Proving Suitability in New South Wales Is Crucial for Star

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