{"id":777000591,"date":"2022-11-30T14:36:35","date_gmt":"2022-11-30T17:36:35","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=777000591"},"modified":"2026-04-23T02:28:27","modified_gmt":"2026-04-23T05:28:27","slug":"crown-resorts-posts-loss-of-us632-18m-for-fy22","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/crown-resorts-posts-loss-of-us632-18m-for-fy22","title":{"rendered":"Crown Resorts posts loss of US$632.18m for FY22"},"content":{"rendered":"\n

The loss was mainly attributed to financial penalties, extensive investment in compliance and Covid-19 restrictions.<\/p>\n\n\n\n\n\n\n\n

Australia.- Crown Resorts has shared its financial results for the financial year 2022. It’s reported an AU$945.4m (US$632.18m) loss while earnings before interest, tax, depreciation and amortisation (EBITDA) was negative AU$699.6m.<\/p>\n\n\n\n

Revenue was up 20 per cent<\/strong>\u00a0year-on-year to AU$1.9bn (US$1.27bn). Crown Melbourne’s revenue increased from AU$567.5m to AU$923.8m and Crown Sydney’s from AU$68.4m to AU$113m, while Crown Perth’s revenue fell from AU$740.9m to AU$731.7m.\u00a0<\/p>\n\n\n\n

Crown Sydney\u2019s gaming floor was not operational during 2022. The casino operator was\u00a0allowed to open the casino in August.<\/a><\/p>\n\n\n\n

The company attributed the poor performance to a number of factors, including multiple fines due to inquiries into its casino operations. Covid-19 lockdowns in Perth, Sydney and Melbourne added to the losses.<\/p>\n\n\n\n

The financial results are the first to be published by the group since its AUD8.9bn (US$6.36bn)\u00a0takeover by Blackstone<\/a>\u00a0in June.<\/p>\n\n\n\n

In November, the\u00a0Victorian Gambling and Casino Control Commission<\/a>\u00a0(VGCCC) announced disciplinary action against\u00a0Crown Melbourne\u00a0<\/strong>for failing its Responsible Service of Gambling obligations. The regulator imposed\u00a0two fines\u00a0<\/strong>totalling\u00a0AU$120m (US$77.2m)<\/strong>, the largest fine ever imposed by the state’s casino regulator.<\/p>\n\n\n\n

Large fines are expected in New South Wales and Western Australia. The group also faces fines from the national financial crimes watchdog,\u00a0AUSTRAC.<\/a><\/p>\n\n\n\n

The company has seen\u00a0several board changes<\/a>\u00a0as it seeks to satisfy the regulators.<\/p>\n\n\n\n

See also: <\/strong>Crown Resorts launches multi-year transformation programme<\/a><\/p>\n\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

The loss was mainly attributed to financial penalties, extensive investment in compliance and Covid-19 restrictions.<\/p>\n","protected":false},"author":176,"featured_media":24850,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"Crown Resorts reported an AU$945.4m loss for FY2022, primarily due to significant financial penalties, extensive compliance investments, and COVID-19 operational restrictions. This marks the first financial disclosure since its AU$8.9bn acquisition by Blackstone, highlighting ongoing regulatory challenges including substantial fines from the VGCCC and anticipated penalties from other state regulators and AUSTRAC.","focusai_entities":"Crown Resorts, Blackstone, Victorian Gambling and Casino Control Commission, VGCCC, AUSTRAC","focusai_location":"Australia, Melbourne, Sydney, Perth, Victoria, New South Wales, Western Australia","focusai_target_profile":"ceo_executive (0.95), regulator (0.98), compliance_legal (0.97), operator_casino (0.92), payments_fraud_aml (0.85), investor_analyst (0.96), supplier_vendor (0.75), journalist_researcher (0.93)","focusai_suggestions":[{"label":"Crown's Compliance Strategy?","query":"What specific governance frameworks and technological solutions are being implemented as part of Crown Resorts' multi-year transformation program to address the identified regulatory compliance deficiencies and mitigate future financial penalties?"},{"label":"Blackstone's Integration Impact?","query":"How has Blackstone's acquisition influenced Crown Resorts' capital allocation strategy, particularly regarding the extensive investment in compliance, and what is the projected timeline for achieving regulatory remediation and sustained profitability?"}],"footnotes":""},"categories":[16336,163],"tags":[14657],"class_list":["post-777000591","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-australasia-news","category-finance-news","tag-crown-resorts"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777000591","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/176"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=777000591"}],"version-history":[{"count":2,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777000591\/revisions"}],"predecessor-version":[{"id":777000610,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777000591\/revisions\/777000610"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/24850"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=777000591"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=777000591"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=777000591"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}