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Financial

Crown Resorts expects net debt of $676m for financial year 20/21

Crown Resorts expects net debt of AU$900m ($676m) for the full year ended 30 June 2021.

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The company’s EBITDA after closure costs is predicted to be between AU$90-100m. Crown also expects to record a statutory loss after tax for the full year.

Last year’s AU$450m project finance facility, meant to support the construction of Crown Sydney, reportedly has “been repaid from settlements to date from Crown Sydney apartment sales.” Full results for the financial year should be published on 30 August.

Crown stated that the declining figures were due to various closures, because of the ongoing pandemic, as well as Covid-19 related operating restrictions applying throughout the period; including capacity limits and physical distancing protocols.

The operator added there are a number of factors that will likely continue impacting Crown’s performance into 2022.

These include Covid-19-related closures and travel restrictions, which impact the number of guests visiting venues. Another factor is the ongoing regulatory processes that can end up affecting Crown’s financial performance.

“Crown also expects to incur increased corporate costs throughout the 2022 financial year, including legal, consulting and associated costs, while these regulatory and any resulting processes continue,” the organisation said in a statement.

The figures could additionally be impacted by the company’s investment in responsible gambling and compliance strategies, as part of the reform agenda for Crown. Lastly, Crown stated it is reviewing its top-end local players, a process that resulted in the exit of a number of customer relationships.

“Crown continues to monitor and respond to the impacts of the current challenging operating environment," continued the statement.

“Crown is also undertaking a review of the potential gaming tax underpayment recently referred to in the Victorian Royal Commission and will update the market once Crown’s review is complete.”

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