, so that it no longer applies
to transactions that give rise to equal taxable and deductible temporary differences such as leases and decommissioning
liabilities.
The amendments had no impact on the consolidated financial statements of the Group.

144
THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
STANDARDS AND AMENDMENTS ISSUED BUT NOT YET EFFECTIVE
The Group has not applied Australian Accounting Standards and IFRS that were issued or amended but not yet effective. The
Group is currently assessing the impact the amendments will have on current practice, if any:
Reference
Title
Application date
AASB 2020-1
Amendments to Australian Accounting Standards - Classification of Liabilities as
Current or Non-current
1 January 2024
AASB 2022-5
Amendments to Australian Accounting Standards - Lease Liability in a Sale and
Leaseback
1 January 2024
AASB 2023-3
Amendments to Australian Accounting Standards - Disclosure of Non-current
Liabilities with Covenants: Tier 2
1 January 2024
AASB 18
Presentation and Disclosure in Financial Statements
1 January 2027
BASIS OF CONSOLIDATION
Controlled entities
The Group controls an entity when the Group is exposed, or has rights, to variable returns from its involvement with the entity
and has the ability to affect those returns through its power over the entity. Controlled entities are consolidated from the date
control is transferred to the Group and are no longer consolidated from the date control ceases. Intercompany transactions,
balances and unrealised gains on transactions between Group companies are eliminated.
Foreign currency
The consolidated financial statements are presented in Australian dollars ($) which is the Group's functional and
presentation currency.
Transactions and balances
Transactions denominated in foreign currencies are translated at the rate of exchange ruling on the transaction date. 
Monetary items denominated in foreign currencies are translated at the rate of exchange ruling at the end of the reporting
period. Gains and losses arising from the translation are credited or charged to the income statement, with the exception of
differences on foreign currency borrowings that are in an effective hedge relationship. These are taken directly to equity until
the liability is extinguished, at which time they are recognised in the income statement.
GOVERNMENT GRANTS
Government grants are recognised where there is reasonable assurance that the grant will be received, and all attached
conditions will be complied with. When the grant relates to an expense, it is recognised net of the related expense for which it
is intended to compensate. There are no unfilled conditions or other contingencies attached to the grants.
NET FINANCE COSTS
Finance income is recognised as the interest accrues, using the effective interest method. Finance costs consist of interest
and other borrowing costs incurred in connection with the borrowing of funds. Finance costs directly associated with
qualifying assets are capitalised, all other finance costs are expensed, in the period in which they occur.
TAXATION
Income tax
Income tax comprises current and deferred income tax. Income tax is recognised in the income statement except to the
extent that it relates to items recognised directly in equity, in which case it is recognised in equity. Current tax is the expected
tax payable on the taxable income for the period, and any adjustment to tax payable in respect of previous years.
Deferred tax is provided using the balance sheet method, providing for temporary differences between the carrying amounts
of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The following temporary
differences are not provided for: 

goodwill; and

the initial recognition of an asset or liability in a transaction, which at the time of the transaction affects neither
accounting nor taxable profit (loss) and does not give rise to equal taxable and deductible temporary differences.
The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of
assets and liabilities. A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be
available against which the asset can be utilised.
Deferred tax assets and deferred tax liabilities are offset only if a legally enforceable right exists to set off current tax assets
against current tax liabilities and the deferred tax assets and liabilities relate to the same taxable entity and the same
taxation authority.
Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply to the year when the
asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted
at the reporting date.
102

THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT 145
1. Chair and CEO Reports
2. Our People
3. Sustainability Report
4. Financial Performance
5. Key Projects
6. Directors’ Report
7. Financial Report
8. Additional Information
103
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
GOODS AND SERVICES TAX (GST)
Revenues, expenses, assets and liabilities are recognised net of the amount of GST except:

when the GST incurred on a purchase of goods and services is not recoverable from the taxation authority, in which case
the GST is recognised as part of the cost of acquisition of the asset or as part of the expense item as applicable; 

casino revenues, due to the GST being offset against government taxes; and 

receivables and payables, which are stated with the amount of GST included.
The net amount of GST recoverable from, or payable to, the taxation authority is included as part of receivables or payables
in the balance sheet.
Cash flows are included in the statement of cash flows on a gross basis and the GST component of cash flows arising from
investing and financing activities, which is recoverable from, or payable to, the taxation authority is classified as operating
cash flows.
CASH AND CASH EQUIVALENTS
Cash and cash equivalents are carried in the balance sheet at face value. Cash and cash equivalents include cash balances
and call deposits with an original maturity of three months or less. Bank overdrafts that are repayable on demand and form
an integral part of the Group's cash management are included as a component of cash for the purpose of the statement of
cash flows.
TRADE AND OTHER RECEIVABLES
Trade receivables are recognised and carried at original settlement amount less a provision for expected credit loss impaired,
where applicable. Bad debts are written off when they are known to be uncollectible. Subsequent recoveries of amounts
previously written off are credited to the income statement. Other receivables are carried at amortised cost less impairment.
INVENTORIES
Inventories include consumable stores, food and beverage and are carried at the lower of cost and net realisable value.
Inventories are costed on a weighted average basis. Net realisable value is the estimated selling price in the ordinary course
of business.
PROPERTY, PLANT AND EQUIPMENT
Refer to notes A4 and B4 for further details of the accounting policy, including useful lives of property, plant and equipment.
Freehold land is included at cost and is not depreciated. 
All other items of property, plant and equipment are stated at historical cost net of depreciation, amortisation and
impairment, and depreciated over periods deemed appropriate to reduce carrying values to estimated residual values over
their useful lives. Historical cost includes expenditure that is directly attributable to the acquisition of these items.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in
the income statement.
When the carrying amount of an asset is greater than its estimated recoverable amount, it is written down immediately to its
recoverable amount.
Costs arising subsequent to the acquisition of an asset are included in the asset's carrying amount or recognised as a
separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to
the Group and the cost of the item can be measured reliably. All other repairs and maintenance costs are charged to the
income statement during the financial year in which they are incurred.
Costs relating to development projects are recognised as an asset when it is:

probable that any future economic benefit associated with the item will flow to the entity; and

it can be measured reliably. 
If it becomes apparent that the development will not occur, the amount is expensed to the income statement.
INTANGIBLE ASSETS
Goodwill
Goodwill represents the excess of the consideration transferred over the fair value of the identifiable net assets acquired and
liabilities assumed. Goodwill is assessed for impairment on an annual basis and is carried at cost less accumulated
impairment losses. Impairment losses on goodwill are not reversed. 
Goodwill is allocated to cash generating units for the purpose of impairment testing. The allocation is made to those cash
generating units or groups of cash generating units that are expected to benefit from the business combination in which the
goodwill arose.

146
THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
Other intangible assets
Indefinite life intangible assets are not amortised and are assessed annually for impairment. Expenditure on gaming licences
acquired, casino concessions acquired, computer software and other intangibles are capitalised and amortised using the
straight line method as described in note B5.
Software (excluding SaaS arrangements)
Costs associated with developing or maintaining computer software programs are recognised as expenses as incurred.
However, costs that are directly associated with identifiable and unique software products controlled by the Group and which
have probable economic benefits exceeding the costs beyond one year are recognised as intangible assets. Direct costs
include staff costs of the software development team and an appropriate portion of the relevant overheads. Expenditure
meeting the definition of an asset is recognised as a capital improvement and added to the original cost of the asset. These
costs are amortised using the straight line method, as described in note B5.
Casino licences and concessions
Refer to note B5 for details and accounting policy.
IMPAIRMENT OF ASSETS
Assets that have an indefinite useful life are not subject to depreciation or amortisation and are tested annually for
impairment. Assets that are subject to depreciation or amortisation are reviewed for impairment whenever events or changes
in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount
by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's fair
value less costs of disposal and value in use. For the purpose of assessing impairment, assets are grouped at the lowest
level for which there are separately identifiable cash flows (cash generating units). Refer to note B6 for further details of key
assumptions included in the impairment calculation. 
PROVISIONS
A provision is recognised in the balance sheet when the Group has a present legal or constructive obligation as a result of a
past event, and it is probable that an outflow of economic benefits will be required to settle the obligation and the amount
can be reliably estimated. If the effect is material, provisions are determined by discounting the expected future cash flows at
a pre-tax rate that reflects current market assessments of the time value of money and, where appropriate, the risks specific
to the liability.
INVESTMENT IN ASSOCIATE AND JOINT VENTURE ENTITIES
Associates are all entities over which the Group has significant influence but not control or joint control.  Joint control is the
contractually agreed sharing of the joint arrangement, which exists only when decisions about the relevant activities require
unanimous consent of the parties sharing control. A joint venture is a type of arrangement whereby the parties that have joint
control of the arrangement have rights to the net assets of the joint venture. The Group's investments in associate and joint
venture entities are accounted for using the equity method of accounting, after initially being recognised at cost. Under the
equity method of accounting, the investments are initially recognised at cost and are subsequently adjusted to recognise the
Group's share of the post-acquisition profits or losses of the investee in the income statement, and the Group's share of
movements in other comprehensive income of the investee in other comprehensive income. Distributions received are
recognised as a reduction in the carrying amount of the investment. The carrying amount of equity-accounted investments is
tested for impairment in accordance with the Group's policy.
INTEREST BEARING LIABILITIES
Interest bearing liabilities are recognised initially at fair value and include transaction costs. Subsequent to initial recognition,
interest bearing liabilities are recognised at amortised cost using the effective interest rate method. Any difference between
proceeds and the redemption value is recognised in the income statement over the period of the borrowing using the
effective interest rate method.
Interest bearing liabilities are classified as current liabilities unless the Group has an unconditional right to defer settlement
of the liability for at least 12 months after the balance sheet date.
LEASES
Right-of-use assets
The Group recognises right-of-use (ROU) at the commencement date of the lease (i.e. the date the underlying asset is
available for  use). ROU assets are measured at cost, less any accumulated depreciation and impairment losses, and
adjusted for any remeasurement of lease liabilities. The cost of ROU assets includes the amount of lease liabilities
recognised, initial direct costs incurred, and lease payments made at or before the commencement date less any lease
incentives received. The recognised ROU assets are depreciated on a straight-line basis over the shorter of its estimated
useful life and the lease term. ROU assets are subject to impairment.
104

THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT
147
1. Chair and CEO Reports
2. Our People
3. Sustainability Report
4. Financial Performance
5. Key Projects
6. Directors’ Report
7. Financial Report
8. Additional Information
105
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
Lease liabilities
At the commencement date of the lease, the Group recognises lease liabilities measured at the present value of lease
payments to be made over the lease term. The lease payments include fixed payments (including in-substance fixed
payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts
expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase
option reasonably certain to be exercised by the Group and payments of penalties for terminating a lease, if the lease term
reflects the Group exercising the option to terminate. The variable lease payments that do not depend on an index or a rate
are recognised as expense in the period on which the event or condition that triggers the payment occurs.
In calculating the present value of lease payments, the Group uses the incremental borrowing rate at the lease
commencement date if the interest rate implicit in the lease is not readily determinable. After the commencement date, the
amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In
addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a
change in the in-substance fixed lease payments or a change in the assessment to purchase the underlying asset.
Short-term leases and leases of low-value assets
The Group applies the short-term lease recognition exemption to its short-term leases of buildings, leasehold improvements
and plant and equipment. (i.e., those leases that have a lease term of 12 months or less from the commencement date and
do not contain a purchase option). It also applies the lease of low-value assets recognition exemption to leases of office
equipment that are considered of low value (i.e. below $10,000). Lease payments on short-term leases and leases of low-
value assets are recognised as expense on a straight-line basis over the lease term.
Leases of assets under which substantially all the risks and benefits of ownership are effectively retained by the lessor are
classified as operating leases. Payments made under operating leases are charged to the income statement on a straight-
line basis over the period of the lease.
EMPLOYEE BENEFITS
Post-employment benefits
The Group's commitment to defined contribution plans is limited to making the contributions in accordance with the
minimum statutory requirements. There is no legal or constructive obligation to pay further contributions if the fund does not
hold sufficient assets to pay all employees relating to current and past employee services.
Superannuation guarantee charges are recognised as expenses in the income statement as the contributions become
payable. A liability is recognised when the Group is required to make future payments as a result of employees' services
provided. 
Long service leave
The Group's net obligation in respect of long term service benefits, other than pension plans, is the amount of future benefit
that employees have earned in return for their service in the current and prior periods. The obligation is calculated using the
expected future increases in wage and salary rates including related on-costs and expected settlement dates, and is
discounted using rates attached to bonds with sufficiently long maturities at the balance sheet date, which have maturity
dates approximating to the terms of the Group's obligations.
Annual leave
Liabilities for annual leave are calculated at discounted amounts based on remuneration rates the Group expects to pay,
including related on-costs when the liability is expected to be settled. Annual leave is another long term benefit and is
measured using the projected credit unit method.
Share based payment transactions
The Company operates a long term incentive plan (LTI), which is available to employees at the most senior executive levels.
Under the LTI, employees may become entitled to Performance Rights which may potentially convert to ordinary shares in the
Company. The fair value of Performance Rights is measured at grant date and is recognised as an employee expense (with a
corresponding increase in the share based payment reserve) over four years from the grant date irrespective of whether the
Performance Rights vest to the holder. A reversal of the expense is only recognised in the event the instruments lapse due to
cessation of employment within the vesting period.
The fair value of the Performance Rights is determined by an external valuer and takes into account the terms and conditions
upon which the Performance Rights were granted.
The Company operates an Equity Retention Plan, whereby eligible employees may receive up to 100% of their fixed annual
remuneration amount in value as fully paid ordinary shares after five years. The awards are issued at no cost to participants
and are subject to a service condition of five years. Participants are entitled to dividends and may benefit from share price
growth over the vesting period.

148
THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
Under the Company's short term incentive plan (STI), eligible employees receive two thirds of their annual STI entitlement in
cash and one third in the form of restricted shares which are subject to a holding lock for a period of twelve months. These
shares are forfeited in the event that the employee voluntarily terminates from the Company. Due to the exceptional
circumstances associated with COVID-19, the Board resolved to exercise its discretion to make a significantly reduced equity
award under the FY20 STI. The award was delivered as a share based payment, subject to a holding lock of one year from
the date of issue. 
The cost is recognised in employment costs, together with a corresponding increase in equity (share based payment reserve)
over the service period.  No expense is recognised for awards that do not ultimately vest. A liability is recognised for the fair
value of cash settled transactions. The fair value is measured initially and at each reporting date up to and including the
settlement date, with changes in fair value recognised in employment costs.
DERIVATIVE FINANCIAL INSTRUMENTS
The Group uses derivative financial instruments to hedge its exposure to foreign exchange and interest rate risks arising
from operational, financing and investment activities. In accordance with its Treasury Policy, the Group does not hold or issue
derivative financial instruments for trading purposes. However, derivatives that do not qualify for hedge accounting are
accounted for as trading instruments.
Derivative financial instruments are recognised initially at fair value at the date the derivative contract is entered into and are
subsequently remeasured to fair value at the end of each reporting period. The resulting gain or loss is recognised
immediately in the income statement. However, where derivatives qualify for cash flow hedge accounting, the effective
portion of the gain or loss is deferred in equity while the ineffective portion is recognised in the income statement.
The fair value of interest rate swap, cross currency swap and forward currency contracts is determined by reference to
market values for similar instruments. Refer to note E2 for details of fair value determination.
Derivative assets and liabilities are offset and the net amount reported in the consolidated balance sheet if, and only if:

there is a currently enforceable legal right to offset the recognised amount; and 

there is an intention to settle on a net basis, or to realise the assets and settle the liabilities simultaneously.
HEDGING
Cash flow hedges
Where a derivative financial instrument is designated as a hedge of the exposure to variability in cash flows that are
attributable to a particular risk associated with a recognised asset or liability, or a highly probable forecast transaction, the
effective part of any gain or loss on the derivative financial instrument is recognised directly in equity. When the forecast
transaction subsequently results in the recognition of a non financial asset or liability, the associated cumulative gain or loss
is removed from equity and included in the initial cost or other carrying amount of the non financial asset or liability.
If a hedge of a forecast transaction subsequently results in the recognition of a financial asset or financial liability, then the
associated gains and losses that were recognised directly in equity are reclassified into the income statement in the same
period or periods during which the asset acquired or liability assumed affects the income statement (i.e. when interest
income or expense is recognised). For cash flow hedges, the effective part of any gain or loss on the derivative financial
instrument is removed from equity and recognised in the income statement in the same period or periods during which the
hedged forecast transaction affects the income statement. The ineffective part of any gain or loss is recognised immediately
in the income statement.
When a hedging instrument expires or is sold, terminated or exercised, or the designation of the hedge relationship is
revoked but the hedged forecast transaction is still expected to occur, the cumulative gain or loss at that point remains in
equity and is recognised in accordance with the above when the transaction occurs. If the hedged transaction is no longer
expected to take place, then the cumulative unrealised gain or loss recognised in equity is recognised immediately in the
income statement.
Fair value hedges
Where a derivative financial instrument is designated as a hedge of the exposure to variability in the fair value of a
recognised asset or liability, any change in the fair value of the hedge is recognised in the income statement as a finance
cost. The change in the fair value of the hedged item attributable to the risk hedged is recorded as part of the carrying value
of the hedged item and is also recognised in the income statement as a finance cost. 
ISSUED CAPITAL
Issued and paid up capital is recognised at the fair value of the consideration received. Issued capital comprises ordinary
shares. Any transaction costs directly attributable to the issue of ordinary shares are recognised directly in equity, net of tax,
as a reduction of the share proceeds received.
106

THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT 149
1. Chair and CEO Reports
2. Our People
3. Sustainability Report
4. Financial Performance
5. Key Projects
6. Directors’ Report
7. Financial Report
8. Additional Information
107
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
OPERATING SEGMENT
An operating segment is a component of an entity that engages in business activities from which it may earn revenues and
incur expenses (including revenues and expenses relating to transactions with other components of the same entity), whose
operating results are regularly reviewed by the entity's executive decision makers to allocate resources and assess its
performance.
The Group aggregates two or more operating segments when they have similar economic characteristics, and the segments
are similar in each of the following respects:

nature of the products and services;

type or class of customer for the products and services;

methods used to distribute the products or provide the services; and

nature of the regulatory environment.
Segment results include revenue and expenses directly attributable to a segment and exclude significant items.
Capital expenditure represents the total costs incurred during the period to acquire segment assets, including capitalised
interest. 
DIVIDEND DISTRIBUTIONS
Dividend distributions to the Company's shareholders are recognised as a liability in the Group's financial statements in the
period in which the dividends are declared.
BASIC EARNINGS PER SHARE
Basic earnings per share is calculated by dividing the net earnings after tax for the period by the weighted average number of
ordinary shares outstanding during the period.
DILUTED EARNINGS PER SHARE
Diluted earnings per share is calculated by dividing the net earnings attributable to ordinary equity holders adjusted by the
after tax effect of:

any dividends or other items related to dilutive potential ordinary shares deducted in arriving at profit or loss attributable
to ordinary equity holders; 

any interest recognised in the period related to dilutive potential ordinary shares; and 

any other changes in income or expense that would result from the conversion of the dilutive potential ordinary shares;
by the weighted average number of issued ordinary shares plus the weighted average number of ordinary shares that would
be issued on the conversion of all the dilutive potential ordinary shares into ordinary shares.
ASSETS HELD FOR SALE
Non-current assets are classified as held for sale if their carrying amounts will be recovered principally through a sale
transaction, rather than through continuing use, and a sale is considered highly probable. They are measured at the lower of
their carrying value and fair value less costs to sell. An impairment loss is recognised for the amount by which the asset’s
carrying amount exceeds its fair value less costs to sell.

150
THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT
CONSOLIDATED ENTITY DISCLOSURE STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024
Name of entity
Type of
entity
Trustee, partner
or participant in
Joint Venture
% of
share
capital
Place of
incorporation
Australian
resident or
foreign
resident
Foreign
jurisdiction of
foreign
residents
The Star Entertainment Group Limited
Body
corporate
100.0
Australia
Australian
n/a
The Star Entertainment Sydney Holdings
Limited
Body
corporate
100.0
Australia
Australian
n/a
The Star Pty Limited
Body
corporate
100.0
Australia
Australian
n/a
The Star Entertainment Pty Ltd
Body
corporate
100.0
Australia
Australian
n/a
The Star Entertainment Sydney Properties
Pty Ltd
Body
corporate
100.0
Australian
Australian
n/a
The Star Entertainment Sydney Apartments
Pty Ltd
Body
corporate
100.0
Australia
Australian
n/a
Star City Investments Pty Limited
Body
corporate
100.0
Australia
Australian
n/a
Star City Share Plan Company Pty Ltd
Body
corporate
100.0
Australia
Australian
n/a
The Star Entertainment QLD Limited
Body
corporate
100.0
Australia
Australian
n/a
The Star Entertainment QLD Custodian Pty
Ltd
Body
corporate
Trustee
100.0
Australia
Australian
n/a
The Star Entertainment Gold Coast Trust
Unit Trust
-
Australia
Australian
n/a
The Star Entertainment International No.1
Pty Ltd
Body
corporate
100.0
Australia
Australian
n/a
The Star Entertainment International No.2
Pty Ltd
Body
corporate
100.0
Australia
Australian
n/a
The Star Entertainment (Macau) Limited
Body
corporate
100.0
Macau
Foreign
Macau
The Star Entertainment International No.3
Pty Ltd
Body
corporate
100.0
Australia
Australian
n/a
EEI Services (Hong Kong) Holdings Limited
Body
corporate
100.0
Hong Kong
Foreign
Hong Kong
EEI Services (Hong Kong) Limited
Body
corporate
100.0
Hong Kong
Australian
Note A
EEI C&C Services Pte Ltd
Body
corporate
100.0
Singapore
Foreign
Singapore
The Star Entertainment RTO Pty Ltd
Body
corporate
100.0
Australia
Australian
n/a
The Star Entertainment Finance Limited
Body
corporate
100.0
Australia
Australian
n/a
Destination Cairns Consortium Pty Limited
Body
corporate
100.0
Australia
Australian
n/a
The Star Entertainment Technology
Services Pty Ltd
Body
corporate
100.0
Australia
Australian
n/a
The Star Entertainment Training Company
Pty Ltd
Body
corporate
100.0
Australia
Australian
n/a
The Star Entertainment Letting Pty Ltd
Body
corporate
100.0
Australia
Australian
n/a
The Star Entertainment Online Holdings Pty
Ltd
Body
corporate
100.0
Australia
Australian
n/a
The Star Entertainment Online Pty Ltd
Body
corporate
100.0
Australia
Australian
n/a
The Star Entertainment Brisbane Holdings
Pty Ltd
Body
corporate
100.0
Australia
Australian
n/a
108

THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT
151
1. Chair and CEO Reports
2. Our People
3. Sustainability Report
4. Financial Performance
5. Key Projects
6. Directors’ Report
7. Financial Report
8. Additional Information
109
CONSOLIDATED ENTITY DISCLOSURE STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024
Name of entity
Type of
entity
Trustee, partner
or participant in
Joint Venture
% of
share
capital
Place of
incorporation
Australian
resident or
foreign
resident
Foreign
jurisdiction of
foreign
residents
The Star Entertainment Brisbane
Operations Pty Ltd
Body
corporate
100.0
Australia
Australian
n/a
The Star Entertainment DBC Holdings Pty
Ltd
Body
corporate
Participant in
joint venture
100.0
Australia
Australian
n/a
The Star Brisbane Car Park Holdings Pty Ltd Body
corporate
Participant in
joint venture
100.0
Australia
Australian
n/a
The Star Entertainment Gold Coast
Holdings Pty Ltd
Body
corporate
100.0
Australia
Australian
n/a
The Star Entertainment GC Investments Pty
Ltd
Body
corporate
Participant in
joint venture
100.0
Australia
Australian
n/a
The Star Entertainment GC Investments
No.1 Pty Ltd
Body
corporate
Participant in
joint venture
100.0
Australia
Australian
n/a
The Star Entertainment International No.5
Pty Ltd
Body
corporate
100.0
Australia
Australian
n/a
EEI Services Holdings No.1 Pty Ltd
Body
corporate
100.0
Australia
Australian
n/a
EEI Services Holdings No.2 Pty Ltd
Body
corporate
100.0
Australia
Australian
n/a
EEI Services (Macau) Limited
Body
corporate
100.0
Macau
Foreign
Macau
The Star Entertainment International
Tourism Pty Ltd
Body
corporate
100.0
Australia
Australian
n/a
Destination Sydney Consortium Pty Limited
Body
corporate
100.0
Australia
Australian
n/a
The Star Entertainment Pyrmont
Investments No.1 Pty Ltd
Body
corporate
Participant in
joint venture
100.0
Australia
Australian
n/a
The Star Entertainment GC No.1 Pty Ltd
Body
corporate
100.0
Australia
Australian
n/a
The Star Entertainment GC No.2 Pty Ltd
Body
corporate
100.0
Australia
Australian
n/a
The Star Entertainment Group Limited
Employee Share Trust
Unit
-
Australia
Australian
n/a
Note A: This entity is also a tax resident in its country of incorporation, however, is assessed as an Australian resident under
the Income Tax Assessment Act 1997 (Act) and therefore not classified as a foreign resident under the Act. 

152
THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT
DIRECTORS' DECLARATION
In the opinion of the Directors of The Star Entertainment Group Limited (the Company):
(a)
the financial statements and notes of the Group are in accordance with the Corporations Act 2001, including:
(i)
giving a true and fair view of the Group's consolidated financial position as at 30 June 2024 and of its performance for 
the year ended on that date; and
(ii)
complying with the Accounting Standards and the Corporations Regulations 2001;
(b)
the consolidated entity disclosure statement required by section 295(3A) of the Corporations Act 2001 is true and correct;
(c)
the Financial Report also complies with International Financial Reporting Standards as disclosed in note G; and
(d)
there are reasonable grounds to believe that the Group will be able to pay its debts as and when they become due and 
payable.
This declaration has been made after receiving the declarations required to be made to the directors in accordance with section
295A of the Corporations Act 2001.
Signed in accordance with a resolution of Directors.
Anne Ward
Chairman
Sydney
30 September 2024
110

THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT 153
1. Chair and CEO Reports
2. Our People
3. Sustainability Report
4. Financial Performance
5. Key Projects
6. Directors’ Report
7. Financial Report
8. Additional Information
111
 
 
 
Ernst & Young 
200 George Street 
Sydney  NSW  2000 Australia 
GPO Box 2646 Sydney  NSW  2001 
Tel: +61 2 9248 5555 
Fax: +61 2 9248 5959 
ey.com/au 
 
Independent Auditor’s report to the Members of The Star Entertainment 
Group Limited 
Report on the Audit of the Financial Report 
Opinion 
We have audited the financial report of The Star Entertainment Group Limited (the Company) and its 
subsidiaries (collectively the Group), which comprises the consolidated balance sheet as at 30 June 
2024, the consolidated income statement, consolidated statement of changes in equity and 
consolidated statement of cash flows for the year then ended, notes to the financial statements, 
including a summary of significant accounting policies, the consolidated entity disclosure statement and 
the directors’ declaration. 
In our opinion, the accompanying financial report of the Group is in accordance with the Corporations 
Act 2001, including: 
a. 
giving a true and fair view of the consolidated financial position of the Group as at 30 June 2024 
and of its consolidated financial performance for the year ended on that date; and 
b. 
complying with Australian Accounting Standards and the Corporations Regulations 2001. 
Basis for opinion 
We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under 
those standards are further described in the Auditor’s responsibilities for the audit of the Financial 
Report section of our report. We are independent of the Group in accordance with the auditor 
independence requirements of the Corporations Act 2001 and the ethical requirements of the 
Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics for Professional 
Accountants (including Independence Standards) (the Code) that are relevant to our audit of the 
financial report in Australia. We have also fulfilled our other ethical responsibilities in accordance with 
the Code.  
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for 
our opinion. 
Material Uncertainties Relating to Going Concern 
We draw attention to Note G of the financial report which outlines the Directors’ assessment of the 
ability of the Group to continue as a going concern. These matters indicate that material uncertainties 
exist that cast significant doubt on the Company’s ability to continue as a going concern. Note G 
describes the basis for the Directors’ assessment that the Group has the ability to continue as a going 
concern and the actions they are planning to take to respond to these uncertainties. Our opinion is not 
modified in respect of this matter. 
 
 
A member firm of Ernst & Young Global Limited 
Liability limited by a scheme approved under Professional Standards Legislation 

154
THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT
 
 
 
Emphasis of Matter – Regulatory and Legal Provisions and Contingent Liabilities 
We draw attention to the regulatory and legal provisions and contingent liabilities disclosed in Note B7 
of the financial report.  Our opinion is not modified in respect of this matter. 
Key Audit Matters 
Key audit matters are those matters that, in our professional judgment, were of most significance in our 
audit of the financial report of the current year. These matters were addressed in the context of our 
audit of the financial report as a whole, and in forming our opinion thereon, but we do not provide a 
separate opinion on these matters. For each matter below, our description of how our audit addressed 
the matter is provided in that context. In addition to the matter described in the Material Uncertainties 
Relating to Going Concern section, we have determined the matters described below to be the key audit 
matters to be communicated in our report. 
We have fulfilled the responsibilities described in the Auditor’s responsibilities for the audit of the 
financial report section of our report, including in relation to these matters. Accordingly, our audit 
included the performance of procedures designed to respond to our assessment of the risks of material 
misstatement of the financial report. The results of our audit procedures, including the procedures 
performed to address the matters below, provide the basis for our audit opinion on the accompanying 
financial report. 
Impairment testing of non-current assets 
Why significant 
How our audit addressed the key audit 
matter 
The Group had non-current assets amounting to 
$1,409.7 million at 30 June 2024. The Group 
performs an impairment assessment on an annual 
basis for goodwill and for other non-current assets, 
when there are indicators of impairment.  
The impairment test is performed using fair value less 
cost of disposal and includes significant assumptions, 
judgements and estimates that are affected by 
expected future performance, costs of remediation 
and legal matters, future capital costs and market 
conditions such as growth rates, discount rates and 
terminal value assumptions. An impairment expense 
of $1,438.6 million was recognised for the year 
ended 30 June 2024. 
Key assumptions, judgements and estimates used in 
the Group’s assessment of impairment of non-current 
assets with the impact on impairment of reasonable 
possible changes in the assumptions are set out in 
Note B6 of the financial report. 
At 30 June 2024, there was significantly higher 
estimation uncertainty in relation to impairment 
testing due to the impact of elevated earnings 
uncertainty arising from remediation activities and 
new casino regulations. The impact of potential 
Our audit procedures included the following: 
- 
Evaluated the appropriateness of the 
Cash Generating Units (CGUs) used by the 
Group in their impairment assessment 
and the allocation of assets and cash 
flows to these CGUs.  
- 
Evaluated the cash flow forecasts, which 
supported the recoverable value of the 
non-current assets and impairment 
recognised. 
- 
We considered the historical accuracy of 
the Group’s cash flow forecasting and 
budgeting processes. 
- 
Evaluated forecast costs of remediation 
and legal matters and future capital costs. 
- 
Involved our valuation specialists to 
assess whether the impairment testing 
methodology applied was in accordance 
with Australian Accounting Standards and 
to evaluate the key assumptions applied 
in the impairment models which included 
growth rates, terminal value assumptions, 
and discount rates which included the 
A member firm of Ernst & Young Global Limited 
Liability limited by a scheme approved under Professional Standards Legislation 
112

THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT
155
1. Chair and CEO Reports
2. Our People
3. Sustainability Report
4. Financial Performance
5. Key Projects
6. Directors’ Report
7. Financial Report
8. Additional Information
113
 
 
 
Why significant 
How our audit addressed the key audit 
matter 
outcomes from the ongoing regulatory and legal 
provisions and contingent liabilities set out in Note 
B7, also increases the risk of inaccurate forecasts 
and results in a significantly wider range of possible 
outcomes to consider. 
Accordingly, we considered this a key audit matter. 
For the same reasons, we consider it important that 
attention is drawn to the information in Notes B4, B5 
and B6 of the financial report on management’s 
assessment of the impairment testing of non-current 
assets at 30 June 2024. 
uncertainty relating to the ongoing 
regulatory and legal matters. 
- 
Tested whether the models used were 
mathematically accurate and that the 
impairment expense was correctly 
recorded in the financial statements. 
- 
Performed sensitivity analysis on the key 
assumptions to ascertain the extent to 
which changes in those assumptions could 
result in impairment or further 
impairment. 
- 
Assessed the adequacy of the disclosures 
included in Notes B4, B5 and B6 of the 
financial report, and in particular those 
relating to uncertainty in the cash flow 
forecasts and discount rates. 
 
 
Provisions, Contingent Liabilities and Regulatory Matters  
Why significant 
How our audit addressed the key audit matter 
As disclosed in Note B7, the Group is subject to a 
number of significant pending and ongoing regulatory 
and legal, financing and tax matters.  
There is complexity in relation to the assessment of 
these matters and uncertainty as to the outcome and 
quantification of any future economic outflow 
associated with each of these matters. 
Australian Accounting Standards (accounting 
standards) provide criteria for the recognition of 
liabilities and disclosure of contingent liabilities for 
such matters.  
The application of these standards required 
significant judgement in determining whether present 
obligations existed at balance date, whether it was 
probable a future outflow of funds will occur and 
whether the provisions could be reliably measured 
and the extent of required contingent liability 
disclosures where these conditions were considered 
not to be met. 
Where a provision is recognised as disclosed in Note 
B7, there is significant judgement required in 
estimating the provision. 
Accordingly, we considered this to be a key audit 
matter. 
Our audit procedures included the following:  
- 
Evaluated the Group’s assessment as to 
whether present obligations exist arising 
from past events based on the available 
facts and circumstances in relation to these 
matters. In order to assess the facts and 
circumstances, we considered the 
underlying documentation prepared by the 
Group’s internal and external solicitors, and 
other relevant documents. 
- 
Held discussions with senior management, 
reviewed Board of Directors and Board 
Committee minutes, reviewed 
correspondence with regulators (where 
applicable) and attended Audit Committee 
and Risk Committee meetings to 
understand key regulatory, compliance, 
and legal matters. 
- 
Inspected legal correspondence and legal 
opinions and considered their content 
together with the information we obtained 
from our other procedures. Where required 
we held inquiries with the Group’s internal 
and external legal counsel. 
A member firm of Ernst & Young Global Limited 
Liability limited by a scheme approved under Professional Standards Legislation 

156
THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT
 
 
 
Why significant 
How our audit addressed the key audit matter 
- 
Where the Group determined that a present 
obligation existed, we assessed the basis 
for reliable measurement of the provision 
in accordance with accounting standards, 
including matters such as probability of 
outflow, amounts and timing, and our 
understanding of the matter from our 
procedures. 
- 
Where a provision was recognised, we 
assessed the basis for the estimate and the 
calculation of the provisions.  
- 
Assessed the disclosures within the 
financial report related to these provisions 
and the contingent liability disclosures. 
Our forensic specialists were involved in the 
performance of certain of these procedures, 
where considered appropriate. 
 
Information Other than the Financial Report and Auditor’s Report Thereon 
The directors are responsible for the other information. The other information comprises the 
information included in the Group’s 2024 annual report other than the financial report and our auditor’s 
report thereon. We obtained the directors’ report that is to be included in the annual report, prior to the 
date of this auditor’s report, and we expect to obtain the remaining sections of the Annual Report after 
the date of this auditor’s report.  
Our opinion on the financial report does not cover the other information and we do not and will not 
express any form of assurance conclusion thereon, with the exception of the Remuneration Report and 
our related assurance opinion.  
In connection with our audit of the financial report, our responsibility is to read the other information 
and, in doing so, consider whether the other information is materially inconsistent with the financial 
report or our knowledge obtained in the audit or otherwise appears to be materially misstated.  
If, based on the work we have performed on the other information obtained prior to the date of this 
auditor’s report, we conclude that there is a material misstatement of this other information, we are 
required to report that fact. We have nothing to report in this regard. 
 
 
114
A member firm of Ernst & Young Global Limited 
Liability limited by a scheme approved under Professional Standards Legislation 

THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT
157
1. Chair and CEO Reports
2. Our People
3. Sustainability Report
4. Financial Performance
5. Key Projects
6. Directors’ Report
7. Financial Report
8. Additional Information
115
 
 
 
Responsibilities of the Directors for the Financial Report 
The directors of the Company are responsible for the preparation of: 
a) The financial report (other than the consolidated entity disclosure statement) that gives a true 
and fair view in accordance with Australian Accounting Standards and the Corporations Act 
2001; and 
b) The consolidated entity disclosure statement that is true and correct in accordance with the 
Corporations Act 2001; and 
for such internal control as the directors determine is necessary to enable the preparation of: 
i. 
The financial report (other than the consolidated entity disclosure statement) that gives a true 
and fair view and is free from material misstatement, whether due to fraud or error; and 
ii. 
The consolidated entity disclosure statement that is true and correct and is free of misstatement, 
whether due to fraud or error. 
In preparing the financial report, the directors are responsible for assessing the Group’s ability to 
continue as a going concern, disclosing, as applicable, matters relating to going concern and using the 
going concern basis of accounting unless the directors either intend to liquidate the Group or to cease 
operations, or have no realistic alternative but to do so. 
Auditor’s Responsibilities for the Audit of the Financial Report 
Our objectives are to obtain reasonable assurance about whether the financial report as a whole is 
free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that 
includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an 
audit conducted in with the Australian Auditing Standards will always detect a material misstatement 
when it exists. Misstatements can arise from fraud or error and are considered material if, individually 
or in the aggregate, they could reasonably be expected to influence the economic decisions of users 
taken on the basis of this financial report. 
As part of an audit in accordance with the Australian Auditing Standards, we exercise professional 
judgment and maintain professional scepticism throughout the audit. We also: 
• 
Identify and assess the risks of material misstatement of the financial report, whether due to 
fraud or error, design and perform audit procedures responsive to those risks, and obtain audit 
evidence that is sufficient and accordance appropriate to provide a basis for our opinion. The risk 
of not detecting a material misstatement resulting from fraud is higher than for one resulting 
from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or 
the override of internal control. 
• 
Obtain an understanding of internal control relevant to the audit in order to design audit 
procedures that are appropriate in the circumstances, but not for the purpose of expressing an 
opinion on the effectiveness of the Group’s internal control.  
• 
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting 
estimates and related disclosures made by the directors. 
• 
Conclude on the appropriateness of the directors’ use of the going concern basis of accounting 
and, based on the audit evidence obtained, whether a material uncertainty exists related to 
A member firm of Ernst & Young Global Limited 
Liability limited by a scheme approved under Professional Standards Legislation 

158
THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT
 
 
 
events or conditions that may cast significant doubt on the Group’s ability to continue as a going 
concern. If we conclude that a material uncertainty exists, we are required to draw attention in 
our auditor’s report to the related disclosures in the financial report or, if such disclosures are 
inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up 
to the date of our auditor’s report. However, future events or conditions may cause the Group to 
cease to continue as a going concern.  
• 
Evaluate the overall presentation, structure and content of the financial report, including the 
disclosures, and whether the financial report represents the underlying transactions and events 
in a manner that achieves fair presentation. 
• 
Obtain sufficient appropriate audit evidence regarding the financial information of the entities or 
business activities within the Group to express an opinion on the financial report. We are 
responsible for the direction, supervision and performance of the Group audit. We remain solely 
responsible for our audit opinion. 
We communicate with the directors regarding, among other matters, the planned scope and timing of 
the audit and significant audit findings, including any significant deficiencies in internal control that we 
identify during our audit. 
We also provide the directors with a statement that we have complied with relevant ethical 
requirements regarding independence, and to communicate with them all relationships and other 
matters that may reasonably be thought to bear on our independence, and where applicable, actions 
taken to eliminate threats or safeguards applied. 
From the matters communicated to the directors, we determine those matters that were of most 
significance in the audit of the financial report of the current year and are therefore the key audit 
matters. We describe these matters in our auditor’s report unless law or regulation precludes public 
disclosure about the matter or when, in extremely rare circumstances, we determine that a matter 
should not be communicated in our report because the adverse consequences of doing so would 
reasonably be expected to outweigh the public interest benefits of such communication.  
 
 
116
A member firm of Ernst & Young Global Limited 
Liability limited by a scheme approved under Professional Standards Legislation 

THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT 159
1. Chair and CEO Reports
2. Our People
3. Sustainability Report
4. Financial Performance
5. Key Projects
6. Directors’ Report
7. Financial Report
8. Additional Information
117
 
 
 
Report on the audit of the Remuneration Report 
Opinion on the Remuneration Report 
We have audited the Remuneration Report included in pages 27 to 49 of the directors’ report for the 
year ended 30 June 2024. 
In our opinion, the Remuneration Report of The Star Entertainment Group Limited for the year ended 
30 June 2024, complies with section 300A of the Corporations Act 2001. 
Responsibilities 
The directors of the Company are responsible for the preparation and presentation of the 
Remuneration Report in accordance with section 300A of the Corporations Act 2001. Our 
responsibility is to express an opinion on the Remuneration Report, based on our audit conducted in 
accordance with Australian Auditing Standards. 
 
 
 
 
 
 
 
Ernst & Young 
 
 
 
 
Scott Jarrett 
Partner 
Sydney 
30 September 2024 
 
 
A member firm of Ernst & Young Global Limited 
Liability limited by a scheme approved under Professional Standards Legislation 

160
THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT
SHAREHOLDER INFORMATION
ORDINARY SHARE CAPITAL
The Star Entertainment Group Limited has 
2,868,680,877 fully paid ordinary shares on issue.
SHAREHOLDING RESTRICTIONS
The Star Entertainment Group’s Constitution, as 
well as certain legislation, and agreements entered 
into with the New South Wales and Queensland 
gaming regulators, contain certain restrictions 
prohibiting an individual from having a voting power 
of more than 10% in The Star Entertainment Group 
without prior written approval.
The Star Entertainment Group may refuse to register 
any transfer of shares which would contravene 
these shareholding restrictions or require 
divestiture of the shares that cause an individual to 
exceed the shareholding restrictions.
In July 2012, written consent was granted by 
the New South Wales Independent Liquor and 
Gaming Authority and the relevant Queensland 
Minister for Perpetual Investment Management 
Limited to increase its shareholding in The Star 
Entertainment Group from 10% up to a maximum of 
15% of issued shares.
In June 2024, approvals were granted by the NICC 
and the Queensland Attorney-General and Minister 
for Justice for Investment Holdings Pty Ltd as 
trustee for BMG Discretionary Trust (Investment 
Holdings) to acquire in excess of 10% of the total 
issued share capital in The Star Entertainment 
Group. Investment Holdings would however require 
certain approvals to acquire voting power of more 
than 20% in The Star Entertainment Group.
VOTING RIGHTS
All ordinary shares issued by The Star 
Entertainment Group carry one vote per share. 
Performance rights do not carry any voting rights.
Gambling legislation in New South Wales and 
Queensland and The Star Entertainment Group’s 
Constitution contain provisions regulating the 
exercise of voting rights by persons with prohibited 
shareholding interests, as well as the regulation of 
shareholding interests.
The NICC, the relevant Queensland Minister, 
and the Board of The Star Entertainment Group 
have the power to request information or 
undertake investigations (as applicable) in certain 
circumstances. If a person fails to furnish any of 
the information requested by the Board of The Star 
Entertainment Group within the time specified, then 
the voting rights attaching to that person’s shares 
will be suspended. It is also an offence to fail to 
comply with a relevant information request from the 
NICC or the relevant Queensland Minister, or give 
false or misleading information to the NICC or the 
relevant Queensland Minister.
Failure to comply with gambling legislation in 
New South Wales and Queensland or The Star 
Entertainment Group’s Constitution, including the 
shareholder restrictions mentioned above, may also 
result in the divestiture of shares.
As at 30 September 2024

THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT
161
1. Chair and CEO Reports
2. Our People
3. Sustainability Report
4. Financial Performance
5. Key Projects
6. Directors’ Report
7. Financial Report
8. Additional Information
EQUITY PLACEMENT
On 29 March 2018, The Star Entertainment Group 
announced that:
a.	 it had entered into a subscription agreement 
dated 28 March 2018 with its joint venture 
partners, Chow Tai Fook Enterprises Limited 
(CTF) and Far East Consortium International 
Limited (FEC) (Subscription Agreement) 
under which the respective nominated entities 
of each of CTF and FEC separately acquire 
45,825,000 new fully paid ordinary shares in 
The Star Entertainment Group (equivalent to a 
4.99% stake each) at $5.35 per share, for a total 
consideration of $245,163,750 each; and
b.	 in addition to existing agreements, The 
Star Entertainment Group had entered into 
a Strategic Alliance Agreement with CTF 
and FEC which provides a framework for 
the three parties to work together further 
to grow The Star Entertainment Group’s 
properties and businesses, collaborate on 
potentially mutually beneficial development 
opportunities and establish a marketing alliance 
(Strategic Alliance).
In accordance with the terms of the Subscription 
Agreement, 45,825,000 new fully paid ordinary 
shares were issued to each of the respective 
nominated entities of CTF and FEC on 16 April 2018.
On 20 March 2023, there was a change in the 
interests of the following nominated entities of 
CTF and FEC, each being a substantial shareholder 
of The Star Entertainment Group, with relevant 
interests held between them increasing to 
161,107,816 ordinary shares, representing 9.95% of 
the voting power in The Star Entertainment Group:
1.	 Firmament Investment Pte. Ltd. and its 
associated entities (holding 80,553,908 ordinary 
shares, representing 4.977% of the voting power 
in the Company); and
2.	 Far East Consortium International Limited, 
its controlled entities and its associated 
entities (holding 80,553,908 ordinary shares, 
representing 4.977% of the voting power in 
the Company).
The change in relevant interests relates to the 
issuance of new shares to entities associated with 
CTF and FEC under the placement and institutional 
entitlement offer, with participation on the retail 
entitlement offer timetable, pursuant to the equity 
raising announced by The Star Entertainment Group 
on 23 February 2023.
On 6 October 2023, the voting power in The Star 
Entertainment Group held by the entities 
associated with CTF and FEC was diluted to 6.33% 
following the issuance of new shares under the 
placement and institutional entitlement offer on 
6 October 2023, pursuant to the equity raising 
announced on 25 September 2023. The relevant 
interests held between the relevant entities 
remained unchanged as 161,107,816 ordinary 
shares, representing 6.33% of the voting power 
in The Star Entertainment Group:
1.	 Firmament Investment Pte. Ltd. and its 
associated entities (holding 80,553,908 ordinary 
shares, representing 3.165% of the voting power 
in The Star Entertainment Group); and
2.	 Far East Consortium International Limited and its 
controlled entities (holding 80,553,908 ordinary 
shares, representing 3.165% of the voting power 
in The Star Entertainment Group).

162
THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT
TOP-UP RIGHT
The Subscription Agreement grants to CTF and FEC 
certain top-up rights that entitles each of them to 
participate in future equity raisings undertaken by 
The Star Entertainment Group during the term of 
the Strategic Alliance in order to maintain their pre-
equity raising ownership interests (Top-Up Right).
The ASX has granted The Star Entertainment Group 
a waiver from Listing Rule 6.18 which prohibits an 
entity from granting an option exercisable over 
a percentage of the entity’s capital. The waiver 
granted by ASX permits CTF and FEC (and their 
nominees) to maintain, by way of a right to 
participate in any issue of shares or to subscribe 
for shares, their percentage relevant interest in 
the issued share capital of The Star Entertainment 
Group in respect of a diluting event.
The waiver from Listing Rule 6.18 is subject to the 
terms and conditions imposed by ASX which are 
set out in The Star Entertainment Group’s ASX 
Announcement dated 21 May 2018, including a 
requirement that a summary of the Top-Up Right 
be included in each Annual Report.
In accordance with the Top-Up Right, if The Star 
Entertainment Group undertakes an equity raising 
during the term of the Strategic Alliance which 
would result in The Star Entertainment Group 
issuing 1% or more of its share capital (or would 
have such an effect in the case of an issue of 
convertible securities) (Equity Raising), then 
The Star Entertainment Group must give each of 
CTF and FEC (or their respective nominees) an 
opportunity to participate in the Equity Raising on a 
basis that allows them to maintain their pre-Equity 
Raising shareholding percentage.
CTF and FEC (or their respective nominees) will be 
entitled to participate in the Equity Raising on the 
same terms and conditions (including price) as all 
other participants in the Equity Raising.
The Top-Up Right does not operate in respect of 
issues of securities:
	
•
under a dividend or distribution plan;
	
•
under an employee incentive scheme 
(including on the conversion of any convertible 
securities issued under any such scheme);
	
•
pursuant to any takeover bid or scheme of 
arrangement; or
	
•
as consideration for the acquisition of an asset 
by The Star Entertainment Group or any of its 
related bodies corporate.
The Top-Up Right will automatically terminate in 
circumstances where:
	
•
CTF or FEC or their respective nominees and 
affiliates (as applicable) cease to hold the shares 
issued under the Subscription Agreement; or
	
•
the waiver of ASX Listing Rule 6.18 ceases to 
apply (either as a result of the lapse of time  
or CTF or FEC no longer complying with the 
terms and conditions of the waiver),  
whichever occurs first.
If the Top-Up Right ceases or terminates, and 
The Star Entertainment Group undertakes an 
Equity Raising then (subject to any applicable 
laws, rules or regulations) it must consider 
making (but is not obliged to make) an offer to 
CTF and FEC (or their respective nominees) to 
participate in the Equity Raising on a basis that 
allows them to maintain their pre-Equity Raising 
shareholding percentage.
SHAREHOLDER INFORMATION (CONT.) 
As at 30 September 2024

THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT 163
1. Chair and CEO Reports
2. Our People
3. Sustainability Report
4. Financial Performance
5. Key Projects
6. Directors’ Report
7. Financial Report
8. Additional Information
SUBSTANTIAL SHAREHOLDERS
The following is a summary of the substantial shareholders as at 30 September 2024 pursuant to notices 
lodged with ASX in accordance with section 671B of the Corporations Act 2001 (Cth):
NAME
DATE OF 
INTEREST
NUMBER OF 
ORDINARY 
SHARES(I)
% OF ISSUED 
CAPITAL(II)
Firmament Investment Pte. Ltd. and its associated entities
6/10/2023
161,107,816
6.33%
Far East Consortium International Limited and its controlled entities
6/10/2023
161,107,816
6.33%
State Street Corporation and subsidiaries
21/02/2024
146,711,572
5.11%
Bruce Lawrance Mathieson and Investment Holdings Pty Ltd  
ATF BMG Discretionary Trust
16/04/2024
275,000,000
9.59%
Perpetual Limited and its related bodies corporate
21/05/2024
252,776,984
8.81%
(i)	 As disclosed in the last notice lodged with the ASX by the substantial shareholder.
(ii)	The percentage set out in the notice lodged with the ASX is based on the total issued share capital of The Star Entertainment Group Limited  
at the date of interest.
LESS THAN MARKETABLE PARCELS
As at 30 September 2024, there were 50,227 shareholders holding less than a marketable parcel of 1,695 
ordinary shares (based on a market price of $0.295 at the close of trading on 30 September 2024) and they 
hold a total of 24,695,580 ordinary shares.
SECURITIES PURCHASED ON-MARKET
No securities were purchased on-market during the financial year.

164
THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT
TWENTY LARGEST REGISTERED SHAREHOLDERS — ORDINARY SHARES*
RANK
NAME
NUMBER OF 
SHARES HELD
% OF ISSUED 
CAPITAL
1.
HSBC Custody Nominees
631,857,768
22.03%
2.
Citicorp Nominees Pty Limited
473,255,933
16.50%
3.
Investment Holdings Pty Ltd 
287,154,955
10.01%
4.
J P Morgan Nominees Australia Pty Limited
261,371,108
9.11%
5.
Washington H Soul Pattinson and Company Limited
82,711,474
2.88%
6.
Contango Nominees Pty Limited
69,869,801
2.44%
7.
PM1942 Pty Ltd 
25,400,000
0.89%
8.
BNP Paribas Noms Pty Ltd
24,989,554
0.87%
9.
Mr Qingnan Wen
21,900,000
0.76%
10.
BNP Paribas Nominees Pty Ltd 
21,282,456
0.74%
11.
Invia Custodian Pty Limited 
19,032,670
0.66%
12.
BNP Paribas Nominees Pty Ltd 
18,293,048
0.64%
13.
The Pavilion Motor Inn Wagga Wagga Pty Ltd
18,250,000
0.64%
14.
HSBC Custody Nominees (Australia) Limited — A/C 2
16,423,749
0.57%
15.
National Nominees Limited
15,075,517
0.53%
16.
Hishenk Pty Ltd
15,000,000
0.52%
17.
Citicorp Nominees Pty Limited 
14,618,591
0.51%
18.
Tofu Holdings LLC
11,562,026
0.40%
19.
BNP Paribas Nominees Pty Ltd 
11,393,933
0.40%
20.
Mr Gary Mauric
7,500,000
0.26%
Total of top 20 registered shareholders
 2,046,942,583
 71.35%
*On a grouped basis.
SHAREHOLDER INFORMATION (CONT.) 
As at 30 September 2024

THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT 165
1. Chair and CEO Reports
2. Our People
3. Sustainability Report
4. Financial Performance
5. Key Projects
6. Directors’ Report
7. Financial Report
8. Additional Information
DISTRIBUTION OF SECURITIES HELD
ORDINARY SHARES
PERFORMANCE RIGHTS
Range of Holding
No. of 
Holders
No. of 
Ordinary 
Shares 
% of total 
Ordinary 
Shares
No. of 
Holders
No. of 
Performance 
Rights 
% of total 
Performance 
Rights
1 to 1,000
42,392
14,538,886
0.51%
0
0
0
1,001 to 5,000
19,923
45,356,204
1.58%
0
0
0
5,001 to 10,000
4,559
34,388,624
1.20%
0
0
0
10,001 to 100,000
7,314
234,917,117
8.19%
19
1,373,751
28%
100,001 and over
1,237
2,539,480,046
88.53%
14
3,461,053
72%
Total
75,425
2,868,680,877
100.00%
33
4,834,804
100%
PREMIUM EXERCISE PRICED OPTIONS
SERVICE RIGHTS
Range of Holding
No. of 
Holders
No. of 
Options 
% of total 
Options
No. of 
Holders
No. of 
Service Rights 
% of total 
Service Rights
1 to 1,000
0
0
0
0
0
0
1,001 to 5,000
0
0
0
0
0
0
5,001 to 10,000
0
0
0
0
0
0
10,001 to 100,000
0
0
0
0
0
0
100,001 and over
 26 
 8,957,933 
100%
 5 
 4,179,402 
100%
Total
 26 
 8,957,933 
100%
 5 
 4,179,402 
100%
VOLUNTARY ESCROW
There are no securities under voluntary escrow.
SHARE BUY-BACKS
There is no current or planned buy-back of The Star Entertainment Group’s shares.

166
THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT
CORPORATE INFORMATION
ANNUAL REPORT
This Annual Report is available on-line from 
The Star Entertainment Group’s website at 
www.starentertainmentgroup.com.au/annual-
reports. Annual Reports will only be sent to those 
shareholders who have requested to receive a 
copy. Shareholders who no longer wish to receive 
a hard copy of the Annual Report or wish to receive 
the Annual Report electronically are encouraged 
to contact the Share Registry, the details of which 
are set out below. This will assist with reducing 
the costs of production of the hard copy of 
the Annual Report.
WEBSITE
The Star Entertainment Group’s website at  
www.starentertainmentgroup.com.au offers 
investors a wide range of information regarding 
its activities and performance, including Annual 
Reports, interim and full year financial results, 
webcasts of results and Annual General Meeting 
presentations, major news releases and other 
Company statements.
SHAREHOLDER RELATIONS
Investors seeking more information about 
the Company are invited to contact The Star 
Entertainment Group’s Shareholder Relations Team:
Address:	
PO Box 13348 
George Street Post Shop  
Brisbane QLD 4003
Telephone:	
+61 7 3228 0000
Facsimile:	
+61 7 3228 0099
Email:	
investor@star.com.au
SHAREHOLDER ENQUIRIES
Investors seeking information about their shares 
in The Star Entertainment Group should contact 
The Star Entertainment Group’s Share Registry. 
Investors should have their Shareholder Reference 
Number (SRN) or Holder Identification Number (HIN) 
available to assist the Share Registry in responding 
to their enquiries.
SHARE REGISTRY
Link Market Services Limited
Address:	
Level 12, 680 George Street  
Sydney, NSW 2000
Postal address:	 The Star Entertainment  
Group Limited 
C/- Link Market Services Limited  
Locked Bag A14  
Sydney South NSW 1235  
Australia
Telephone:	
+61 1300 880 923  
(toll free within Australia)
Facsimile:	
+61 2 9287 0303
E-mail:	
starentertainment@
linkmarketservices.com.au
Website:	
www.linkmarketservices.com.au
GENERAL ENQUIRIES
Investor information is available on The Star 
Entertainment Group’s website at  
www.starentertainmentgroup.com.au, including 
major announcements, Annual Reports, and  
general Company information.
2024 CORPORATE GOVERNANCE 
STATEMENT 
The 2024 Corporate Governance Statement can 
be found on The Star Entertainment Group’s 
website at www.starentertainmentgroup.com.au/
corporate-governance.

THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT
167
1. Chair and CEO Reports
2. Our People
3. Sustainability Report
4. Financial Performance
5. Key Projects
6. Directors’ Report
7. Financial Report
8. Additional Information
REGISTERED OFFICE
The Star Entertainment Group Limited 
Level 3, 159 William Street  
Brisbane QLD 4000 
Telephone: + 61 7 3228 0000 
Facsimile: + 61 7 3228 0099  
Email: investor@star.com.au
WEBSITE
www.starentertainmentgroup.com.au
NEW SOUTH WALES OFFICE
Level 3, 60 Union Street  
Pyrmont NSW 2009 
Telephone: + 61 2 9657 7600
QUEENSLAND OFFICE
Level 3, 159 William Street  
Brisbane QLD 4000 
Telephone: + 61 7 3228 0000
SECURITIES EXCHANGE LISTING
The Star Entertainment Group’s securities are quoted  
on the Australian Securities Exchange (ASX) under the 
share code “SGR”.
THE STAR SYDNEY
80 Pyrmont Street  
Pyrmont NSW 2009 
Reservations: 1800 700 700 
Telephone: + 61 2 9777 9000  
www.thestarsydney.com.au
THE STAR GOLD COAST
Broadbeach Island  
Broadbeach QLD 4218 
Reservations: 1800 074 344 
Telephone: + 61 7 5592 8100  
www.thestargoldcoast.com.au
TREASURY HOTEL
130 William Street 
Brisbane QLD 4000 
Reservations: 1800 506 889 
Telephone: + 61 7 3306 8888  
www.treasurybrisbane.com.au
THE STAR BRISBANE
33 William Street 
Brisbane QLD 4000  
General enquiries: 1800 888 899 
The Star Grand Reception: +61 7 3308 0300 
www.star.com.au/brisbane
QUEEN’S WHARF BRISBANE
General Enquiries  
Telephone: 1800 104 535 
Email: qwbenquiries@destinationbrisbane.com.au 
www.queenswharfbrisbane.com.au
AUDITOR
Ernst & Young
2024 ANNUAL GENERAL MEETING
The Annual General Meeting of The Star 
Entertainment Group Limited will be held on  
28 November 2024 in the Event Centre at The Star 
Brisbane, 33 William Street, Brisbane, Queensland. 
Information and guidance on how to join the  
Annual General Meeting will be made available 
within the Notice of Meeting and on  
The Star Entertainment Group’s website at 
www.starentertainmentgroup.com.au/annual-
general-meetings.
INDICATIVE KEY DATES FOR FY25*
FY25 Half Year Results Announcement: 
20 February 2025
FY25 Full Year Results Announcement:  
21 August 2025
2025 Annual General Meeting:  
23 October 2025
*Dates are subject to change
COMPANY DIRECTORY

168
THE STAR ENTERTAINMENT GROUP 2024 ANNUAL REPORT
CURRENCY
References to currency in this Annual Report are in 
Australian Dollars unless otherwise stated.
COPYRIGHT
Information in this report has been prepared by  
The Star Entertainment Group Limited, unless 
otherwise indicated. Information may be reproduced 
provided it is reproduced accurately and not in a 
misleading context. Where the material is being 
published or issued to others, the sources and 
copyright status should be acknowledged.
INVESTMENT WARNING
This Annual Report may include forward looking 
statements and references which, by their very 
nature, involve inherent risks and uncertainties. 
These risks and uncertainties may be matters 
beyond The Star Entertainment Group’s 
control and could cause actual results to vary 
(including materially) from those predicted.
Forward looking statements are not guarantees of 
future performance. Past performance of shares is 
not indicative of future performance and should not 
be relied upon as such. The value of investments 
and any income from them is not guaranteed and 
can fall as well as rise. 
The Star Entertainment Group recommends that 
investors make their own assessments and seek 
independent professional advice before making 
investment decisions.
PRIVACY
The Star Entertainment Group respects the privacy 
of its stakeholders. The Star Entertainment  
Group’s Privacy Policy Statement is available on  
The Star Entertainment Group’s website at  
www.starentertainmentgroup.com.au.
ABOUT THIS ANNUAL REPORT

1. Chair and CEO Reports
2. Our People
3. Sustainability Report
4. Financial Performance
5. Key Projects
6. Directors’ Report
7. Financial Report
8. Additional Information

starentertainmentgroup.com.au