Australia’s Crown Resorts is finally back in the black, reporting a net profit after tax of AU$142 million (US$93.7 million) and EBITDA exceeding AU$450 million (US$297 million) for the year ended 30 June 2025.
This was the first time since FY20 that Crown has reported a net profit, having been hit hard by the COVID-19 pandemic and multiple inquiries that saw it found unsuitable to hold a license for its Melbourne, Sydney and Perth casinos. The company last year returned to suitability in Victoria, home of Crown Melbourne, and NSW, home of Crown Sydney, and this year returned to suitability in WA, home of Crown Perth.
In announcing its return to profitability, Crown said it has turned a corner following the resolution of legacy matters, adding it is now in the early phase of investment in future growth. It specifically cited disciplined cost optimization and improved revenue performance in Sydney and Perth, having previously reported an AU$164.8 million (US$109 million) net loss in FY24.
However, Crown also noted that its FY25 EBITDA does not account for the servicing of debt and capital maintenance, with the company continuing to contend with challenging economic conditions.
“The ongoing cost-of-living crisis and slower-than-expected return of international tourism continue to impact discretionary spending and visitation, while rising operational costs and complex regulatory environments in Victoria, New South Wales and Western Australia pressure profitability,” it stated.
Despite this, the finding of suitability by Victorian and NSW regulators last year and payment of the final instalment of its AU$450 million fine from AML watchdog AUSTRAC means the company can “move forward with greater financial stability and confidence” and consider capital investments across its three properties, with new dining and entertainment offerings now in the pipeline, Crown said.
This is on top of a major overhaul of its gaming floors as required under new regulatory regimes nationwide, with Crown having implemented mandatory carded play throughout its Sydney gaming floor, and on electronic table games and electronic gaming machines (EGMs) in Melbourne. A mandatory carded play rollout for EGMs at Crown Perth is due for completion by 1 December.
“Crown Resorts is entering a new chapter – marked by improved financial performance, operational stability and a renewed focus on growth,” said CEO David Tsai.
“While the company continues to navigate a complex regulatory landscape and economic headwinds, these results demonstrate we’re heading in the right direction.”
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