A Crown spokesperson said the result was also reflective of the broader challenges faced by the hospitality industry.
“During the year,Crown has made considerable progress on its remediation and transformation plan,which has resulted in a significant uplift to the operations and culture of the business,” the spokesperson said.
Crown’s report said it generated $2.7 billion in revenue over the financial year ended July across its casinos in Melbourne,Sydney and Perth as well as its private London members club and digital arm,a 44 per cent improvement on 2022. But a hefty $3 billion in expenses pushed it into the red.
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“During the 2023 financial year,Crown continued to face challenges in relation to regulatory matters,with independent monitors at each of the Australian properties overseeing the gaming operations,” the company said in its financial report.
Crown Melbourne generated $1.4 billion in revenue over the period,a significant increase on the COVID-19 affected year prior,where its flagship premises made just $939 million.
Crown Perth’s revenue increased by 16 per cent to $854 million.