Crown Resorts’ profit plunges, despite $3billion in revenue
Australian casino operator Crown Resorts has reported a 53% decline in annual profit despite generating almost A$3 billion in revenue, highlighting the financial pressures facing the country’s largest casino businesses.
The Blackstone-owned group recorded a net profit of A$67.1 million for the financial year ended June 30, 2026, compared with approximately A$142 million a year earlier.
The result represents a decline of 52.8%, even as revenue increased 2.8% to A$2.91 billion.
The figures were reported on October 16 following the release of the company’s latest financial information.
Revenue increased across Crown’s three Australian casino properties, although the growth was insufficient to prevent the substantial decline in profitability.
Crown Melbourne recorded a 4.7% increase in revenue, while Crown Perth reported growth of 2.5%.
Crown Sydney delivered the strongest performance, with revenue increasing 8.7%.
However, the group’s financial position remains under pressure following several years of regulatory investigations, compliance reforms and changes to its operating model.
Crown has also relied on financial support from its owner, US private equity firm Blackstone.
The company’s accounts reportedly include an interest-free loan of approximately A$739 million from Blackstone and net liabilities of A$329 million.
Blackstone acquired Crown Resorts in 2022 in a transaction valued at approximately A$8.9 billion.
The acquisition followed a period of intense regulatory scrutiny that resulted in major changes to Crown’s management, governance and gambling operations.
Since the takeover, the company has invested heavily in compliance reforms while adjusting to tighter restrictions on gambling activity.
Those changes include mandatory carded play, enhanced customer identification requirements and stronger controls designed to reduce gambling-related harm.
Crown has also been affected by the decline of the international VIP gambling business that previously contributed substantially to revenue at its Australian casinos.
Despite the latest profit decline, the company is proceeding with a A$200 million redevelopment of Crown Melbourne.
The project represents the property’s largest transformation in almost 30 years and includes more than 15 new restaurants, bars and hospitality venues.
It also involves upgrading the Southbank Riverwalk and expanding entertainment facilities, including the redevelopment of the former Palms theatre into Crown Live.
The investment reflects Crown’s efforts to generate more revenue from entertainment, accommodation, dining and other activities rather than relying primarily on casino gambling.
The group is also upgrading facilities at its Perth and Sydney properties.
Crown’s financial performance contrasts with the continuing difficulties facing rival casino operator Star Entertainment, which has struggled with regulatory compliance requirements and financial instability.
