Operator News
Australia – Revenues rise but regulatory compliance and financial penalties keep Crown at a loss
By Phil - 26 October 2023
Despite revenues rising, Australian casino giant Crown Resorts generated a loss of $199m last year, compared to a $1bn a year earlier, due to remediation, financial fines and the cost of adhering to new compliance measures.
Revenues were up by 44 per cent, reaching $2.7bn from its casinos in Melbourne, Sydney and Perth as well as its private London members club and digital division, however $3bn in expenses turned this to a loss. Crown Melbourne produced $1.4bn, up from $939m, Crown Perth increased its revenue by 16 per cent, reaching $854m, Crown Sydney increased by 139 per cent to $271m
Crown stated: “During the 2023 financial year, Crown continued to face challenges in relation to regulatory matters, with independent monitors at each of the Australian properties overseeing the gaming operations. Crown has made considerable progress on its remediation and transformation plan, which has resulted in a significant uplift to the operations and culture of the business.”
Crown is also facing one of the largest financial fines in Australian history, with the Federal Court ordering a $450m fine in July for the group’s anti-money laundering breaches
