Crown expects 2020/21 bottom line loss

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.

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