Crown Resorts reports a six-month net loss of US$141.5m

Although statutory revenue was up 34 per cent year-on-year, the six months ending December 31 resulted in a net loss of AUD196.3m.

Australia.- Crown Resorts, which this week backed investment firm Blackstone Inc‘s US$6.36bn acquisition offer, has released its financial report for the last six months of 2021. Covid-19 restrictions widened its net loss to AUD196.3m (US$141.5m), compared to a loss of AU$120.9m in the previous year. However, statutory revenue rose 34 per cent year-on-year, reaching AUD778.6m (US$560m).

Crown managing director and CEO Steve McCann said that the company’s first-half performance reflected the continued challenging operating conditions as a result of Covid-19 and the impact of ongoing regulatory matters.

He said: “While we do not underestimate the 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.

“We continue to build momentum on our company-wide reforms, accelerating work on our remediation plan and making significant advances across multiple regulatory processes. Not only are we building a stronger business, but we are also working well with the regulators with a priority to deliver a safe and responsible world-class gaming operation.”

Crown Melbourne reported revenue of AUD265m (US$190m) for the period, compared to AU$97.1m (US$69.6m) in the prior-year period. Crown Perth reported a 2 per cent decline in revenue of AUD402.9m (US$288.9m).

Crown Sydney made AUD36.1m (US$25.8m), all of which was generated from non-gambling as it has not yet received permission to open its casino. This was an increase of AUD35.2m (US$25.2m) from H1 2021. The venue was closed for 102 days in the half-year. 

Wagering and online revenue came to AUD69.5m (US$49.8m) in revenue, a decrease of 12.7 per cent year-on-year.

See also: Crown Resorts accepts US$6.36bn Blackstone takeover bid