Macquarie lowers PT on casino operator Star Entertainment; downgrades to ‘neutral’

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Macquarie lowers PT on casino operator Star Entertainment; downgrades to ‘neutral’

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Macquarie lowers PT on casino operator Star Entertainment; downgrades to ‘neutral’

BUZZ-Macquarie lowers PT on casino operator Star Entertainment; downgrades to ‘neutral’

** Analysts at Macquarie lower price target on Australia’s Star Entertainment SGR.AX to A$0.50 from A$0.70; downgrade stock rating to “neutral”

** Cuts FY24 and FY25 EBITDA forecasts on the embattled casino operator by 15% and 16%, respectively

** Says higher operating costs continue to impact profitability for Star despite resilient revenue trends

** There is a long list of outstanding issues including the Star Sydney licence, AUSTRAC penalty, QWB debt refinance and attracting new management – Macquarie

** Brokerage says visibility on earnings is challenging for the firm with higher-than-expected costs

** Stock has fallen 21.4% YTD, as of last close

Reporting by Rishav Chatterjee in Bengaluru

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