Australia markets open in 2 hours 45 minutes
  • ALL ORDS

    7,649.60
    -54.40 (-0.71%)
     
  • AUD/USD

    0.7376
    +0.0013 (+0.18%)
     
  • ASX 200

    7,379.30
    -52.10 (-0.70%)
     
  • OIL

    72.37
    +0.72 (+1.00%)
     
  • GOLD

    1,806.00
    +6.20 (+0.34%)
     
  • BTC-AUD

    54,200.17
    +2,057.88 (+3.95%)
     
  • CMC Crypto 200

    938.33
    +8.40 (+0.90%)
     

Crown expects 2020/21 bottom line loss

·1-min read

Casinos and gaming group Crown Resorts is staring down the barrel of a bottom-line full-year loss after being significantly impacted by coronavirus pandemic restrictions and lockdowns.

"Crown expects to record a statutory loss after tax for the full year," it said in a statement on Monday.

"However, Crown's statutory result remains subject to review ... as part of normal year-end processes."

The group's 2019/20 statutory net profit was $79.5 million.

But Crown said underlying earnings before closure costs and significant items, excluding theoretical VIP win rates variances, would be in the range of $240 million to $250 million for the year ended June 30.

That would compare to Crown's 2019/20 underlying earnings before closure costs significant items of $503.8 million, which were down 32 per cent.

Billionaire James Packer's private company CPH holds about 37 per cent of Crown, which has recently been the subject of unsolicited takeover offers.

Crown also noted it will continue to operate in an uncertain environment in the 2021/22 financial year.

The 2020/21 results will be posted in August.

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting