Crown Reports AU$199 Million Loss for FY2023

Australian casino operator Crown Resorts has reported a loss of AU$199 million ($126.4 million/€119.7 million) during the last financial year as regulatory penalties and the cost of living crisis saw the company record a loss for the third year in a row.

According to documents uploaded to the financial regulator (ASIC), the latest results mark a significant improvement on the previous year when the company lost almost AU$1 billion ($635 million/€601.4 million).

Speaking of the report, a Crown spokesperson said:

Report Highlights for FY 2023

• Total Revenue – AU$2.7 billion ($1.71 billion/€1.62 billion), up 44% on previous year.
• Total expenses for the year – AU$3 billion ($1.9 billion/€1.8 billion).
• Reported loss for FY2023 – AU$199 million ($126.4 million/€119.7 million)
• Crown Melbourne revenue – AU$1.4 billion ($889.1 million/€841.9 million), up 49% on previous year.
• Crown Perth revenue – $854 million ($542.4 million/€513.7 million), up 16% on previous year.
Crown Reports AU$199 Million Loss for FY2023revenue – $271 million ($172.1 million/€163 million), up 139% on previous year*.

In its report, the company said:

“During the 2023 financial year, Crown continued to face challenges in relation to regulatory matters, with independent monitors at each of the Australian properties overseeing the gaming operations.”

Company Set for Record Fine

The deal was agreed following an investigation which uncovered serious AML failings at Crown’s Melbourne and Perth properties. A provision for this penalty was made in FY2023.

Image credit: Paolo Rosa / CC BY-NC-ND 2.0

Ciaran McEneaney

Ciaran has been working within the Gambling Industry as a deep analyst since 2019. His deep knowledge and understanding of all the gambling regulations, and processes makes him a true asset, and an always valuable point of view for Gambling Industry News, allowing us to cover every topics from a brand new perspective.