Crown Resorts (ASX:CWN) post huge loss amid the pandemic

Company News

by Lauren Evans

Crown Resorts (ASX:CWN) reported revenue of $1.537 million amid a challenging year ending 30 Jun 2021, down 31.3 per cent from the prior year. 

The gambling and entertainment giant were heavily impacted by the Covid-19 pandemic as people were cooped up at home and operations were out of reach.

This followed a net loss after tax of $261.6 million and earnings before interest, taxes, depreciation and amortisation of $114.1 million, down 77.4 per cent from the prior year. 

While Crown recognised the impact Covid-19 had on their business and their employees this year, they remain optimistic about life after lockdown as they implement a comprehensive remediation plan.

Crown reached agreement with its relationship banks regarding a series of modifications to Crown’s finances, as they agree to not pay a final dividend.
 
The board welcome Dr Ziggy Switkowski as chairman subject to approvals, underpinned by a plan to uplift its organisational culture. 

Interim Chairman Jane Halton said, "we look forward to welcoming back soon our many thousands of guests and employees across all of our properties once we emerge from the current challenges of the pandemic.”

Shares in Crown Resorts (ASX:CWN) are trading 0.64 per cent higher at $9.38. 

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