Australia's Star Entertainment Group posts 8.4% drop in annual profit


Aug 16 (Reuters) - Australian casino operator Star Entertainment Group on Friday reported an 8.4% drop in annual underlying profit, hurt by weak spending by overseas visitors, mainly from China.

The company also reported a 30.7% drop in normalised revenue for its VIP business for the full year and a 35.6% slide in core earnings.

Star had cut its full-year core earnings outlook in June and its Chief Executive Officer Matt Bekier had told Reuters that its high-stakes gamblers were unwilling to take big risks amid uncertainty stemming from the prolonged U.S.-China trade dispute.

The Sydney-based firm also lowered its capital spending for 2020 by A$140 million and cut its dividend to 10 cents per share from 13 cents per share declared a year earlier.

In a separate statement, the company also announced the departure of its Chief Financial Officer Chad Barton.

($1 = 1.4762 Australian dollars)

This article appears in: World Markets , Stocks

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