Crown Resorts Post Huge Loss for Full Year
Australian casino operator Crown Resorts have posted a loss of A$945.4 million for their full year ending in June. The result was mostly down to funds being set aside to pay fines and other operational costs towards the huge failings within the company that have been highlighted by multiple investigations over the year.
Indeed, Crown which is now owned by investment company Blackstone had set aside A$617 million in readiness for fines and improving internal structures to avoid any further breaches.
The loss announced is four times larger than the casino operator registered last year of A$261.3 million.
Blackstone acquired the casino operator back in June this year amidst large scale investigations into all the operations for $8.9 billion.
Although Crown were found to be unfit to hold casino operator licenses in New South Wales, Victoria and Western Australia, the regulator stopped short of revoking the licenses and that is believed to be down to Blackstone offering assurances of huge improvements under its management.
Blackstone said that apart from the reserve of funds for expected fines, the company has already been fined A$120 million by regulators in its Melbourne property and expect other similar fines by other regional regulators, that A$145 million was set aside to fund increasing safer gambling staff, consultants and legal fees.
