Thank you for standing by, and welcome to The Star Entertainment Group Limited FY23 results conference call. All participants are in a listen-only mode. There will be a presentation followed by a question-and-answer session. If you wish to ask a question, you will need to press the star key followed by the number one on your telephone keypad. I would now like to hand the conference over to Mr. Robbie Cooke, Group CEO and Managing Director. Please go ahead. Good morning. Welcome, and thanks for joining The Star's full-year results call for FY 2023. I'm here with Christina Katsibouba, our CFO, and Mark Wilson, our Head of Investor Relations. The plan this morning is to spend about 30 minutes or so running through our results. We'll talk to the slide pack we released this morning, and then we'll take questions. So if that works for everybody, we'll get started, and if you could turn to slide 4 of the pack, if you have it handy, please. Clearly, the headwinds we experienced in the first half of the financial year did not die down as the year progressed. To say the year was challenging completely understates the experience here at The Star over the last 12 months. With the damage to our social license caused by the acts of the past being felt daily in the business on multiple levels. For me, what I've seen in my 10 months at The Star highlights the importance of fully understanding the obligations attached to the privilege of holding a casino license. As a team, we have, without reservation, acknowledged and accepted the failures of the past, as identified in the Bell and Gotterson reviews. We fully appreciate the responsibilities involved in holding our licenses and are committed to transforming our leadership and culture. Our reform journey has started, but we know there is still a lot to be done. We are united in our commitment to earn back the trust and confidence of our community, including our regulators, governments, shareholders, team members, and guests. Remediation, above all else, was our number 1 priority in the year and continues to be so. To this end, we've commenced the uplift in our risk management, safer gambling, and AML capability, and are starting to embed greater accountability and more robust governance. We've invested in our enhanced controls environment, and we're operationalizing and embedding these controls. We are improving our financial crime management and our overall approach to harm minimization. Our remediation program will track and hold us accountable to the multi-year program we are committed to delivering. In terms of specific actions taken since June 2022, we've expanded our AML team from 26 people to 99 full-time employees. We've tripled our safer gambling team with 55 full-time employees, up from 18, and our overall risk and compliance team has increased from 53 to 83 full-time personnel. We've refreshed our senior leadership team, with new external hires being made, including our Group Chief Risk Officer, our Group Chief Controls Officer, our Group Chief Legal Officer, our General Manager, Safer Gambling, our General Manager, Financial Crime, and a new company secretary. In addition, we have promoted from within The Star, our group CFO and our Chief Transformation Officer. Alongside these executive changes, our entire board has been replaced. We've also engaged Deloitte to complete a root cause analysis of the failings identified in the Bell and Gotterson reviews. The highly respected The Ethics Center has completed an intensive culture review, the recommendations of which are being fully implemented. We are creating a new organizational vision, a new purpose statement, a new set of values and principles for the team, and we have also announced a new organizational structure, which is being implemented. This structure enshrines the three lines of accountability model and creates geographic business units to be led by three divisional CEOs. On the third of June, we replaced our Sydney internal controls, a project completed in eight months by around 150 team members and involving 546 unique controls. We've also submitted a detailed draft remediation plan, which sets out a roadmap for around 550 remediation milestones across 14 work streams to be implemented over a multi-year horizon. Other major matters in the year have included addressing the New South Wales duty rate increase that was arbitrarily proposed by the former Treasurer, Matt Kean. I'm pleased to say the current government addressed the threat this posed to our Sydney business and the jobs of our Sydney team members. I'll talk a little more on the resolution of this matter a little later on. Also, we conducted our equity raise in February, with the majority of the proceeds being applied to pay down and/or cancel debt facilities. A number of matters will continue into FY 23 and beyond, including our AUSTRAC proceedings, our full class action, and our debt refinancing, all of which Christina and I will touch on this morning in a little more detail. There is also the asset action against a number of former directors and executives. I stress that The Star is not a party to these proceedings. Turning to slide 7, and in terms of our operating results, we had a positive start to FY 23. COVID restrictions began easing in late FY 22, allowing a return to more normal operating conditions. The first half of FY 2023 produced a number of strong revenue months, particularly on the Gold Coast and in Brisbane, as both properties enjoyed strong domestic tourism from pent-up demand following the relaxation of COVID-enforced restrictions. However, conditions turned in Sydney and on the Gold Coast in the second half, particularly from March, with a number of factors impacting our operational performance. These included the impacts from the necessary implementation of uplifted controls, which resulted in increased guest exclusion. Also, the costs of the required uplift in our risk and compliance resourcing, along with new competition in the Sydney table games market, and certain operating restrictions impacting our customer experience. A weakening in consumer discretionary spending also had a role to play. We delivered underlying EBITDA for the year of AUD 317 million, slightly above our previously announced guidance. We achieved an underlying net profit of AUD 41 million. This underlying result excludes AUD 2.82 billion in significant items, which Christina will walk through in some detail shortly. I do call out that these significant items include AUD 595 million in legal and regulatory costs incurred and/or provided for in the year, including our New South Wales and Queensland fines, AUSTRAC civil proceedings, unpaid New South Wales casino duty, and costs associated with ongoing regulatory reviews. It also includes a AUD 2.17 billion non-cash impairment of goodwill and property assets in relation to The Star Sydney, The Star Gold Coast, and Treasury Brisbane, which reflect, among other things, the impact of the operational changes implemented following the Bell and Gotterson reviews, and amendments to the New South Wales Casino Control Act. Also, changed operating conditions, increased discount rates, along with proposed changes to our New South Wales casino duty rates, impacted in this non-cash impairment. Our statutory result at EBITDA was also AUD 217 million. However, at a statutory level, our bottom line performance was a loss of AUD 2.435 billion after the significant items mentioned. This result includes remediation costs, reflecting our continued investment in uplifting our compliance capabilities as we seek to return to license suitability. This includes increased headcount, some of which comprise third-party consultants used in surge resourcing, particularly in the first half, to accelerate our compliance actions. As I said, Christina will talk to our results in more detail shortly, but in brief, though, I'll just run through each of our operations' performance. And starting with Sydney on slide eight. The Star Sydney had a reasonable start to the year. However, in the second quarter and continuing through the year, we started to experience some adverse impacts from the necessary implementation of uplifted controls, which have resulted in increased guest exclusion. It affected some operating restrictions impacting our customer experience, including the cessation of complimentary drinks in our private gaming rooms, reducing the performance of both our EGMs and table games in those facilities. Also, new competition from Crown in the Sydney market for table games had an impact, as did consumer discretionary spending softness. Overall revenue from our Sydney gaming and non-gaming activities was AUD 978 million, up 27% on the COVID-impacted FY 2022. Gaming revenue was up 23%. Operating costs of AUD 586 million were up 21%, and we produced AUD 127 million in normalized EBITDA from our Sydney operations. Turning to the Gold Coast on slide nine. The Star Gold Coast performed very strongly in the first half, with a number of record monthly revenue results. We benefited on the Coast from a spike in domestic tourism and customer spending following the lifting of COVID restrictions, along with the return of the conferencing market, which went into hibernation during COVID. Our performance was also assisted by the new amenities we have on offer on the Coast. The second half on the Coast was impacted by a rebound in outbound travel, taking away from the earlier domestic tourism surge. We were also impacted by some softness in consumer discretionary spending that appeared in the second half. Overall, overall, our Gold Coast revenue from gaming and non-gaming activities was AUD 505 million, up 20% on FY 2022. Gaming revenue was up 8%. Operating costs of AUD 312 million were up 24%, driven by higher activity levels, new amenities, higher staffing costs, and a step up in remediation actions. Our Gold Coast operation produced AUD 107 million in normalized EBITDA, up 20% on the prior year. Turning to Brisbane on slide 10. The Treasury Brisbane started the year strongly, with a number of record revenue months across EGMs, main gaming floor tables, and hospitality. The second half saw a slight slowdown. Overall, Brisbane revenue from our gaming and non-gaming activities was AUD 373 million, up 15% on FY 2022. Gaming revenue was up 13%. Operating costs of AUD 196 million were up 11%, in line with higher activity levels and investment in management capability ahead of the opening of Queen's Wharf Brisbane. Queen's Wharf Brisbane is expected to commence a staged open from April 2024, ultimately with four hotels offering 1,000 rooms, luxury retail, more than 50 restaurants, bars, and cafes, a 1,500-person ballroom, an amazing sky deck, and 7.5 hectares of public space. This project will transform Brisbane's leisure and entertainment offering. We have taken possession of levels 5 and 6 of Queen's Wharf, and are in the process of bumping in gaming equipment currently. Before I hand over to Christina, I just wanted to provide a little more detail on the in-principle agreement reached with the New South Wales government to resolve Matt Kean's flawed duty increase proposal, announced out of the blue in December 2022. As I said previously, this was policy on the run by the former treasurer, without any prior consultation nor consideration of the impact it would have on the jobs of thousands of our Sydney team members. The agreement reached with the new government removes the considerable uncertainty generated by Matt Kean's December thought bubble, and creates a sustainable path forward for The Star Sydney, providing employment certainty to our Sydney team members. In essence, the arrangements will see the duty increases proposed for table games being applied as originally announced, with effect from 1 July 2023. Significantly, there is no change to gaming machine duty rates until FY 2031. If our Sydney gaming revenue exceeds AUD 1.125 billion in any year up to FY 2031, a potential additional levy would apply at a rate of 35% on the amount above that threshold. Under these arrangements, we expect the cost of the additional duty to be in the vicinity of AUD 10 million in FY 2024. That compares to the AUD 100 million expected under Mr. Kean's construct. As part of the arrangements reached, we will provide binding commitments to maintain our New South Wales headcount at specified levels, subject to certain permitted adjustments and force majeure material change events. We've also agreed to an early trial of our cashless gaming machine technology in October this year, involving 50 gaming machines and 8 gaming tables. I'll now hand over to Christina to provide some in-depth commentary on our financial performance and balance sheet, and I'll then conclude with some comments on our key areas of focus for the current year and our performance year to date. Thank you, Robbie. Turning to slide 14, group financials. As Robbie mentioned, for the full FY 2023 financial year, we reported normalized EBITDA of AUD 317 million and normalized NPAT of AUD 41 million. These numbers aren't directly comparable to the prior year due to COVID-related property closures in FY 2022, especially in Sydney, where the property was shut for 103 days. There is also a marked difference in performance between the two halves, as Robbie has covered, with the first half being stronger than the second half. The reported net loss of AUD 2.44 billion includes significant items of AUD 2.48 billion. These significant items primarily include AUD 2.17 billion for a non-cash impairment of The Star Sydney, The Star Gold Coast and Treasury Brisbane, reflecting for Sydney, the increased New South Wales casino duty rates. For all properties, the softness in earnings from the operational changes implemented following the Bell and Gotterson reviews and amendments to the New South Wales Casino Control Act and increased discount rates. AUD 595 million for regulatory and legal costs, including fines issued by the NICC and OLGR, AUSTRAC civil proceedings, underpaid casino duty in New South Wales, and costs associated with these ongoing regulatory reviews, including legal, consultants, and other costs. AUD 54 million for debt restructuring costs, comprised of cash financing and increased interest costs associated with covenant modification arrangements with bank lenders and USPP noteholders, and the associated non-cash adjustments under the accounting standards. And finally, AUD 16 million for redundancy costs associated with the recent cost-out program. Regarding operating costs, the total operating costs for the full year were AUD 1.1 billion, up 20% on the previous year. This reflected higher activity levels, remediation costs, and investments in risk controls and compliance resources. Note again that numbers are not directly comparable to the prior year. During the second half, we undertook a AUD 100 million cost-out program, which was largely completed in May and June 2023. These initiatives included reducing headcount by approximately 500 full-time equivalent roles, predominantly in Sydney operational areas and corporate roles. Importantly, there was no impact on risk and compliance roles. Canceling the group's short-term and other incentives for FY 2023. Pay rises for non-EBA employees were frozen. Aligning operational hours to current demand conditions across all properties, and generally reducing discretionary costs across the board. Turning now to the balance sheet and CapEx. The key balance sheet movements include the impairment against intangibles and property, plant, and equipment, the take-up of liabilities for regulatory and legal costs, and the pay down of debt following the capital raising in March. Of the AUD 2.17 billion impairment, AUD 1.3 billion was taken against goodwill and other intangibles, and AUD 818 million against gaming property assets. A total of AUD 423 million of provisions on the balance sheet relate to the ongoing regulatory and legal matters, including fines issued by the two state regulators, the AUSTRAC civil proceeding, underpaid casino duty in New South Wales, consultants, and legal costs. Note, however, that considerable uncertainty still remains for these matters, and the total provision should be approached with that in mind. Net debt finished at AUD 596 million for the year, with gearing at 1.9 times. At June, the company had AUD 517 million of liquidity on hand. CapEx for the year was AUD 126 million, below the guidance of AUD 160 million, and below depreciation and amortization, which was AUD 195 million. Equity contributions to the joint venture entities were AUD 20 million, and this was mainly for Gold Coast Tower Two. For FY 2024, we expect CapEx to be between AUD 100 million and AUD 120 million, and JV equity contributions to be approximately AUD 159 million relating to Queen's Wharf Brisbane and Gold Coast Tower Two. Regarding asset sales, the sale of the Sheraton Grand Mirage, Gold Coast is complete, with settlement pending government approval of the liquor license for the purchaser. The Union Street, Pyrmont site was compulsorily acquired by the New South Wales government in September 2022, as part of the new Sydney Metro Station project for AUD 99 million. 90% of these funds have been received and the associated debt extinguished. A dispute process is in progress, seeking higher compensation for this compulsory acquisition. The final proceeds will be received when that dispute is concluded. Finally, the group will also commence a formal market process for the sale of the Treasury Brisbane asset. Turning now to debt and the refinancing. The Star currently has AUD 1.1 billion of total available facilities, with a 2-year weighted average debt maturity profile and AUD 500 million of which is undrawn and available. Given the near-term maturity of AUD 644 million of that facility, The Star is undertaking a process to refinance these existing debt facilities. The resolution of the New South Wales Casino Duty issue on the eleventh of August has removed uncertainty, which allows this process to now continue. The debt refinancing is aimed at further optimizing the capital structure by extending tenor and providing more flexible covenant settings to cater for a range of operating and regulatory uncertainties. We intend to provide an update on the refinancing process in the coming months. Thank you, Robert. Thanks, Christina. And if you now turn to slide 20, I'll talk a little bit about our performance since the year-end and provide some insights relevant to considering FY 2024. The trading FY 2024 year to date, while down on the same period last year, is broadly consistent with the fourth quarter of FY 2023. In particular, Sydney revenue is up 3% when compared to the fourth quarter. Gold Coast revenue is up 5% on the fourth quarter. Brisbane revenue is down slightly 2% on the fourth quarter, and at a group level, revenue is up 3% on the fourth quarter. On page 22 of the pack, we've provided our FY 2023 quarterly results. These quarterly results show the step down in operating expenses between Q3 and Q4, which reflects the benefits of our AUD 100 million cost out initiatives. The benefit of these cost initiatives in FY 2024 is expected to be partially offset by a circa AUD 20 million increase in operating expenditure due to locked-in EBA increases. The remediation costs in FY 2024 are expected to be between AUD 35 million and AUD 45 million, in line with FY 2023. The previously foreshadowed 50% reduction in remediation costs is now not expected to occur until FY 2026. As previously mentioned, the resolution of the New South Wales Casino Duty issue is expected to result in an increase in gaming taxes of circa AUD 10 million in FY 2024. The expectation for costs assume that the market conditions and the regulatory environment do not materially change, and is dependent on a number of uncertain factors, including the level of inbound international tourism and economic conditions generally. Finally, in turning to slide 22, I'd like to touch on our priorities for the year ahead. First, and most significantly, as a team, we're committed to demonstrating our suitability to hold our casino licenses in New South Wales and Queensland, and as such, remediation measures remain our key focus for the year. This will see continued attention on safer gambling and AML financial crime uplift, along with cultural transformation. We have a clear roadmap of the remediation steps we need to undertake. We'll also continue the work in progress to prepare for the introduction of cashless and carded play, to complete the recruitment of executive roles, complete the refinancing of existing debt funding arrangements, as Christina mentioned, and to seek a resolution of our AUSTRAC proceedings. Opening the amazing Queen's Wharf Brisbane is a significant undertaking for the year. This transformational asset for Brisbane is at an exciting stage as the team gears up for the opening in April. The other major development initiative in train is the delivery of the next component of our Gold Coast master plan, Tower Two. Construction has reached level 30 of a total 65 levels. We have demonstrated the success of adding additional room capacity on the Coast and look forward to the contribution of Tower Two when complete. As Christina also mentioned, we're working towards the completion of the Sheraton Grand Mirage on the Gold Coast, and we are commencing a formal marketing process for the sale of the Treasury Brisbane assets in the new year. With that, I'll hand back to the operator to moderate the Q&A session. Thank you. Thank you. If you wish to ask a question, please press star one on your telephone and wait for your name to be announced. If you wish to cancel your request, please press star two. If you're on a speakerphone, please pick up the headset to ask your question. Your first question comes from Simon Thackray from Jefferies. Please go ahead. Thanks. Good morning, Robbie. Good morning, Christina. Thanks, first up, for the enhanced transparency on the quarter-by-quarter performance, which was very helpful. Just on your trading update, Robbie, first quarter of 2024, up to the 22nd of August, you know, broadly up 3% across the group. Can you just talk a little to the mix that's driving that marginal improvement in the quarter between sort of hospitality versus slots versus tables? Just to give us a sense of where your feeling of or commentary about stabilization is coming from. It looks like we haven't broken down the performance for the quarter to date. But look, like, broadly speaking, we're just seeing the business stabilizing across the portfolio, so core gaming and non-gaming. And we're seeing on the Coast a bit of leveling out on the hospitality front, which is good. So I think there's a bit of normalization happening with just the move to outbound travel, which did sort of clip our wings a little bit in the latter part of it, like 2023. Yeah, I'd say also for Gold Coast, we have seen a little bit of the, conferencing and events business sort of start to come back as well. We saw a dip in that after March and April and a little bit in May, so that has also come back. But as Robbie said, across the three products, sorry, slots and tables- Mm. Similar sort of trend from the fourth quarter. And in terms of mass versus premium, we're getting some, you know, peaks around peak nights, like Saturdays, for example, still kind of looks like it always has. It's the midweek where we're still a little bit soft. So that's all continuing. No, that's super helpful. And just in terms of the obviously the cost out program, AUD 100 million, you know, delivering certainly in the third quarter and particularly in the fourth quarter. And it's very helpful you've called out the EBA increases and additional costs. You haven't really spoken to background inflation. What are you expecting in terms of background inflation for the OpEx base in 2024? Yeah. So the way we think about that is 70% of our cost base, it was six- between sort of 60%-70% labor. And so we've broken out from there, non-EBA to EBA, and we've been clear that, non-EBA salaries are frozen and EBAs are pre-contracted, so we've given you the number. In terms of the balance, you can assume a lot of that is, variable. And, what it means is we're able to control. So for example, marketing costs, you know, a lot of that comes down to what we intend to spend, as opposed to just seeing a sort of straight out CPI or other inflationary impacts in there. There is a little bit in insurance, where there is an inflationary impact, but in sort of context of the whole operating cost base, it's not that large, and so we've called out the most important thing for you to consider. No, absolutely. And just on the remediation expectations, we've now pushed that 50% reduction out to FY 2026. Just trying to understand, I mean, you've obviously done the Deloitte root cause analysis. Just what are the specific buckets that are keeping that expenditure elevated for longer? Yeah, and look, Simon, on that one, you know, we've had, we've had over the last 5-6 months been working on our remediation plan, and it's a very detailed program now, and we've got a very clear line of sight what that looks like over the next 2-3 years. So with the benefit of that work and budgeting against that, we've, we've reset what our views are on the expenditure for remediation. So that's why, that's why we've made that comment, that there's not going to be a step down in those, in that, in that spend. And look, as I mentioned, it's an extensive remediation program across, you know, multiple areas in the business. And it's really getting us to a position where we will get back... Yeah, we're aiming to get back to suitability in that, in that time frame. I might add a bit of color on the construct of it. So in- Sure. FY 2023, probably I'd say half and half is permanent internal capability versus externally sourced or consultant-type cost. But for FY 2024, that's more three-quarters being internal cost and about a quarter being still external. No, that's, that's super helpful. And then just the final housekeeping question, just for me. Christina, just on the AUD 159, in terms of JV equity contributions, just the split between QWB and DGC, Tower Two? Tower Two is about 12, and Queens Wharf's the balance. ... Okay, awesome. Thanks so much. Well, we'll circle back later. Thanks, Simon. The next question comes from Andre Fromme from UBS. Please go ahead. Thank you. Good morning. I'm just wondering if you could share a bit more detail on how much of the AUD 100 million cost out program would have showed up in the, in the fourth quarter. Because I think you mentioned comments that, the, the work sort of completed around May, June. Yeah. So I'll take that one, Andrew. We announced, if you sort of recall, there was a couple of stages of this announcement. When we came out, at the half year, we said we would do about AUD 40 million, and then we increased that to AUD 100 million later on in April. So we had already sort of begun that journey of looking at our costs well before, well before May. In terms of the cost itself, when we talk about AUD 100 million, about half is variable and the other half is fixed. The variable component, we can action very quickly, and I touched on it in my speech when I said it seems like adjusting rosters to the new demand and looking at discretionary costs across the board, for example, marketing. Those things can be pull the lever very, very quickly. The balance, which is headcount, and of course, sorry, I should also mention consultants and contractors are also in that variable component. The balance, which is fixed headcount, we were able to move on that quite quickly. We did a lot of it in May, and there was some in early June, you know, kind of balance of it. So a lot of that number between the variable component and having actioned the headcount around May, a lot of it was in the May and June number, and that's why we say that's the one to look at if you're thinking about costs for next year and how to annualize. Okay. The other one, I guess, reflecting on the quarterly numbers, can you talk about what your normal expectation would be for seasonality over the years? I can imagine the summer quarters are normally stronger for you, but is that sort of what you're expecting, you know, based on any lead indicators that you've got around bookings? The seasonality in our business, as you pointed out, is December and January. So this 2023 financial year was no different. So there was, you know, a strong December for Christmas, and there's a strong January, especially in Queensland. So we'll, you know, sort of mention that before when we talk about Gold Coast results, still very, very strong in January. So that is no different. It's just that after that sort of seasonality passed, and we saw some of those factors that Robbie has touched on a number of times occur from March onwards, is when we've seen the kind of new baseline, and that's why it's been very deliberate in including that quarterly view. Okay. And then just one more from me on the remediation costs. I understand that you're pushing out the reduction, and thank you for sharing the detail on the previous question. But does that say anything about your expectation about the timing for the actual completion of the remediation program and therefore your expectation of timing when you would regain those licenses? Yeah, look, Andre, I'll, I'll take that one. Look, just in terms of the remediation program per se, which we've submitted and is being considered now by regulators. The remediation program, as I said, will run. It's a multi-year program. It does not necessarily follow that the completion of the remediation program, not right to the end, is what's required to get back to suitability. That's a journey we're embarking on at the moment. We don't fully know at this point at what stage we'd be being considered for suitability, but I wouldn't necessarily assume the remediation program to its ultimate end is the trigger for return suitability. There's so ultimately, the regulators in both jurisdictions have to form that view to when they see us as being suitable. So from a business point of view, we just know the remediation program. There are multiple facets to it. There's a significant component in embedding a lot of the initiatives we're taking, and there's also a significant piece of work in making sure that those changes are actually locked and loaded and continue in the business, those post-facto ordering and assurance processes afterwards. So that program we're working on goes from, you know, right through all those various stages. So I wouldn't link necessarily the end date of that program to returning suitability. Great. Thank you. Your next question comes from David Fabris, from Macquarie. Please go ahead. Hi, Robbie. Hi, Christina. Sorry to labor the point. I'm pretty confused about the commentary around the benefit of the cost out in the fourth quarter. I mean, should we be annualizing the AUD 250 million costs, assuming there's that AUD 20 million increase from the EVA, and then assuming that another AUD 20 million of costs or so come back in to or come off that as your starting point? So maybe AUD 1 billion is the starting point for the cost base. Yeah. So I don't know, the second 20 you referred to. I'm not quite sure, but the benefit is almost entirely in that last quarter. Now we can draw a whole bunch of detailed bridges between the, you know, one year and the next. And, you know, cost is not static. So for example, some of the headcount that Robbie talked about in those risk and compliance areas, that will increase. That's part of remediation. But what we've tried to do is make it as simple as possible, where most of that benefit is in the fourth quarter. So yes, you should be annualizing that. And then the other large component is taking out AUD 20 million for contracted EBAs. In terms of remediation, which I believe that might have been your second 20 point, between the two years, the number is relatively flat, so you shouldn't be adjusting any more for that. Yeah, got it. The only other point. Yep. The only other point I would just make is, we talked about bonuses being frozen for FY 2023. You know, that there's a consideration there. The board would be minded at the end of the year, that's a discretion, as always, whether to pay those or not. Okay, great. And then I guess thinking about the domestic gaming business, right? You know, you spoke about the fact that you've stopped serving complimentary drinks in the gaming rooms. Is there any intention to bring that service back in in FY 24? I guess I'm trying to understand whether there's some levers you can pull to push gaming revenues up, or we should really be thinking about a little bit of seasonality, and the fourth quarter is a pretty good guide for us from here. Yeah, look, David, there are definitely some things that will come back into the mix in the FY 2024 period, and the return of complimentary service to alcohol in Sydney private gaming rooms is something that is coming back. We actually have, you know, I think we've mentioned, or we have mentioned in the past, that we, of our own volition, ceased the service of complimentary drinks back in September last year. We've been in a dialogue with our regulators on that, or with our regulator on that in New South Wales, and we're currently working on resuming the service of complimentary drinks. So that will should return very shortly, in a matter of weeks. Yeah, we've also got some... There is some upside still in the business in the sense that we, we currently haven't been reinitiating our rebate play piece of the business. That is something that we will look to resume. And but the other thing that you know isn't baked into the numbers at the moment is just the return of international inbound tourism, which is starting to come back, and we're starting to see, particularly in the Gold Coast, some of the Chinese carriers resuming direct flights into, into Brisbane, which will have some benefits for the business. So there, there are things that are, you know, potential upsides. Got it. And if we hone in on the complimentary drinks piece, which is coming back in weeks, can you help set a framework for us to think about what sort of revenue benefit that might achieve? Look, hard to put a number on at the moment. I mean, I'm just pleased that we're bringing it back, and it just completes the service that we're offering to our guests. But look, we're not putting a hard number on it, but we do know that it had an impact when we removed it, so we're hoping that that comes, you know, comes back and bounces back. Yeah. And the issue is, David, that, you know, as time passes, the reasons sort of all blend in together. You know, like Robbie said, there's a bunch of sort of headwinds for the company since the drinks were switched off. So economic conditions, you know, to name one, but there are others. So to try and unpick that as time goes on just gets incredibly difficult. Got it. And just one last question for me, just around the debt refi piece. Can you just walk us through what you're trying to do here? So, I mean, is my understanding, you're trying to clear the AUD 1.1 billion facility, remove the USPP, and then we have a whole new debt line that comes through this business. And then I guess just trying to understand, you know, is that achievable and how we should think about the range of outcomes here? Yeah, look, you know, we've always been very clear that, you know, executing on this debt refi financing is incredibly important. We said that when we did the equity raise in February, and nothing's changed there. Debt is an important part of the capital structure of this business. So as I said, our objective is we need to extend tenor, because there's obviously a large component that turns out next July. We need to improve flexibility. The company's been in, you know, some form or another on, you know, covenant relief since COVID. So flexibility, given all the headwinds, is incredibly important. And liquidity, because there's still a range of outcomes that still could occur with all the litigation and the various things still on foot. So we do need to look at the debt stack in entirety. It's not just a matter of looking at the components. When we look at it in entirety, it's easier to address those objectives, particularly around flexibility. We've been working on this project for some time, as we have announced. The uncertainty around the New South Wales tax, you know, was somewhat of a hindrance, as you can imagine. And what was important, especially in the interest of shareholders, is for us to learn that uncertainty and remove whatever premium cost would have ended up in these arrangements had we continued with that. So now that that is clearer, the process can continue. Obviously, we've been working with Barrenjoey. I don't, I think that's the world's worst kept secret. And we've had quite a lot of-... interest, and quite a variety of proposals as well, a good range. So, you know, the confidence around completing this is strong. We are open-minded about the best structure for the refinance, and ensuring that then, you know, the best possible outcome for all shareholders is achieved. And as I said earlier, we'll be updating in the coming months. Got it. And at that time, I guess you'll provide interest cost guidance for 2024, given the range of outcomes that could be there? Yeah, that's exactly right, David. Okay, that's all for me for now. Thank you. Your next question comes from Justin Barratt, from CLSA. Please go ahead. Hi, guys. Thanks very much for your time today. A couple questions. So first one, just in relation to the provisions that you've still got on the books at 30 June. I was just wondering if you could provide a bit more of a breakdown of what those provisions look like? Well, you know, on that one, we- Fines and AUSTRAC. Yeah, look, we're not, we're not going into the granular level on those, on that provision. So you'd appreciate there's some commercial sensitivity around those matters, and so we're not actually breaking those down. Yeah, sure. So, you won't give us an idea of what the provision is for the AUSTRAC fine? No. No. Okay, no worries. That's fine. And then just in relation to Treasury Brisbane, appreciate that Queens Wharf is still expected to open in April. So are you still pushing, I guess, to complete a sale of the Treasury Brisbane assets, by that point in time? Now, look, look, on the Treasury front, and as people know, we had arrangements with Charter Hall, which was Charter Hall terminated. So we're only just going back out to market with the assets there. So the Treasury casino building, the car park, and also the Treasury hotel. And so we'll be out to market. We'll run a campaign, we'll see what interest that generates, and, you know, it could be separate components or the whole, the whole line. We're very flexible in our thought process there. That process can't actually complete before the Queens Wharf precinct opens, because that's when the title actually separates from the Queens Wharf precinct. So the earliest that could happen is on opening. But look, we'll just need to see what interest we're getting and what actually makes best sense for us operationally, appreciating that we want to keep running the hotel there. Fantastic. Thank you very much for the color. Once again, if you wish to ask a question, please press star one on your telephone and wait for your name to be announced. Your next question comes from Rohan Sundram, from MST Financial. Please go ahead. Hi, Robbie and Christina. A couple from me. Firstly, on your assessment on the valuations of your properties, are you able to share what assumptions you've made around the transition to cashless? Thanks, Rohan. Most of our assessment on that impact, we've dealt with through the risks in the WACC. Because as we've been, you know, clear with the market in the past, it's, you know, almost impossible for Robbie and I to work out exactly what will happen with cashless. You know, there's good reason to believe there's some upsides, especially in the mass area and also in cost. There's potentially downsides in, you know, perhaps in the premium side, you know, but noting we're still putting in controls which seek to address the objectives of the cashless card in the meantime anyway, like the AML uplifts and CTS and so forth. So it is almost impossible for us to pinpoint exactly, and so the way we've dealt with it in the modeling is through the discount rate in the WACC. We do disclose those discount rates, sorry, discount rate ranges in the accounts. We're using between 10 and 12.5% of a WACC across the three properties. In the prior year, this was, you know, between nine, nine and sort of 10%. So on the upper end of the range, we're up, you know, nearly sort of 330 basis points in risk built, that's sort of built in. But that's the way we've thought about it. In terms of the cash flows itself within Sydney, obviously we, you know, we knew or we do know about the tax impact, so while there's a good reprieve in the short term, you know, into perpetuity from FY 31, the, the new poker machine duty rates do apply, so they have impacted the number. In terms of the cash flows, you know, those, those assumptions are also disclosed. We use a 2.5 terminal growth rate for all of the properties. In the interim, we've used, FY 2023, and our assumptions on FY 2024, and sort of a moderate lift from those thereafter. Thanks, Christina. That's helpful. Last one, Robbie, I appreciate you've made a lot of key hires in risk and compliance. Just wondering, do you operationally, do you have your full capability, or are you looking to make some key hires operationally? Yeah, look, the final pieces to be put in place are, as I mentioned, our organizational structure. We're having three operational business units of Brisbane, Gold Coast, Sydney, and it's appointing the three CEOs to those business units. So that's the piece that remains outstanding, and that's the piece that we're in train at the moment. So there should be announcements made very soon as well. And then that's completed. There are no further questions at this time. That does conclude our conference for today. Thank you for participating. You may now disconnect.