Crown Resorts witnessed its overall earnings ascend to AU$778.6 million (US$560 million) for the half-year concluding December 31, 2021, representing a 34% increase against the corresponding timeframe last year.
Nevertheless, the enduring consequences of COVID-19 associated shutdowns at Crown Melbourne, Crown Perth, and Crown Sydney overshadowed the conglomerate’s fiscal performance. The closures yielded a substantial AU$79.2 million impact, contributing to an expanded deficit of AU$1.963 billion for the Australian casino operator, contrasted with a loss of AU$1.209 billion in the prior analogous period.
Although Crown Melbourne’s earnings rebounded to AU$265 million from a paltry AU$97.1 million in the preceding year, Crown Perth encountered a 2% decrease in revenue, reaching AU$402.9 million.
Crown Sydney, with its gaming activities still suspended awaiting discussions with the Independent Liquor and Gaming Authority (ILGA), produced AU$36.1 million in non-gaming earnings, a considerable jump from the AU$900,000 documented in the identical timeframe last year.
Moreover, Crown’s Betfair and digital social gaming earnings observed a 13% reduction, hitting AU$69.5 million.
“Crown’s initial half financial outcomes mirror the sustained operational hurdles stemming from COVID-19 as well as the persistent influence of regulatory issues,” remarked Steve McCann, Crown’s Managing Director and CEO.
While recognizing the obstacles, McCann conveyed optimism in overcoming the present difficulties, stating, “While we don’t downplay current hurdles, we are favorably positioned to emerge from this phase.”
Three vacation destinations in China have resumed operations with immunization requirements, illustrating a potential way forward for staff, the organization, and the broader community as we move beyond the pandemic.
“It’s vital that we persist in driving transformation throughout the company, expedite our corrective action strategy, and achieve substantial advancements on various regulatory matters. Our dedication lies not only in constructing a more robust enterprise but also in collaborating closely with governing bodies to provide secure, ethical, and top-tier gaming experiences.”
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