{"id":147,"date":"2024-06-16T14:06:30","date_gmt":"2024-06-16T11:06:30","guid":{"rendered":"https:\/\/freecashnodepositbonuscasino.icu\/2024\/06\/16\/crown-resorts-and-casinos-group-reports-significant-revenue-decline-due-to-covid-19-impact\/"},"modified":"2024-06-20T17:06:14","modified_gmt":"2024-06-20T14:06:14","slug":"crown-resorts-and-casinos-group-reports-significant-revenue-decline-due-to-covid-19-impact","status":"publish","type":"post","link":"https:\/\/freecashnodepositbonuscasino.icu\/2024\/06\/16\/crown-resorts-and-casinos-group-reports-significant-revenue-decline-due-to-covid-19-impact\/","title":{"rendered":"Crown Resorts And Casinos Group Reports Significant Revenue Decline Due to COVID-19 Impact"},"content":{"rendered":"<p><iframe loading=\"lazy\" width=\"800\" height=\"450\"\n    src=\"https:\/\/www.youtube.com\/embed\/KXm_283wMqU\"\n    frameborder=\"0\"\n    allow=\"accelerometer; encrypted-media; gyroscope; picture-in-picture\"\n    allowfullscreen><br \/>\n<\/iframe><\/p>\n<p>The Crown Resorts and Casinos Group experienced a significant revenue decrease of 31%, totaling $1.1 billion.<\/p>\n<p>Financial statements from the company showed that statutory revenue for the fiscal year concluding June 30, 2021, amounted to AU$1.5 billion (US$1.1 billion), marking a 31% reduction compared to the preceding year.  Earnings before interest, taxes, depreciation, and amortization (EBITDA) plummeted by 77%, reaching AU$1.141 billion.  The company declared a net loss of AU$2.616 billion.<\/p>\n<p>These financial setbacks are primarily attributed to the effects of the COVID-19 pandemic, which necessitated limitations and safety measures, resulting in the temporary closure of several of the group&#8217;s casino properties, including Crown Melbourne and Crown Perth.<\/p>\n<p>\u201cThe year 2021 has presented extraordinary difficulties for Crown, with rigorous regulatory examination and the unparalleled impact of the COVID-19 pandemic on our business activities,\u201d stated Jane Halton, Crown\u2019s Interim Chairman. \u201cCrown has upheld the state and federal government\u2019s actions in response to COVID-19, and our foremost concern has consistently been the health and well-being of our staff, patrons, and the community.\u201d<\/p>\n<p>Notwithstanding the obstacles, Crown Melbourne recorded a theoretical win from its primary gaming area of AU$4.069 billion, contributing to the overall theoretical win of AU$5.825 billion.  Conversely, the VIP program experienced a substantial 98% decrease in theoretical win, reaching a mere AU$440 million.  Concurrently, Crown Perth reported a theoretical win of AU$7.428 billion, a 21% rise compared to the prior year. This accomplishment was fueled by a robust performance in its main gaming area, which generated AU$4.783 billion in win, and non-gaming revenue, which attained AU$2.641 billion.  Crown Sydney also initiated its phased opening on December 28th, providing restricted public admittance to a portion of its non-gaming amenities.<\/p>\n<p>\u201cCrown\u2019s complete year outcomes illustrate the considerable influence COVID-19 has exerted on the business,&#8221; remarked Alan McGregor, Crown\u2019s Chief Financial Officer. <\/p>\n<p>Melbournes Crown casino operations were closed for a significant portion of the financial year. Even upon reopening, the gaming areas were a shadow of their previous state due to reduced capacity and other limitations. <\/p>\n<p>Conversely, Crown Perth experienced an outstanding year.  Regrettably, Crown Sydney concluded the period in a deficit. The confluence of pandemic-related closures, travel restrictions, and operational constraints had a substantial negative impact. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Crown Resorts and Casinos Group experienced a significant revenue decrease of 31%, totaling $1.1 billion. Financial statements from the company showed that statutory revenue for the fiscal year concluding&hellip;<\/p>\n","protected":false},"author":58,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.8 (Yoast SEO v22.8) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Crown Resorts Revenue Plummets 31% - A Tough Year for Casinos?<\/title>\n<meta name=\"description\" content=\"Crown Resorts saw a dramatic revenue decrease of 31%, totaling $1.1 billion. 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