Crown Resorts’ 2020-21 annual accounts and financial release told us nothing we hadn’t already worked out – that the year to June was pretty miserable for the gambling company and so far 2021-22 isn’t much better.
Covid and its lockdowns, the cost of the now numerous investigations and inquiries, management and board turnover saw the company report a statutory loss of $262 million for the year to June 30.
The big loss at the James Packer-backed group compares to a $79.5 million profit in the 2020 financial year and a $402 million profit in its pre-pandemic result in 2019.
Revenue slumped by around a third to $1.5 billion in the year to June 30 – down from $2.2 billion in 2020 and by almost 50% when compared to $2.9 billion in 2019.
Crown last week appointed former Telstra boss Ziggy Switkowski as its next chairman to replace Helen Coonan, who resigned from the company on Friday.
Crown said in an announcement released to the ASX late on Thursday that Mr Switkowski would join the casino group’s board as soon as he receives probity clearance from state gambling regulators, with board member and former senior public servant Jane Halton to serve as interim chairman.
Ms Coonan said last month that she would step down by the end of August after counsel assisting the Victorian royal commission into Crown said the former Howard government minister was not a “credible” face for change at the group.
The Victorian and WA royal commissions are weighing up whether Crown is fit to hold the licences for its Melbourne and Perth casinos.
They were set up after sensational disclosures in a NSW inquiry about money laundering of all types and problems with high roller gamblers (junkets and criminal links) at the casinos in Perth and Melbourne stretching back a decade.
The licence for Crown’s Barangaroo, Sydney, casino remains suspended after an independent inquiry in NSW ruled in February it was not suitable to hold a casino licence in NSW light of evidence it had facilitated money laundering and been infiltrated by organised crime.
No dividends since the 30 cents a share interim paid in March, 2020 – that’s pre-Covid.
Crown shares eased 0.1% to $9.31.
