Crown Resorts’ revenue falls 31% to a $261.6M loss amid COVID-19 closures

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rown Resorts’ numbers were published on Monday, revealing a decrease to a $261.6 million statutory net loss after the COVID-19 pandemic forced the closure of its casinos, and restricted operations in Melbourne and Perth over the past year. 

The Australian operator also said it was no longer in discussions with Oaktree Capital over the private equity firm’s proposal to buy out founder James Packer’s $2.3 billion stake.

Crown’s revenue fell to 31.3% at $1.53 billion. Crown’s interim chair Jane Halton said: “2021 has been a challenging year for Crown, with intense regulatory scrutiny and unprecedented impacts on business operations from the COVID-19 pandemic,” 9News reports.

She also assured that Crown “is supportive of the measures taken by State and Federal Governments in response to COVID-19, with our priority being the health and safety of our employees, customers and the community”. 

The statement said Crown will not pay a dividend. The company is currently awaiting the outcome of Victoria’s royal commission into its Melbourne casino licence, and another royal commission into its Perth casino licence is underway. 

Crown had planned to open a new Sydney casino last December. However, its license was suspended after an inquiry ruled the business unfit to operate a casino. 

Halton said the COVID-19 pandemic continued to “create uncertainty” in the face of varying restrictions, which remain a “feature of everyday life”. 

“Notwithstanding the current challenges facing the business, we remain optimistic and believe that Crown has a truly special portfolio of assets”, she added. “We look forward to welcoming back soon our many thousands of guests and employees across all of our properties once we emerge from the current challenges of the pandemic.”

Last week, Crown named Ziggy Switkowski to replace Helen Coonan as Chair, with Jane Halton taking on the interim role until regulatory clearances are received.