{"id":102,"date":"2024-06-14T08:49:14","date_gmt":"2024-06-14T05:49:14","guid":{"rendered":"https:\/\/lionslotsnodepositbonus.icu\/2024\/06\/14\/crown-resorts-fiscal-year-revenue-plummets-31-due-to-pandemic\/"},"modified":"2024-06-17T12:46:31","modified_gmt":"2024-06-17T09:46:31","slug":"crown-resorts-fiscal-year-revenue-plummets-31-due-to-pandemic","status":"publish","type":"post","link":"https:\/\/lionslotsnodepositbonus.icu\/2024\/06\/14\/crown-resorts-fiscal-year-revenue-plummets-31-due-to-pandemic\/","title":{"rendered":"Crown Resorts Fiscal Year Revenue Plummets 31% Due to Pandemic"},"content":{"rendered":"<p><iframe loading=\"lazy\" width=\"800\" height=\"450\"\n    src=\"https:\/\/www.youtube.com\/embed\/EioxfA7joU8\"\n    frameborder=\"0\"\n    allow=\"accelerometer; encrypted-media; gyroscope; picture-in-picture\"\n    allowfullscreen><br \/>\n<\/iframe><\/p>\n<p>The Crown Resorts Group experienced a substantial financial setback, with its revenue for the fiscal year plummeting to $1.1 billion.<\/p>\n<p>This Australian gaming corporation disclosed a statutory revenue of AU$1.5 billion (US$1.1 billion) for the fiscal year concluding June 30, 2021, marking a sharp 31% decrease from the preceding year.  Their profits before taxes suffered an even greater blow, plunging by 77% to AU$114.1 million, ultimately pushing the company into a net deficit of AU$2.616 billion.<\/p>\n<p>The corporation attributed these financial losses primarily to the COVID-19 pandemic, specifically citing the accompanying restrictions and safety protocols.  The temporary shuttering of some of their casino properties, including the flagship locations Crown Melbourne and Crown Perth, also played a considerable part.<\/p>\n<p>&#8220;2021 presented extraordinary difficulties for Crown,&#8221; acknowledged Jane Halton, Crown&#8217;s Interim Chairman.  &#8220;The company encountered intense regulatory examination and the unparalleled effects of the pandemic on our business activities.  However, Crown&#8217;s foremost concern remained the well-being and security of our workforce, patrons, and the broader community, and we wholeheartedly endorsed the measures implemented by both state and federal authorities.&#8221;<\/p>\n<p>Notwithstanding the general decline, Crown Perth reported a 21% rise in theoretical revenue, reaching AU$74.28 billion. This was largely attributed to their main gaming floor which generated AU$47.83 billion, and non-gaming revenue which yielded AU$26.41 billion.  Conversely, Crown Melbourne experienced a decline in theoretical revenue to AU$58.25 billion, with the primary gaming floor accounting for AU$40.69 billion of that sum.  Their VIP program revenue witnessed a dramatic 98% decrease, shrinking to a mere AU$44 million.  As for Crown Sydney, only a limited segment of its non-gaming operations commenced public access on December 28th.<\/p>\n<p>&#8220;Crown&#8217;s year-end financial outcomes mirror the substantial impact COVID-19 exerted on the enterprise,&#8221; stated Alan McGregor, Crown&#8217;s Chief Financial Officer. <\/p>\n<p>The Melbourne casino&#8217;s gambling activities were closed for a large part of the financial year.  When they were operational, capacity limits were in place.<\/p>\n<p>Crown Perth had a strong performance.  Conversely, Crown Sydney posted an operating loss overall because of pandemic limitations, travel bans, and reduced operational capacity. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Crown Resorts Group experienced a substantial financial setback, with its revenue for the fiscal year plummeting to $1.1 billion. This Australian gaming corporation disclosed a statutory revenue of AU$1.5 billion (US$1.1 billion) for the fiscal year concluding June 30, 2021, marking a sharp 31% decrease from the preceding year. Their profits before taxes suffered [&hellip;]<\/p>\n","protected":false},"author":5,"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: A Royal Financial Fumble?<\/title>\n<meta name=\"description\" content=\"The Australian gaming giant, Crown Resorts, reported a staggering revenue drop to $1.1 billion this year. What led to this dramatic downturn for the casino kingpin? 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