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Star Casino Suffers a Huge Loss from Coronavirus Pandemic

A lot of casinos worldwide have suffered huge losses from the Coronavirus pandemic. The major reason being that there were considered to be non-essentials and closed. Additionally, casinos are generally high-risk areas therefore, even if they are open, the patrons may be a little hesitant at going back to play.

The Star Casino is one of the biggest casinos in Australia right now.  Therefore, the losses that it faced from the different branch is massive. Crown casino is no exceptions to the losses as well. However, a lot of casinos are starting to recover from the losses and to do well again.

How the Coronavirus Pandemic Affected Star Casino

The Star Casino was one of the most hit casinos when it came to the Coronavirus pandemic shutdown. But, according to the statements released on its annual review, the casino lost close to $95 million. However, the Star Casino seems to be bouncing back.

The main branches that were affected by the COVID pandemic are the Sydney, Brisbane, and Gold Coast branches. Their worst hit was when they had a 147.8% fall in revenue back in June. Additionally, they also had to let go of 8500 of their workers.

The EBITDA earnings went down to $429.6 million which is a 22.8% drop.  On the other hand, the revenue had a 23.3% drop, which is a total of $1.6 billion. However, this is not going to derail the casino, they are going to continue with their projects as planned.

A Boom for Online Casinos

While land casinos are struggling, online casinos have been thriving from the Coronavirus pandemic. They never had to shut down and were the only safe sources of real money gaming. Therefore a lot of people had to turn to them for their casino games.

This explains the over 50% increase in revenue for the gambling institutes. And, we are still yet to see the progress now that the land casinos are open for business.  Are online casinos going to have to face a decrease in revenue?

What the Future Looks Like for Land Casinos

Most land casinos are now starting to get back on their feet. And, casinos like the Crown resort has to deal with the loss of their Chinese high rollers. But, overall the casinos are finding the different ways that they can adapt to make sure that business is back to normal.

But, until a vaccine for the virus is firmly put in place, then casinos are still high-risk areas. Meaning that some patrons may still be hesitant about going back to play at the casinos. Additionally, land casino gaming is just not the same anymore, there is social distancing and you will have to stand in long queues in order to wait your turn.

Conclusion

It looks like online pokies are the safest and best option for real money gaming. in this Coronavirus pandemic.  They are risk-free and you will get even better quality gaming at your convenience. Therefore, if you have not, then it is time you sign up with the biggest online casino in Australia and start winning real money right now.

Star Casino Corona Pandemic  FAQs

In its recent report, the Star Group has recorded over $ 700 million in revenue since January 2020. Meaning, it might be a good year for gaming providers.
Currently, the TSG is in charge of 3 of the biggest casinos in Australia.
The Star Group are gambling providers currently worth over 2 billion dollars.
Before the COVID 19 recession, TSG had about 8 000 employees. However, after a lot of cut downs have been made to avoid the financial crisis, there is no certainty of how much they are worth now.
TSG is owned by Star Entertainment. However, the current CEO is Matt Bekier.

 

 

 



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