Crown Resorts 1st Half Net Loss Increases After Properties Shut Due to Covid-19
2022年2月17日 - 8:11AM
Dow Jones News
By Mike Cherney
SYDNEY--Australian casino operator Crown Resorts Ltd. said its
net loss deepened in the fiscal first half, as Covid-19 prompted
the closure of some of its properties for much of the period.
Crown said its statutory net loss was 196.3 million Australian
dollars (US$141 million) in the six months ended in December,
compared to a net loss of about A$120 million in the prior period.
Revenue, however, rose 34% to A$778.6 million. Theoretical earnings
before interest, tax and other items, or Ebitda, was A$28.8
million, down about 80%--a measure that strips out volatility in
VIP win rates.
No interim dividend was declared.
"Crown's first half performance reflects the continued
challenging operating conditions as a result of Covid-19 as well as
the impact of ongoing regulatory matters," said Chief Executive
Steve McCann.
Looking ahead, Crown said the outbreak of the Omicron variant in
recent months had adversely impacted trading to start the calendar
year. It said average weekly revenue at Crown Melbourne, for
example, was down 16% in the first six weeks of the calendar
year.
The company said its outlook is uncertain, noting that the
outcomes of various regulatory matters and litigation are unknown.
It also said the unclear timing of the Western Australia border
opening creates uncertainty for the business performance of its
casino in Perth in the fiscal second half.
Crown, however, said it remains confident in the underlying
value of the business and that it is ready to leverage its assets
to take advantage of pent-up demand as Covid-19 restrictions
ease.
Crown has been faced with numerous inquiries from regulators
over its business practices that could threaten its casino
licenses. Earlier this week, Crown said it had agreed to a $6.3
billion takeover by Blackstone Inc., following a roughly yearlong
effort by the U.S. private-equity giant to acquire the company.
Write to Mike Cherney at mike.cherney@wsj.com
(END) Dow Jones Newswires
February 16, 2022 17:56 ET (22:56 GMT)
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