In fiscal 2022, Crown Casino recorded a loss of 945 million AUD. Several factors contributed to this downturn. A notable one being a 120 million $ fine imposed on Crown Melbourne due to inadequate anti-money laundering protocols, compounded by the impact of early 2022 COVID restrictions. These lockdowns led to the temporary closure of the Crown, causing substantial revenue loss. Australian Casino .
Crown Casino in Australia announces substantial financial loss for 2022
Last update: May, 2024
Initially, the loss surpassed 1.2 billion AUD. Nonetheless, Crown managed to claim tax benefits thanks to the downturn in profits, largely attributed to Australia's COVID-induced casino closures. The Crown's representative pointed out the tight regulatory climate they battled through, yet they aim to continue their monetary, employment, and casino sector investments.
A Crown representative stated, 'The financial outcomes showcase the tough conditions Crown encountered during the pandemic, markedly affecting operations, especially in the first half.'
The Star Casino in Sydney also faced a significant penalty for failing to meet anti-money laundering criteria. Similarly, stringent COVID measures compounded their challenges, suggesting that logistical hurdles marred their financial results in 2022. Insight into whether they shared a similar loss will likely surface soon.
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