Crown Resorts reports 34% revenue increase for half year ended 31 December 2021

Crown Resorts has reported statutory revenue of AU$778.6m (US$560m) for the half year ended 31 December 2021, a 34% increase from the prior-year period.

crown halfyear

Results were, however, significantly impacted by closure costs of AU$79.2m at Crown Melbourne, Crown Perth and Crown Sydney due to government health restrictions.

The Australian operator slipped to a loss of AU$196.3m, compared to a loss of AU$120.9m in the previous year.

Crown Melbourne reported revenue of AU$265m for the period, compared to AU$97.1m in the prior-year period. Crown Perth reported a 2% decline in revenue of AU$402.9m.

And Crown Sydney, which is yet to commence operations in its gaming areas due to the ongoing consultation process with the Independent Liquor and Gaming Authority (ILGA), reported non-gaming revenue of AU$36.1m, compared to AU$0.9m in the prior-year period.

Revenue from Crown’s wagering and online social gaming operations meanwhile was AU$69.5 million, a 13% decline from the prior-year period.

“Crown’s first half performance reflects the continued challenging operating conditions as a result of Covid-19 as well as the impact of ongoing regulatory matters,” said Crown’s Managing Director and CEO Steve McCann.

“While we do not underestimate current headwinds facing Crown, there is growing confidence we have turned the corner. All three of our domestic resorts are back open, with a vaccination strategy to combat Covid-19 providing a pathway forward for our staff, the business and the wider community.

“Importantly, we continue to build momentum on our company-wide reforms, accelerating work on our remediation plan and making significant advances across multiple regulatory processes. Not only are we building a stronger business, we are working well with the regulators with a priority to deliver a safe and responsible world-class gaming operation.”

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