Crown Resorts up despite troubles

Home » Crown Resorts up despite troubles

Crown Resorts, struggling to recover from its money-laundering scandal and now favouring an acquisition bid from Blackstone, has reported revenue of A$778.6m, up 34 per cent on the previous year.

The company showed a loss of A$196.3m (€124.3m) compared with a loss of A$120.9m (€76.5m) and EBITDA showed a loss of A$44.5m (€28.1m), down from a profit of A$4.4m (€2.7m).

Crown said that the performance reflected the “continued challenging conditions” from the pandemic and the regulatory problems that it had been facing. The Melbourne venue was closed for 96 days in the first half, only recommencing operations in October.

Crown Sydney’s non-gaming operations were closed for 102 days and although the business showed improvement once reopened, operational constraints and travel limitations weighed heavily. It is still awaiting a date to open its gaming operation in Sydney.

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The Perth casino performed well, but it still faces a separate investigation over money-laundering allegations.

The group’s figures were also hit by corporate costs of around A$50m (€31.6m) relating to its legal and consulting fees relating to its regulatory problems.

This year had started off “subdued”, said the company, mainly through the Omicron variant impacting footfall at its locations. It is currently carrying A$950m (€601.7m) net debts while it has liquidity of around A$700m (€443.3m).

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