Casino operator Star Entertainment Group has posted a full-year loss of $198.6 million as COVID-related closures during the year and a writedown against its flagship Sydney casino weighed.

Australia’s second-biggest casino operator on Monday said it had slashed the value of goodwill for the Star Sydney property by $162.5 million “due to regulatory and other uncertainties”.

The troubled company is awaiting the outcome of a review into its suitability to hold a NSW casino licence as well as an investigation from the financial crimes regulator and a separate probe in Queensland after an inquiry heard allegations it enabled suspected money laundering, organised crime, fraud and foreign interference at its Sydney casino.

Star said normalised net loss, excluding the significant items, was $32 million while revenue for the year to June 30 dipped 1.2 per cent to $1.53 billion.

Interim chairman Ben Heap said the underlying strength of the business had enabled a strong rebound, but acknowledged that “COVID-19 related disruptions and regulatory reviews have presented significant challenges” for the company.

Star will not pay any dividend for the year.

-AAP