May 17, 2022

Crown wears $196 million half-year loss as lockdowns bite

2 min read

Gaming giant Crown Resorts has reported a half-yearly loss of $196.3 million as COVID-19 closures and ongoing “regulatory matters” punch a hole in the operator’s bottom line.

Announcing its results to the market this morning, Crown said revenue was up 34 per cent compared to the same period last year to $778.6 million.

Costs incurred at Crown Melbourne, Crown Perth and Crown Sydney as a result of government directions were estimated to have cost the operator $79.2 million.

Crown has reported a $196 million loss as COVID-19 lockdowns and regulatory investigations clamp down on business. (Nine)

Crown’s managing director and CEO Steve McCann said despite the loss he believes the business has “turned the corner”.

“Crown’s first-half performance reflects the continued challenging operating conditions as a result of COVID-19 as well as the impact of ongoing regulatory matters,” Mr McCann said.

“While we do not underestimate current headwinds facing Crown, there is growing confidence we have turned the corner.

“All three of our domestic resorts are back open, with a vaccination strategy to combat COVID-19 providing a pathway forward for our staff, the business and the wider community.”

Crown Casino at Barangaroo.
Crown at Barangaroo is hoping to open its gaming services “shortly”. (Nick Moir/Sydney Morning Herald)

Mr McCann said Crown looks forward to announcing that the $2.2 billion Crown Sydney building has been granted a gaming licence, which has been under review by an independent regulator following damning reports of misconduct.

“At Crown Sydney, we have been encouraged by the demand for our first-class restaurants and hotel when non-gaming operations have been open,” Mr McCann said.

“We remain in constructive discussions with both the ILGA and the independent monitor as we work towards the opening of gaming.

“Whilst no official opening date has been confirmed by the regulator, we are targeting to be in a position to announce the opening of the gaming floor shortly.”

In its outlook, Crown said it remains confident that once domestic and international customers have “certainty”, it can “take advantage of the pent-up demand”.

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