Crown Casino Australia reports big loss in 2022

Article by Lisa Cheban
crown casino
Last Updated: Feb 19th, 2024 Share On Your Network:

Lisa Cheban | 2 december, 2022 13:33 | Last update on: 2 december, 2022 13:33

Crown Casino reported a giant loss of 945 million Australian Dollars in the fiscal year of 2022. There are several reasons for this giant loss. The two main reasons are the fine of 120 million $ that the Crown Melbourne  received for lack of anti-money laundering and the COVID restrictions at the beginning of 2022. This lockdown had the Crown closing down for visitors, which was a major loss of revenues for the Australian Casino.

Originally the loss was more than 1,2 billion AUD. However, the Crown casino received income tax benefits due to a lack of profits. Which is mainly due to the COVID restrictions, which were locking down casinos in Australia. A spokesman of The Crown told that Crown are facing difficult regulatory matters that made 2022 a difficult year. However, the company has intentions to keep on investing in the business, jobs and the casino industry.

“The financial performance reflects the challenging environment faced by Crown during the pandemic, with significant impact on our operations, particularly in the first half,” the spokesman of the Crown said.

The Star Casino Sydney also received a major fine for sort-like lack of anti-money laundering. The Star also faced difficult Covid restrictions. Which means that the Star will most likely also had a rough financial year. Whether they made a comparable loss in the fiscal year of 2022 is still the question and will be released probably in the coming days or weeks.

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