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ANNUAL REPORT 2020 Crown Resorts Limited Annual Report 2020

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ANNUAL REPORT 2020 Crown Resorts Limited Annual Report 2020 ANNUAL REPORT 2020 Crown Resorts Limited Annual Report 2020 Acknowledgment Crown acknowledges the Traditional Owners of the land on which its Contents Australian Resorts are located, where we gather as employees, as friends Corporate Governance Statement 27 and as the Crown family. Crown pays respect and acknowledges all of to Country Chairman’s Message 2 Directors’ Statutory Report 41 the Aboriginal and Torres Strait Islander people and communities who have contributed to and continue to contribute to our identity. Crown Chief Executive Officer’s Message 4 Remuneration Report 60 Acknowledges their kinship lines and their ongoing cultural connection to About Crown 6 Auditor’s Independence Declaration 83 the land and water and pay respects to their Elders past and present as the owners of Gadigal on Eora Country (Sydney), Wurundjeri and Bunurong on Crown’s Resort Portfolio 7 Independent Auditor’s Report 84 Kulin Country (Melbourne) and Wadjuk on Noongar Country (Perth). International Interests 10 Financial Report 90 Crown Digital 11 Directors’ Declaration 145 Financial Summary 12 Shareholder Information 146 Australian Resorts Business Update 14 Additional Information 148 Corporate Responsibility 21 Corporate Information Inside back cover 1 CROWNB RESORTS LIMITED ABN 39 125 709 953 Crown Resorts Limited Annual Report 2020 1 Crown Resorts Limited Annual Report 2020 Chairman’s Message Dear Shareholders, Crown Melbourne, the Board has determined not to Support for Employees and the Despite these challenges, I am happy to report that Crown declare a final dividend on ordinary shares. Future It is a great honour to write to you as Crown’s first female Community Sydney remains on track to open progressively from dividends will be subject to the Board’s assessment of December this year. This is a significant milestone for Chairman. With the appointment of Professor John The mandated closure of Crown’s properties has had a Crown’s financial position at the appropriate time. Crown, and we look forward to welcoming thousands of Horvath AO as Deputy Chairman and the appointment of very real impact on Crown’s valued employees, guests to the property, as well as the over 2,000 Non-executive Directors as Chairs of Crown Melbourne, approximately 95% of whom were stood down following Governance and Culture employees required to deliver the exceptional service Crown Perth and Crown Sydney, Crown heralds in a new closure. As a significant employer in both Victoria and As one of Australia’s leading tourism, hospitality and standards for which Crown is known. The Crown Sydney era of independent leadership. Western Australia, Crown recognises that this has had a gaming companies, the Board of Crown regards its project has required an enormous body of work over a substantial impact on a large number of people—and The appointment of Ken Barton as Managing Director and obligation to provide good corporate stewardship with long period of time and represents our long-term families. As such, we are supporting our employees with Chief Executive Officer also brings our structure more in utmost importance. investment in Sydney. Crown Sydney will be a world-class a number of assistance programs, including a Hardship line with contemporary governance practices of a luxury resort and an important piece of Australia’s As our business has evolved, we have always sought to Fund and the Crown Jobs Network which involves a Non-executive Chair and a separate CEO. Mr Barton tourism infrastructure, which will help support New South improve our risk management processes to respond to dedicated Human Resources team matching the skills of brings stability and experience to the role which will serve Wales’ economic recovery. the company well at a time of great economic and social emerging challenges. Crown’s employees to external employment disruption. The Board accepts that we must continue to improve in opportunities. On behalf of the Board, I would like to thank those involved in the development of Crown Sydney, as well as order to ensure Crown has the highest standards of 2020 was also marked by the summer bushfires and I am John Alexander has informed the company that he does all of Crown’s employees for their patience and efforts compliance and governance. That is a goal to which we as very proud of the support provided by Crown and its not intend to stand for re-election at the upcoming over the course of an extremely challenging year. Annual General Meeting. I would like to thank John for his a Board are absolutely committed. employees to support the relief effort, in particular the guidance and for his services to Crown for more than a While we have made material improvements to our $5 million donation from the Crown Resorts and Packer I would also like to thank our shareholders for their decade. compliance and governance processes over the last few Family Foundations. ongoing support. years, there is more work that needs to be done. 2020 Performance and Dividend This was just part of the support provided by The inquiry currently being conducted by the New South Crown during the year to a number of charities and 2020 was a challenging year, with the onset of the Wales Independent Liquor and Gaming Authority (ILGA employee-led community programs, as well as the work COVID-19 pandemic having a significant impact on Inquiry) is an opportunity to improve the regulatory being undertaken through the Crown Resorts Crown’s operations, our staff and the community more environment as a whole, and for Crown to reflect on how Foundation, which is important now more than ever. The broadly. we as an organisation can better meet community Crown Resorts Foundation also remains committed to Helen Coonan In March 2020, Crown was directed to close its gaming expectations. supporting organisations aligned to its core mission to Chairman activities and a significant part of its non-gaming provide opportunities for young Australians, primarily Crown remains fully committed to cooperating with the Crown Resorts Limited operations at Crown Melbourne and Crown Perth. This is through education. To date, the Crown Resorts and ongoing ILGA Inquiry and continued close engagement the first time in Crown’s history it has been forced to Packer Family Foundations have allocated over $105 with other regulators and stakeholders. close its properties for an extended period. million to 330 grant recipients. Further, having regard to feedback from proxy advisers Crown’s results for the 2020 financial year reflect the and shareholders, the Board has approved the The Year Ahead impact of these closures, with net profit after tax appointment of KPMG as the new statutory auditor of In the year ahead Crown will need to contend with a attributable to the parent of $79.5 million, down 80.2% Crown from the financial year beginning 1 July 2020 number of challenges, including the current closure of on the previous year. following the completion of a competitive tender process. Crown Melbourne and the ongoing uncertainty caused by An interim dividend of 30 cents per share was paid to The appointment remains subject to the receipt of the COVID-19 pandemic. shareholders in April 2020. Having regard to the impact shareholder and regulatory approvals, with shareholder on Crown’s businesses from the mandatory closures and approval to be sought at Crown’s upcoming Annual the uncertainty surrounding the resumption of trading at General Meeting. 2 3 Crown Resorts Limited Annual Report 2020 Chief Executive Officer’s Message Balance Sheet Management This includes working with the Victorian Government and service providers to provide safe accommodation, at no Given the current challenging environment, Crown has cost, to those experiencing domestic and family violence. been focused on liquidity management to ensure it is well To date, Crown has provided over 550 room nights under placed to withstand this extended period of disruption. this program. During the year, Crown entered into a total of $560 million of new bilateral facilities with relationship banks, In addition, Crown assisted State Governments to and following financial year end, entered into a $450 accommodate those who were required to self-isolate for million project finance facility to support the continued two weeks when returning from overseas. During the construction of Crown Sydney. year, approximately 950 rooms in Melbourne and approximately 600 rooms in Perth were made available Whilst no waiver was required in relation to our banking under this program. covenants at 30 June 2020, Crown has secured agreement from its lenders for a waiver of banking Crown also donated a significant amount of fresh produce This year has been extremely challenging for Crown and 2020 Financial Performance covenants in relation to the 31 December 2020 testing during the year to worthy causes in both Melbourne and our employees. Crown’s results for the 2020 financial year reflect the date given the uncertainty surrounding the ongoing Perth. From late January 2020, Crown began to experience impact of the COVID-19 pandemic on Crown’s operations. closure of Crown Melbourne. softer trading conditions as a result of travel restrictions Looking ahead Theoretical EBITDA before Closure Costs and Significant I would once again like to acknowledge the support we and general community uncertainty due to COVID-19, Items of $503.8 million was down 37.2%, whilst Reported have received from our relationship lenders during this Despite the near-term uncertainty, we remain optimistic particularly impacting visitation to Crown Melbourne. EBITDA of $504.6 million was down 40.6%. uncertain period. about the future of our business. In March 2020, Crown was directed by relevant State and Theoretical NPAT attributable to the parent before Crown Melbourne and Crown Perth are iconic tourist Federal Governments to modify its operating conditions Closure Costs and Significant Items of $161.0 million was Regulatory and Compliance Matters destinations underpinned by long-term licences.
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