Crown Resorts has shared its financial results for FY21, reporting revenue of AU$1.5bn (US$1.1bn), down 31 per cent year-on-year.<\/p>\n\n\n\n\n\n\n\n
Australia.- Crown Resorts Limited has shared its financial results for the fiscal year 2021, reporting revenue down 31 per cent<\/strong> year-on-year to AU$1.5bn (US$1.1bn).<\/p>\n\n\n\n Reported EBITDA was down 77 per cent<\/strong>\u00a0to AU$114.1m. Crown reported an NPAT loss of AU$261.6m.<\/p>\n\n\n\n The company attributed the losses to the Covid-19 restrictions<\/a> and multiple countermeasures ordered by the government as well as the temporary closures of Crown Melbourne<\/a> and Crown Perth.<\/p>\n\n\n\n Jane Halton<\/strong>, Crown\u2019s interim Chairman, said: “2021 has been a challenging year for Crown, with intense regulatory scrutiny and unprecedented impacts on business operations from the Covid-19 pandemic.”<\/p>\n\n\n\n She also thanked Helen Coonan<\/a>, who has been replaced by\u00a0Ziggy Switkowski\u00a0<\/strong>as\u00a0chairman of Crown Resorts<\/a>.<\/p>\n\n\n\n She said: “I would like to thank Helen Coonan for stepping up and providing leadership and stability during this period.\u00a0Helen has played an important role at Crown over a long period of time, particularly since her appointment as Executive Chairman where she has made a major contribution to Crown\u2019s reform program.”<\/p>\n\n\n\n Crown Melbourne<\/strong> reported theoretical revenue of AU$582.5m, down 60.6 per cent. Main floor gaming revenue<\/strong>\u00a0was AU$406.9m, down 54.3 per cent. That comprises table games revenue of AU$241.2m, down 56.0 per cent, and gaming machine revenue of AU$165.7m, down 51.5 per cent.<\/p>\n\n\n\n Crown Melbourne VIP revenue<\/strong>\u00a0plummeted 98 per cent to AU$4.4m as gaming operations were closed for 160 days of the financial year. <\/p>\n\n\n\n As for Crown Perth<\/strong>, the venue reported revenue of AU$742.8m, up 21 per cent. Main floor gaming revenue<\/strong>\u00a0was AU$478.3m, up 38.9 per cent. That comprises table games revenue of AU$171.7m, up 24.8 per cent, and gaming machine revenue of AU$306.6m, up 48.2 per cent. VIP revenue<\/strong> was AU$0.4m, down 99.1 per cent.<\/p>\n\n\n\n The company said Crown Sydney<\/a>‘s non-gaming operations had progressively commenced operation throughout the year<\/strong>, with all areas of the hotel resort now complete.\u00a0The gaming areas are ready for opening on a staged basis\u00a0pending a determination of suitability by the regulator<\/strong>, ILGA.<\/p>\n\n\n\n Alan McGregor<\/strong>, Crown\u2019s Chief Financial Officer, said: “Unfortunately, Covid-19 related restrictions are continuing to impact performance as we enter the 2022 financial year.\u00a0<\/p>\n\n\n\n “Crown Melbourne has been closed for the majority of this financial year<\/strong>, whilst stay at home orders were imposed in Sydney on 26 June 2021 and remain in place.”\u00a0<\/p>\n\n\n\n Crown Resorts<\/a>\u00a0has named\u00a0Steve McCann\u00a0<\/strong>as\u00a0chief executive officer of Crown Melbourne<\/strong>\u00a0in addition to his role as CEO of\u00a0Crown Resorts<\/a>.<\/p>\n\n\n\n McCann will relocate from Sydney to Melbourne\u00a0<\/strong>as soon as possible subject to Covid-19 interstate travel restrictions. He will replace\u00a0Xavier Walsh<\/a>, who stepped down due to heavy criticism during Victoria\u2019s Royal Commission into Crown Resorts.<\/p>\n\n\n\n Adrian Finanzio,<\/strong>\u00a0counsel assisting Victoria\u2019s Royal Commission into Crown Resorts, had said Walsh was not appropriate to remain connected to the\u00a0Crown Resorts<\/a>.<\/p>\n\n\n\nSteve McCann replaces Xavier Walsh as Crown Melbourne\u2019s CEO<\/strong><\/h2>\n\n\n\n