Crown Resorts, the biggest owner and operator of land-based casinos in Australia, has announced that its performance in the 2022 financial year has not been the brightest as the company ended the year with a loss worth 945.4 million Australian dollars.
The company did end the 2021 financial year with a loss as well, but that time the amount was just 261.3 million Australian dollars. The financial results are the first that got published by the company after it was acquired by Blackstone Group for 8.9 billion dollars.
The Australian company had its performance severely affected by fines after the numerous inquiries into its operations. In fact, Crown Resorts put aside no less than 617 million Australian dollars for expected fines.
Crown was found unsuitable to hold casino licenses in New South Wales, Victoria and Western Australia, but the state authorities did not cancel the company’s licenses. Instead, the business was given a chance to rebuild its operations and make amends for past failings.
For that purpose the Australian company spent a total of 145 million Australian dollars to hire additional staff, lawyers and consultants. The ultimate goal is to bring its casinos to proper compliance after it has been accused of money laundering and links with organized crime.