Wednesday, September 27

Tag: CYCS

Australia’s Star Entertainment swings to annual profit, debt falls
Entertainment

Australia’s Star Entertainment swings to annual profit, debt falls

Sydney's Star Casino complex is seen illuminated at night, February 15, 2016. REUTERS/Jason Reed/File Photo Acquire Licensing RightsAug 29 (Reuters) - Australia's Star Entertainment Group (SGR.AX) swung to an annual profit on Tuesday as operating conditions continued to stabilise and revenues improved across segments, also helping the cash-strapped casino operator significantly reduce its debt levels.Star posted marginal improvements in revenue across all segments, which helped offset headwinds from regulatory restrictions on its Sydney operations and stiff competition from bigger rival Crown Resort that started operating in the same city last August.The positive update brought investors some relief, sending its shares up 4.2% at A$0.99 at 0011 GMT, compared to a 0.3% jump in the bench...