FILE PHOTO: The logo of Australian casino giant Crown Resorts Ltd adorns the hotel and casino complex in Melbourne, Australia, June 13, 2017. REUTERS/Jason Reed
February 16, 2022
(Reuters) -Australia’s biggest casino operator Crown Resorts Ltd on Thursday reported a third consecutive half-yearly loss, as long spells of pandemic-related restrictions and regulatory costs continued to hurt operations.
The company, which recently backed a $6.5 billion offer for Crown from private equity firm Blackstone Inc, is struggling to rebuild its image following multiple Royal Commission enquiries.
“Emergence of the Omicron variant and the resulting significant increase in COVID-19 case numbers across both Victoria and New South Wales has had an impact on our trading performance to begin the calendar year,” Chief Financial Officer Alan McGregor said.
The company posted a net loss of A$196.3 million ($141.22 million) for the six months ended Dec. 31, compared with a loss of A$120.9 million a year earlier.
Smaller peer Star Entertainment Group Ltd’s first-half loss widened to A$73.7 million from A$51.2 million a year earlier, hurt by pandemic-related property shutdowns.
($1 = 1.3900 Australian dollars)
(Reporting by Harish Sridharan in Bengaluru; Editing by Shounak Dasgupta)
