Crown Resorts posts near-A$1bn loss

Australia’s Crown Resorts has posted a near-A$1bn loss in its yearly financial results.

The casino operating company has endured a troublesome period at the hands of investigators and regulators and has been hit by financial penalties, high costs of compliance and pandemic restrictions.

The Blackstone-owned company recorded a loss of A$945.4m for the 2022 fiscal year, with EBITDA falling to A$699.6m. Although, revenue for the period was up 20 per cent on the previous year to A$1.9bn.

A Crown spokesperson said the results are a reflection of a “challenging environment” faced by the company, with the pandemic having a “significant impact”, “particularly in the first half [of the year].”

The company noted its regulatory battles are ongoing and that it continues to co-operate with the relevant authorities to move forward with its “strong desire” to invest in business and jobs.