Crown Resorts Limited saw a substantial revenue reduction in the initial six months of 2021. Their official income statement reflected AU$581 million, marking a 62% plunge compared to the corresponding timeframe in the preceding year. This downturn was primarily linked to the persistent global health crisis and its consequences for the travel and leisure sectors.
Profits before accounting for interest, taxes, depreciation, and amortization (EBITDA) nosedived by 99% to AU$4.4 million. Net income after taxes also endured a considerable hit, decreasing by 155% to AU$121 million.
A significant contributor to the company’s earnings, Crown Melbourne, witnessed a 91% contraction in hypothetical revenue, settling at AU$97.1 million. This reduction spanned various divisions, encompassing main floor gambling and high-roller gambling.
Crown Perth encountered a more moderate 5% decline in theoretical revenue, reaching AU$409 million. While main floor gaming income at Crown Perth displayed some stability with a 14% rise, VIP program income plummeted by 99%.
Helen Coonan, Crown Resorts’ Executive Chair, recognized the difficult phase confronted by the corporation. She conveyed that Crown Resorts embraces the latest assessment from the Independent Liquor and Gaming Authority (ILGA) in New South Wales, notwithstanding its potentially negative conclusions. Coonan stressed the company’s dedication to cooperating with ILGA and enacting required adjustments to reclaim its limited gaming permit in Sydney. She conceded that restoring public confidence is paramount and necessitates a joint endeavor from Crown Resorts and regulatory entities.
The woman shared that her role as head is a short-term solution for the present circumstances. The organization is actively seeking a more appropriate individual for the position.
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