Australia’s Crown Resorts has revealed that as of 23 March, the date its casinos in Melbourne and Perth closed their doors due to COVID-19, its normalized profit after tax for the 2020 financial year (ending 30 June 2020), was approximately AU$210 million, with the company now anticipating a major impact on annual earnings.
Providing a trading update on Monday, Crown said its normalized EBITDA at the same time was around AU$500 million. The company has previously reported normalized profit and EBITDA during the first half of the financial year of AU$172.7 million and AU$381.3 million respectively, both down on the prior year period.
Crown also revealed on Monday that it would include all costs incurred and limited revenue received during the closure as significant items, but won’t do the same for its wagering and online social gaming operations which continue to trade.
As previously reported by Inside Asian Gaming, Crown recently secured more than AU$1 billion in additional debt facilities to help it ride out COVID-19, including AU$560 million in new bilateral facilities with relationship banks and another AU$450 million project finance facility to support the ongoing construction of its AU$2.2 billion Crown Sydney development, due to open in 2021.
