May 4, 2020 Casino, Online

Coronavirus: Crown Resorts reveals pre-COVID EBITDA

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Crown Resorts has provided a trading update to detail its performance prior to the impact of coronavirus.

The update covers the period from 1 July 2019 to 23 March 2020, when Crown Resorts ceased gaming activities and other non-essential services at its Australian properties - Crown Melbourne and Crown Perth.

The operator saw EBITDA of AU$500m ($319.7m) for the period up to these closures, and NPAT of approximately AU$210m.

In the trading update, Crown Resorts also confirms its costs incurred and revenue received during the crisis will be treated as “significant items.”

However, the performance of the operator’s wagering and online social gaming operations will not be included in this list.

In February, Crown Resorts reported revenue of AU$1.46bn for the six months ending 31 December 2019, down 5% year-on-year.

The operator saw profit of AU$172.7m, a drop of 11%, while EBITDA was AU$381.3m, down 9%.

In the report, Ken Barton, CEO of Crown Resorts, described difficulties created by the coronavirus outbreak, which resulted in travel restrictions and general community uncertainty, particularly over the Lunar New Year period.

 

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