Crown Resorts posts half-year loss on Covid-19 restrictions, regulatory costs

[BENGALURU] Australia's biggest casino operator Crown Resorts on Thursday reported a third consecutive half-yearly loss, as long spells of pandemic-related restrictions and regulatory costs continued to hurt operations.

The company, which recently backed a US$6.5 billion offer for Crown from private equity firm Blackstone Inc, is struggling to rebuild its image following multiple Royal Commission enquiries.

"Emergence of the Omicron variant and the resulting significant increase in Covid-19 case numbers across both Victoria and New South Wales has had an impact on our trading performance to begin the calendar year," chief financial officer Alan McGregor said.

The company posted a net loss of A$196.3 million (S$190 million) for the six months ended Dec 31, compared with a loss of A$120.9 million a year earlier.

Smaller peer Star Entertainment Group Ltd's first-half loss widened to A$73.7 million from A$51.2 million a year earlier, hurt by pandemic-related property shutdowns. REUTERS