Crown Resorts reports a loss of 1.25 billion dollars.

Ritu13

Crown Resorts, an Australian gambling company, reported a loss of 199 million Australian dollars (equivalent to 125 million US dollars) for the fiscal year ending on June 30, 2023. The primary reason for the loss was the cost of a comprehensive investigation into its operations in Perth, Sydney, and Melbourne, amounting to 3 billion Australian dollars (1.9 billion US dollars). These costs included fines and the expenses of implementing new compliance procedures to regain its gaming licenses. It's worth noting that Crown included a settlement of 450 million Australian dollars (283 million US dollars) with the Australian anti-money laundering organization AUSTRAC in its financial statements.

Despite the losses, Crown Resorts saw an improvement in its financials for the 2023 fiscal year compared to the previous year, mainly due to increased revenue from its three locations. The revenue from Melbourne's Crown Hotel increased from 9.39 billion Australian dollars (5.92 billion US dollars) in the 2022 fiscal year to 14 billion Australian dollars (8.82 billion US dollars). Sales at Sydney's Crown Hotel increased by 139%, reaching 271 million Australian dollars (171 million US dollars), and Perth's Crown Hotel's revenue grew by 16%, reaching 854 million Australian dollars (538 million US dollars).

Crown expects to continue facing regulatory challenges in 2023, with each of its Australian locations being regulated by independent regulatory authorities for their gambling operations.

The company has been actively devising remedial and transformation strategies to address new regulations. It has also invested in teams dedicated to compliance and responsible gaming, new technologies for cashless gaming, and the required card games. Despite the obstacles, Crown Resorts is redesigning its offerings in Sydney's Crown and Melbourne's Crown, launching a new rolling chip program. Last year, after the Blackstone Group acquired Crown Resorts for 8.9 billion Australian dollars (equivalent to 6.5 billion US dollars), the company committed to investing ""hundreds of millions of dollars"" in rebuilding the Melbourne tower.

Simoni797

It seems the loss is quite significant.

Shri333

The loss might seem alarming, but for them, it should be a minor setback. It's all part of investments; they'll likely make it back in due course.

977Iti

Unfortunately, the end result is still a loss.

Jiten171

The profits and losses in these casinos are indeed in amounts that are beyond our comprehension, measured in billions.

Yamini003

The loss is still quite substantial, no doubt.