Crown Resorts, the biggest owner and operator of land-based casinos in Australia, has recorded widening losses in the first half of the 2021-2022 fiscal year, even though its revenue recorded an increase.
Crown Resorts announced that its revenue for the six-month period to December 31 2021 was 780.9 million Australian dollars, which represents an increase of 34.4 percent compared to the first half of the previous fiscal year.
However, the company’s losses also increased, the overall net loss for the half-year came to 196.3 million Australian dollars, a whole 75 million more than the amount the corporation lost in the first half of the 2020-2021 fiscal year.
Most of the Australian company’s revenue was generated by Crown Perth, which produced 402.9 million Australian dollars. However, that figure still represented a decrease of 1.5 percent year-on-year. Crown Perth had the least amount of closures during the first half of the fiscal year compared to the other venues operated by Crown Resorts, the Perth casino was closed for just a few days at the beginning of July 2021.
Crown Melbourne, on the other hand, was closed for no less than 96 days, and that resulted in revenue of just 265 million Australian dollars for the first half of the fiscal year. Nevertheless, that represented a huge increase of 172.9 percent year-on-year.
Crown Sydney was the worst performing venue in Australia, it made just 36.1 million Australian dollars as its casino was not open at all during this period since Crown Resorts still doesn’t have a gambling license in New South Wales.