Melbourne casino remains closed<\/a><\/em><\/strong> due to the high level of alert in the city.<\/p>\n\n\n\nBarton said initial trading in Perth had been encouraging, albeit under restricted operating conditions and for a relatively short period of time.<\/p>\n\n\n\n
Crown\u2019s board has decided not to grant any final dividends for the period.<\/p>\n\n\n\n
Barton added: \u201cGiven this backdrop, Crown has been focussed on liquidity management to ensure it is well placed to withstand this extended period of closure. I would once again like to acknowledge the support we have received from our relationship lenders, with new bilateral facilities implemented during the year and the execution of the Crown Sydney financing facility following year end.\u201d<\/p>\n\n\n\n
Crown had better news from online operations through the wholly-owned Betfair Australasia and its 85 per cent interest in DGN Games. Revenues hit AU$135.5 million (US$97.3 million) \u2013 a 4.1 per cent jump from the previous year \u2013 and total expenses were reduced by 3.1 per cent in the same period.<\/p>\n\n\n\n
EBITDA reported by the online business was AU$34.7 million (US$24.9 million), rising 32.9 per cent since the previous year. The company said in a statement that \u201cthe improved EBITDA result was driven by strong performances from both Betfair and DGN.\u201d<\/p>\n\n\n\n
Crown Resorts also reported that its Crown Sydney Hotel Resort project is in the final stages of construction. The 275 metre tower reached topping out in May marking the completion of vertical construction.<\/p>\n\n\n\n
The firm said construction of hotel guestrooms and suites located on floors 6-23 are substantially complete, while the residential portion of the project, located in the upper portion of the tower, \u201cis progressing on schedule with the first residents scheduled to move into the building in March 2021.\u201d<\/p>\n\n\n\n
It said the opening will be progressive, commencing on schedule in December. Once finalised, Crown Sydney Hotel Resort will employ 2,000 people.<\/p>\n\n\n\n
Crown said it has invested approximately AU$1.7 billion (US$1.2 billion) into the Crown Sydney project to date, with the gross project cost expected to be approximately AU$2.2 billion (US$1.5 billion).<\/p>\n","protected":false},"excerpt":{"rendered":"
The Australian operator posted disappointing results for land-based operations for its financial year ending June 30, but online revenue is up.<\/p>\n","protected":false},"author":2,"featured_media":9172,"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 a significant 40.6% year-on-year decline in EBITDA for its land-based Australian casino operations for the financial year ending June 30, primarily due to pandemic-induced closures and travel restrictions impacting visitation and VIP segments. Conversely, its online gaming verticals, including Betfair Australasia and DGN Games, demonstrated robust growth with a 4.1% revenue increase and a 32.9% EBITDA surge. The company is also progressing with the AU$2.2 billion Crown Sydney Hotel Resort, slated for a progressive opening starting December, while managing liquidity amidst ongoing operational challenges in Melbourne.","focusai_entities":"Crown Resorts, Ken Barton, Betfair Australasia, DGN Games","focusai_location":"Australia, Melbourne, Perth, Sydney","focusai_target_profile":"ceo_executive (1.0), regulator (0.7), compliance_legal (0.7), operator_casino (1.0), product_ux (0.7), tech_data (0.7), payments_fraud_aml (0.7), investor_analyst (1.0), supplier_vendor (0.8), journalist_researcher (1.0)","focusai_suggestions":[{"label":"Crown Sydney ROI","query":"What is the projected return on investment and payback period for the AU$2.2 billion Crown Sydney Hotel Resort, considering the current market uncertainties and the strategic shift towards online gaming verticals?"},{"label":"Online Vertical Strategy","query":"How does Crown Resorts plan to further leverage its online gaming verticals, Betfair Australasia and DGN Games, to mitigate land-based operational risks and drive future Net Gaming Revenue (NGR) growth?"}],"footnotes":""},"categories":[16336,163],"tags":[289,14657],"class_list":["post-9170","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-australasia-news","category-finance-news","tag-australia","tag-crown-resorts"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/9170","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\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=9170"}],"version-history":[{"count":2,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/9170\/revisions"}],"predecessor-version":[{"id":9188,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/9170\/revisions\/9188"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/9172"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=9170"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=9170"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=9170"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}