Business
James Packer’s shocking $318 million Crown Casino loss – NEWS.com.au
It seems Aussie rich lister James Packer is not immune to the economic fallout from the coronavirus crisis, with his Crown Resorts profits in freefall.
James Packer’s Crown Resorts has taken a beating as a result of the pandemic and subsequent travel restrictions.
The company’s net profits after tax dropped by 80 per cent to $79.5 million after the coronavirus forced the closure of Australian casinos.
CEO and managing director Ken Barton said in an note to investors that Crown’s suffering began as early as January, which ramped up after its casinos were shut down in Perth and Melbourne, with 95 per cent of employees stood down.
“As a resul…
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