Crown Resorts reports 62% revenue decline for H1

By Violeta Prockyte

Crown Resorts Limited has reported statutory revenue of AU$581m (US$450.5m) for H1 2021, a 62% year-on-year decline. 

EBITDA for H1 that ended on 31 December 2020 was AU$4.4m, down 99%. Net profit after tax declined by 155% to AU$121m. 

Crown Melbourne recorded theoretical revenue of AU$97.1m, a 91% drop. Main floor gaming revenue was AU$53.7m, a 92% decline from a year prior. Table game revenue was AU$30.3m, with gaming machine revenue at AU$23.4m. Non-gaming revenue declined by 84% to AU$39.7m. Theoretical VIP play revenue was AU$3.7m, a 97% decline, with actual VIP revenue reporting a loss of AU$1.9m. 

Theoretical revenue in Crown Perth declined by 5% to AU$409m. Main floor gaming revenue for H1 2021 saw an increase of 14% to AU$275m. Table games revenue was AU$103.5m, and the VIP program experienced a 99% drop to AU$0.4m. 

“Despite the uncomfortable reading at times, Crown has welcomed the Commissioner’s report of the NSW Independent Liquor and Gaming Authority Inquiry. We see it as an opportunity for a complete and comprehensive corporate re-set,” said Crown’s executive chairman Helen Coonan. “Crown has committed to working constructively with ILGA to advance reforms necessary to allow it to give effect to the Restricted Gaming Licence in Sydney.” 

Coonan recognised the need to work with the regulators to restore the public trust in the company. She also confirmed her role as a chairman is temporary and the group is already looking for a suitable candidate. 


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