Australian gambling giant, The Star Entertainment Group has blamed an incredibly lucky run by highrollers at its Sydney casino for the fact that its second half profits dipped significantly.
According to the group, the VIP gambling win rate was "freakishly" high, and profits were dented by $80 million.
Highrollers, especially Chinese gamblers who enjoy $500,000 a hand baccarat at The Star Casino in Sydney, won big in the second half of 2015.
The chief executive of the Star Entertainment Group, Matt Bekier said that the group has "looked at it every which way."
"We've looked at the distribution of bets, we've looked at the players, we looked at who won, we understood the lifetime history of the players that won - and it's just bad luck," he said.
Net Profits Fall Nearly 40%
Although it was forecast that the Star Entertainment Group's profits would rise by 26% to $142 million, the opposite happened and the group saw net profits fall by nearly 40% instead.
However Bekier and other Star Group leaders don't seem overly concerned about the numbers.
"Bad luck and good luck are not sustainable, so this will normalize," said Bekier, who predicted that profits would even themselves out for the group eventually.
"There are six very, very happy guests who we cannot wait to welcome back to our properties," he added wryly.
Australian Casinos Performed Well
The Star Entertainment Group, which incorporates properties such as Brisbane's Treasury casino and Jupiters on the Gold Coast, said that - besides the lucky VIP run - its casinos performed well overall.
The Star Group plans to spend around $1 billion on redevelopment costs for its Sydney casino and hotel complex, while $850 million is earmarked for the Gold Coast property.
Also in the pipeline is a new casino and resort at Brisbane's Queens Wharf to the tune of $3 billion.