SYDNEY, AAP – Coronavirus-related restrictions and a jump in restructuring and regulatory costs has dragged Crown Resorts to a full year loss of $261.60 million.
The casino operator outlined a 31 per cent slide in revenue for the 12 months to June 30, to $1.54 billion, and said shareholders would not receive any dividend for the year.
Crown said COVID-19 related restrictions continue to impact performance in the new financial year, after the flagship Melbourne casino was closed for several months in the year to June.
It outlined closure costs of $120.6 million incurred at its Melbourne, Perth and UK casino while gaming activities were suspended.
The scandal-hit gaming group saw corporate costs spiral to $111.6 million, on the back of higher legal, consulting and other costs associated with various regulatory inquiries, and higher insurance costs.
Crown is facing two royal commissions in Victoria and Western Australia as well as the fallout of NSW’s Bergin inquiry, which found it was not fit to run a newly built casino in Sydney after the group was found to be facilitating money laundering at its Melbourne casino.
“2021 has been a challenging year for Crown, with intense regulatory scrutiny and unprecedented impacts on business operations from the COVID-19 pandemic,” Interim Chairman Jane Halton said.
The James Packer-backed group last week announced Dr Ziggy Switkowski would step up as the new chairman after Helen Coonan stepped down from the role.