Compliance costs push Crown Resorts to $125 million loss in FY23 but revenues on the rise

Compliance costs push Crown Resorts to $125 million loss in FY23 but revenues on the rise

Article brief provided by Inside Asian Gaming
  • Ben Blaschke, Inside Asian Gaming
October 26, 2023 3:11 PM
  • Ben Blaschke, Inside Asian Gaming

Australian casino giant Crown Resorts booked an AU$199 million (US$125 million) loss in the 12 months to 30 June 2023, burdened by a whopping AU$3 billion (US$1.9 billion) in expenses emanating from high-profile inquiries into its operations in Melbourne, Sydney and Perth.

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The company’s financial position was laid bare in documents filed with financial regulator ASIC on Wednesday, with the hefty expense bill largely made up of fines and the cost of implementing new compliance measures at it looks to win back its casino licenses. This includes an AU$450 million (US$283 million) settlement with Australia’s anti-money laundering watchdog AUSTRAC, for which a provision was made in Crown’s financial results.