Crown Resorts, an Australian casino operator, has announced that its Sydney Casino will no longer operate 24/7 starting from November 29th. The decision to reduce the casino’s hours is due to ongoing economic factors that have impacted the industry. The new hours of operation will see the casino closed for at least six hours per day and 12 hours on Sundays, resulting in the loss of approximately 180 jobs at the property.
Crown Sydney CEO Mark McWhinnie commented on the announcement, expressing the challenges faced by the casino. Earlier in the year, the casino revealed plans to close one of its VIP gaming floors and reduce staff numbers by 95 due to macroeconomic challenges.
In financial news, Crown reported a loss of AU$199 million ($126.4 million/€119.7 million) during the 2023 financial year. This marked the third consecutive year of losses for the company, but showed improvement compared to the previous year’s loss of almost AU$1 billion. The losses were attributed to regulatory penalties and the cost of living crisis.
Furthermore, Crown is preparing for a substantial financial penalty in Australian corporate history. The company reached a settlement with The Australian Transaction Reports and Analysis Centre (AUSTRAC) to pay a penalty of AU$450 million following an investigation that uncovered serious anti-money laundering failings at its Melbourne and Perth properties. This provision was included in the FY2023 financial report.
The article is contributed by Ciaran McEneaney, a gambling industry analyst with over a decade of experience working with major names in the sports betting, gambling, poker, and casino industry. He has shared his expertise and insights into the challenges faced by Crown Resorts and the broader industry.
The decision to cut operating hours at the Sydney Casino comes amid financial struggles and regulatory challenges faced by Crown Resorts, signaling the ongoing impact of economic factors on the gambling industry.