The Australian share market edged higher on Monday, with the S&P/ASX200 rising 28 points or 0.36% to 7,776.60 by 2:22 pm AEST. The gains come amid broader market optimism, though the benchmark remains down 4.69% for the year. Over the past five trading days, the index has recovered 3.55%, signalling short-term resilience despite longer-term volatility.
ASX performance today
Leading the day’s gains were Clarity Pharmaceuticals Ltd, up 5.44%, and Nickel Industries Ltd, which rose 4.04%.
Star Entertainment Reports Heavy First-Half Loss
Meanwhile, embattled casino operator Star Entertainment Group has released its long-awaited financial results, revealing a significantly worse-than-expected performance. For the six months to December 31, the group posted an underlying net loss after tax of $136 million, and a statutory loss of $302 million.
The report blames regulatory changes, mandatory carded play, cash and time limits, and significant market share losses in Sydney and the Gold Coast. Overall group revenue dropped by 25%, with domestic gaming revenue down 32%. Excluding the closure of Treasury Brisbane Casino, domestic gaming revenue still fell 20%, with the main gaming floor dropping 16% and private rooms declining 25%.
CEO Steve McCann Acknowledges Customer Backlash
In a briefing to investors, Star CEO Steve McCann acknowledged the company’s operational struggles, particularly the impact of recent reforms on customers.
“There was a very poor customer experience as it implemented the rollout of carded pay, cash and time limits and increased customer due diligence,” McCann said.
“People have been impacted by the suddenness of the communications occurring, by the way that their play has had to change,” he added.
McCann said the company is working to win back lost patrons. “We are working hard on re-establishing those customer relationships and reactivating some customers who are not coming to the Star anymore because they don’t like that combination of impacts,” he said.
Star Not Planning More Asset Sales
McCann confirmed that Star has no current plans to sell more assets, including The Darling hotel in Sydney, as part of its deal with US-based Bally’s Corporation. “It’s not considering any further non-core asset sales at this point in time,” he said.
Last month, Bally’s chair Soo Kim told The Business that Star’s value lies in keeping the business intact: “There’s a lot of synergies for it to be one. If you start to split it up, actually the operational turnaround becomes harder and so that’s why we decided to get involved,” Kim said.
Trading Resumes for Star Shares
McCann also confirmed that Star shares will return to trading on the ASX tomorrow, after being suspended for failing to lodge results on time.
“Clearly our performance continues to be very challenged as we navigate through a very difficult trading environment,” McCann said. “We have been working very hard on establishing additional liquidity for the company… which has led us to the Bally and Investment Holdings announcement.”
Dollar Rebounds After Sharp Fall
Elsewhere in financial markets, the Australian dollar has recovered from last week’s plunge, when it fell below 60 US cents. As of Monday, it was trading at 63.47 US cents, bouncing back after hitting a low of 59.15 cents.
RBA to Reassess Policy in May Meeting
The Reserve Bank of Australia released minutes from its March 31 – April 1 meeting, indicating that May’s board meeting will be a key moment for monetary policy. “The May meeting would be an opportune time to revisit the monetary policy setting with the benefit of additional data,” the minutes stated.
The board cited upcoming data on inflation, wages, labour markets, and global trade policy—particularly in light of US tariff developments—as critical to their next decision.
US Tariffs Face Legal Challenge
In the US, President Donald Trump’s recent tariffs are facing a legal challenge from advocacy group Liberty Justice Center, which argues that the executive overstepped constitutional bounds. The case, filed with the US Court of International Trade, seeks to block the tariffs entirely.
“There is no precedent for using [the International Emergency Economic Powers Act] to impose tariffs. No other President has ever done so,” the lawsuit said.
Outlook: ASX Shows Stability Amid Challenges
While the ASX200 showed modest gains today, the broader economic outlook remains uncertain. Investors are watching for further regulatory developments, both domestically with the RBA and internationally with the US-China tariff saga.
With Star Entertainment’s turbulent recovery in focus and the Aussie dollar stabilising, market sentiment remains cautious but steady.
