Crown's $120m first-half loss adds to woes
Crown Resorts shareholders have had more bad news after the casino operator revealed a first-half loss of $120 million from coronavirus restrictions.
The gaming group on Thursday revealed the extent of its losses, caused by government-mandated closures and limits on its venues in Australia and the UK.
Revenue dropped 62 per cent on the previous first-half to $581 million.
Shareholders will not receive an interim dividend.
Executive chairman Helen Coonan, who took the role this week following the resignation of chief executive Ken Barton, said she was committed to making changes.
Mr Barton and three directors resigned in the wake of a scathing report which found the company unsuitable to hold a casino licence.
The report also found oversight of operations had been lax and allowed money laundering.
However, Ms Coonan said she did not intend to be executive chairman for an extended period.
The company is seeking a chief executive.
The NSW Independent Liquor and Gaming Authority chairman Philip Crawford said it was vital Ms Coonan remained at the helm.
"I need her to stick around," Mr Crawford told Sydney radio station 2GB.
"Crown's in crisis management and I'm delighted I've got someone to talk to. If she was gone I don't know who we'd have to talk to," he said.
Trade at the casinos since the first half has also been plagued by coronavirus lockdowns.
Crown Perth closed for five days from January 31 due to the lockdown of the city.
Crown Melbourne closed for the same period this month for the same reasons.
However, the company said wagering and online gaming revenue was up 15 per cent for this period.
Moody's Investors Service analyst Maadhavi Barber said the company's credit profile was helped by sales of units in its Sydney complex.
But he said there were risks from regulators' investigations into its operations.
Shares were higher by 0.77 per cent to $9.76 at 1543 AEDT.
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