Australian-listed casino operator Star Entertainment Group has pulled a surprising AUD264.4 million net profit for the fiscal year, beating analysts’ forecasts.

The full-year profit of The Star, which rose 36 percent from AUD194.4 million (US$153.55 million) a year ago, came as a surprise to many analysts especially since the turnover of heavy-hitting gamblers from China has fallen.

In a disclosure to the Australian Stock Exchange, The Star reported that its international VIP gambling dropped 20 per cent in the year to June 30. It reported that its normalized profit was down 11 percent at AUD214.5 million (US$169.43 million).

What saved the day for The Star was the higher than normal ‘win rate’ for the casino which resulted to a robust net profit and a 23 percent boost in the dividend for the year.