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Crown Resorts Records Significant Losses In 2022 Financial Year

Posted on December 6, 2022 | 8:11 am
crown-resorts-records-632mln-loss-for-financial-year

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.

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Future Crown

A week before announcing the financial results for the 2021-2022 fiscal year, Crown Resorts unveiled a multi-year transformation program to staff, titled “Future Crown”.

The new program was presented by Ciaran Carruthers, the new Chief Executive Officer of the company. In a memo to the firm’s 20,000 employees, Carruthers explained that his aim is to transform Crown Resorts into “the world leader in the delivery and safe and responsible gaming and entertainment.”

According to the Chief Executive, the program will see Crown Resorts “reset its standards in operations and compliance and deliver on its remediation action plans, as well as help the company to achieve its aspirational culture, underpinned by its purpose and values.”

The implementation of Future Crown comes after the company was found unsuitable to hold casino licenses for Crown Melbourne, Crown Perth and Crown Sydney. All three casinos are currently operating under the supervision of a Special Manager while the company attempts to return to suitability.

SOURCE“Crown Resorts records $632mln loss for financial year“Asia Gaming Brief. November 30, 2022.

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