Star & Crown Resorts Announce H1 Results
Australian casino operators have released their half yearly results ending 31st December, Crown Resorts looked like the worst hit showing revenues declining by 62% to AU$581.
EBITDA for the company down 99% at AU$4.4 million and net profit after tax fell by a startling 155% to AU$121 million.
Crown Resorts which has lost its application to hold a gaming license for its new resort in Sydney and also now without a CEO following the departure of Ken Barton said on the latest news: “Despite the uncomfortable reading at times, Crown has welcomed the Commissioner’s report of the NSW Independent Liquor and Gaming Authority Inquiry. We see it as an opportunity for a complete and comprehensive corporate re-set,” the company went on to say. “Crown has committed to working constructively with ILGA to advance reforms necessary to allow it to give effect to the Restricted Gaming Licence in Sydney.”
Crown Resorts competitor Star Entertainment did much better given the COVID-19 pandemic by posting half yearly revenues of AU$750 million representing a fall of 36% compared to the same period ending 31st December 2019. The company reported EBITDA of A$226m
VIP business for Star fell off a cliff with restrictions in travel and closures with a fall of 94% across their casinos.
