Australian casino operator Star Entertainment’s annual profit falls 71% By Reuters

(Reuters) – Australian casino operator Star Entertainment reported a 71 percent drop in annual profit on Thursday, hit by tighter regulatory restrictions, higher operating expenses and weak consumer spending.

The cash-strapped casino firm has been hit by tighter regulatory controls, guest management and governance compliance costs over the past two years following alleged breaches of anti-money laundering and anti-terrorist financing rules.

Star on Wednesday secured debt in two tranches of up to $200 million ($136.80 million), with an immediate injection of $100 million to deal with cost crises facing the group of games at its new Queens Wharf complex in Brisbane.

Underlying profit after tax fell to $12 million in the year ended June 30 from $41 million a year earlier.

The Company has not declared a final dividend, consistent with the corresponding previous period.

($1 = 1.4620 Australian dollars)