{"id":63,"date":"2024-06-12T15:29:52","date_gmt":"2024-06-12T12:29:52","guid":{"rendered":"https:\/\/luckycreek100nodepositbonus.icu\/2024\/06\/12\/crown-resorts-grapples-with-pandemic-fallout-as-revenue-plummets-31\/"},"modified":"2024-06-13T12:05:48","modified_gmt":"2024-06-13T09:05:48","slug":"crown-resorts-grapples-with-pandemic-fallout-as-revenue-plummets-31","status":"publish","type":"post","link":"https:\/\/luckycreek100nodepositbonus.icu\/2024\/06\/12\/crown-resorts-grapples-with-pandemic-fallout-as-revenue-plummets-31\/","title":{"rendered":"Crown Resorts Grapples with Pandemic Fallout as Revenue Plummets 31%"},"content":{"rendered":"<p><iframe loading=\"lazy\" width=\"800\" height=\"450\"\n    src=\"https:\/\/www.youtube.com\/embed\/gvLgXvjn0e4\"\n    frameborder=\"0\"\n    allow=\"accelerometer; encrypted-media; gyroscope; picture-in-picture\"\n    allowfullscreen><br \/>\n<\/iframe><\/p>\n<p>The Australian gaming behemoth, Crown Resorts and Casinos Group, witnessed a precipitous 31% decline in revenue, totaling $1.1 billion for the fiscal year concluding June 30, 2021. This dramatic plunge is primarily attributed to the persistent COVID-19 crisis, which mandated the temporary shuttering of its prominent casinos in Melbourne and Perth, imposing substantial operational limitations.<\/p>\n<p>The corporation disclosed a staggering $26.16 billion loss, with earnings before interest, taxes, depreciation, and amortization (EBITDA) also experiencing a considerable blow, plummeting 77% to $1.141 billion.<\/p>\n<p>Jane Halton, Crown&#8217;s temporary chairperson, recognized the unparalleled obstacles encountered, remarking, &#8220;2021 has been an exceptionally challenging period for Crown, marked by rigorous regulatory examination and the impact of COVID-19 on our business activities, unlike anything previously encountered.&#8221; She underscored the company&#8217;s dedication to upholding government health protocols and prioritizing the welfare of its workforce, patrons, and the broader community.<\/p>\n<p>Notwithstanding the overall slump, Crown&#8217;s Perth casino demonstrated resilience, posting a 21% surge in theoretical revenue, reaching $7.428 billion. This expansion was chiefly propelled by its primary gaming floor operations, which yielded $4.783 billion. Conversely, the Melbourne casino, a significant contributor to the group&#8217;s earnings, underwent a marked decrease, particularly in its VIP gaming division, which witnessed a staggering 98% revenue contraction.<\/p>\n<p>Crown&#8217;s Chief Financial Officer, Alan McGregor, encapsulated the year&#8217;s performance, stating that the outcomes unequivocally reflect the severe repercussions of the pandemic on the company&#8217;s operations. <\/p>\n<p>The Melbourne branch of Crown Casino faced significant disruptions throughout the fiscal year, with its gaming operations largely suspended. Even after resuming activities, the casino floor operated under persistent capacity restrictions. <\/p>\n<p>Crown Sydney experienced a challenging financial period, ultimately concluding the year with a deficit. The confluence of pandemic-related disruptions, stringent border closures, and operational constraints hindered its ability to achieve profitability.  Conversely, the Perth location of Crown demonstrated resilience, achieving a commendable financial performance despite the turbulent circumstances. <\/p>\n","protected":false},"excerpt":{"rendered":"<p class=\"text-justify mb-2\" >The Australian gaming behemoth, Crown Resorts and Casinos Group, witnessed a precipitous 31% decline in revenue, totaling $1.1 billion for the fiscal year concluding June 30, 2021. This dramatic plunge is primarily attributed to the persistent COVID-19 crisis, which mandated the temporary shuttering of its [&hellip;]<\/p>\n","protected":false},"author":57,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.8 (Yoast SEO v22.8) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Crown Resorts Revenue Plummets 31% Amid COVID-19 Crisis<\/title>\n<meta name=\"description\" content=\"Australian gaming giant Crown Resorts saw revenue drop to $1.1 billion, a 31% decrease, for the fiscal year ending June 30, 2021. 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