Green light for royal commission into Crown Melbourne
By Emma Ryan|24 February 2021
The future of Melbourne’s Crown Casino hangs in the balance following the Victorian government confirming a highly anticipated royal commission into the gambling giant would go ahead, following damning allegations of illegal behaviour and questions as to whether it has the right to continue to hold its licence.
The $5 million Royal Commission into Crown Melbourne Ltd (Crown Melbourne) will examine the business’ suitability to hold its Victorian casino licence, as well as the suitability of its associates, including Crown Resorts Ltd, a statement from the Victorian government confirmed this week.
The Victorian government will launch a royal commission into Crown Resorts in order to test the gambling giant’s suitability to hold its Melbourne casino licence.
22nd February 2021
| By Richard Mulligan
Crown Melbourne’s suitability to hold a casino licence in Victoria is to be investigated by state authorities following the scandal following as inquiry into Crown Resorts’ licence in New South Wales.
State Premier Daniel Andrews announced a royal commission that will consider whether Crown Melbourne should be allowed to hold a Victorian licence to operate its flagship casino and entertainment resort, and also consider the suitability of its associates, including owner Crown Resorts Ltd. The Government has also commenced work to establish an independent casino regulator, with Minister for Consumer Affairs, Gaming and Liquor Regulation Melissa Horne commissioning a review to advise on the necessary structural and governance arrangements.
Crown Resorts suffers record six-month loss due to COVID-19 closures
21 February 2021
Crown Resorts Limited, Australia s largest gaming & entertainment group, has confirmed that it suffered a hefty loss due to a steep decline in revenue during the six months to the end of December 2020. The Sydney-listed gaming giant said it suffered an overall loss of around $93.5 million during the July through December period of last year. The figure represents a decline of 155 per cent in half-year earnings as compared from the corresponding period of the previous year. The loss was accompanied by an analogous 62.1 per cent fall in aggregated revenues to around $449.4 million.
February 18, 2021
The value of individual shares in Crown Resorts Limited increased slightly earlier today despite the Australian casino operator having publicized an overall loss of around $93.5 million for the six months to the end of December.
The Sydney-listed firm used an official press release (pdf) to detail that the 155% comparable drop in half-year earnings was accompanied by an analogous 62.1% decline in aggregated revenues to about $449.4 million. The company moreover explained that this came as its Crown Melbourne facility recorded a steep 90.5% decline in six-month receipts to about $75.2 million with its sister Crown Perth venue having copped a less drastic 5.3% diminution to roughly $316.8 million.