Crown Resorts posts full-year loss despite revenue increase

Crown Resorts posted an AU$199m loss for the financial year.

Australia.- Crown Resorts has posted a loss for the third consecutive year. The casino operator reported a loss of AU$199m (US$125.18m), an improvement from the AU$1bn (US$629.06m) loss in financial year 2019.

Revenue for the year ending June 30 was AU$2.7bn (US$1.69bn), up 44 per cent year-on-year. Crown Melbourne generated AU$1.4bn and Crown Perth AU$854m. Crown Sydney, which opened its gaming facilities in August 2022, saw a 139 per cent increase in sales, inclusive of contributions from Barangaroo Tower tenants. However, the venue closed one of its two gaming floors and cut 95 jobs, citing insufficient foot traffic.

Revenue across the three casinos remains behind pre-pandemic figures. Meanwhile, Crown has been hit with penalties for regulatory failings. In July, the Federal Court imposed an AU$450m (US$293.4m) fine. Crown has had to revamp its board, management and procedures to meet regulatory requirements. It was granted a conditional licence to operate its Barangaroo casino until December 31.