Crown falls to $261m loss as COVID-19 pandemic forces casinos to close

News Crown casino forced to close

The COVID-19 pandemic led Crown Resorts to close its casinos and restrict operations in Melbourne and Perth throughout the past year, resulting in a statutory net loss of $261.6 million.

Crown’s revenue dropped to 31.3 per cent at $1.53 billion.

COVID-19 restrictions and “regulatory scrutiny” as a result of royal commissions into Crown’s gaming licenses, according to interim chair Jane Halton.

Ms Halton reported that 2021 was a challenging year for Crown, with serious regulatory scrutiny and unprecedented impacts on business operations due to the COVID-19 pandemic.

Crown will not issue a dividend, according to the announcement.

The casino is awaiting the results of a royal commission in Victoria into its Melbourne casino license, while a royal commission into its Perth casino license is currently underway.

In December last year, Crown had planned to open a new Sydney casino, but its license was suspended after an investigation determined it was unqualified to operate a casino.

According to Ms Halton, the COVID-19 pandemic continues to “create uncertainty” for casinos in Australia, as new restrictions are still “part of everyday life.”

“Despite the current challenges in the business, we remain optimistic and believe that Crown has a truly special portfolio of assets,” Ms Halton said. 

 “Once we emerge from the current pandemic challenge, we look forward to welcoming our guests and employees back to all of our properties soon.”

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