Star Entertainment (ASX:SGR) share price rises despite 33% fall in profit

Star Entertainment Group Ltd (ASX: SGR) shares have managed to stay out of the red today, despite the company reporting a 33.1% fall in profits. At the time of writing, the Star Entertainment share price is up 0.27% to $3.69.

Results impacted by COVID

Star Entertainment owns and operates a number of resorts and venues including The Star Sydney, The Star Gold Coast, and Treasury Brisbane. Considering the very physical nature of these businesses, social distancing restrictions and border closures have materially impacted patron volumes.

As a result, group revenue came to $749.9 million for the half-year, down 36.2%. Sydney venue earnings were significantly dampened by the patron cap per-area, no co-mingling, and caps on table…