Investor and Analyst Enquiries Matthew Young, Investor Relations - Accounting Assignment Help

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The 2021 financial year stands out as one of the most challenging in our history with unprecedented impacts on business operations from the COVID-19 pandemic and intense public and regulatory scrutiny. With COVID-19 restrictions continuing, the past 12 months have been extremely testing for our employees, customers, suppliers, and society more generally, and have forced changes to most aspects of our work and lives. Extended lockdowns to reduce community transmission of COVID-19 have curtailed activity in many parts of the economy, with the hospitality sector among those industries most heavily affected. Restrictions on travel between states and territories – and the continuing closure of the Australian border to international visitors – have also had a devastating impact on the tourism industry. Our priority is the health, safety and wellbeing of our employees, customers and the community, so Crown is supportive of the measures taken by the State and Federal Governments.

Recognising the impact COVID-19 has had not only on Crown’s business operations, but directly on Crown’s employees, we have been proactive in seeking ways to support our people through these challenging times. This has included financial support to employees who have been stood down and those suffering serious financial hardship, as well as other forms of support, such as ongoing access to Crown’s assistance and wellness programs. Crown has also supported the communities in which we operate through this challenging period, including through the ongoing work of the Crown Resorts Foundation and its program partners. Against the backdrop of a global pandemic, Crown continues to face additional uncertainty from ongoing regulatory investigations. Crown has apologised for the failings identified through these various regulatory processes and we are committed to doing everything in our power to redress them and earn back confidence and trust. We have, and will continue, to fully cooperate with each of these regulatory processes and we recognise the need to demonstrate that we can deliver and sustain market leading responsible gaming, governance, risk management and compliance, and a strong values based culture. Renewed Leadership With significant change at both the Board and senior executive level over the last 12 months, there is now an almost entirely new leadership team in place at Crown. We have undertaken significant Board renewal. Of those directors present at the 2020 Annual General Meeting, only two remain on the Board today.

We would like to thank all outgoing directors for their contribution to Crown and wish them well for the future. In particular, we would like to recognise outgoing Chairman Helen Coonan for her leadership and stability during an extremely challenging period for the company. Helen played an important role at Crown over a long period of time, particularly since stepping up as Executive Chairman where she has made a major contribution to Crown’s reform program and navigated the company during a time of significant change and disruption. Dr Ziggy Switkowski will join the Board as Chairman following receipt of all necessary regulatory approvals as part of the planned succession process. The Board welcomes Dr Switkowski to Crown and has confidence in his experience and capabilities to lead the Board during what is a critical time for the organisation. We also welcomed Nigel Morrison and Bruce Carter to the Board this year as independent non-executive directors, who both bring extensive experience and expertise, particularly in relation to the casino industry. There has also been considerable change at the senior management level, with a number of departures.

We are pleased to have Steve McCann on board as CEO pending regulatory approval. He has the experience, capacity and integrity to lead Crown through the extensive reformation already underway. Jane Halton AO PSM Interim Chairman Toni Korsanos Non-executive Director Nigel Morrison Non-executive Director Bruce Carter Non-executive Director 2 Crown Resorts Limited Annual Report 2021 3 Recognising the importance of Crown Melbourne to Crown, Steve McCann will move to Melbourne as soon as practicable following his recent additional appointment to the role of Chief Executive Officer of Crown Melbourne. Steve McCann is supported by new senior executive appointments, including the addition of Betty Ivanoff as Group General Counsel, Tony Weston as Chief People and Culture Officer, Nick Weeks as Executive General Manager - Transformation & Regulatory Response, and Steven Blackburn as Chief Compliance and Financial Crime Officer.

Transformation and Remediation As part of Crown’s response to matters raised throughout various regulatory processes, Crown has taken action and has focussed on driving transformation and remediation to ensure Crown is a more transparent and respected public company. As part of this process, Crown has developed a comprehensive Remediation Plan which is the cornerstone of many of the significant changes to the way Crown conducts business. Successful implementation of these reforms is intended to position Crown as a leader in the industry in its approach to governance, compliance, responsible gaming and the management of financial crime risk, supported by an organisational culture reflecting the importance and significance of these areas. We have already made significant progress in implementing reforms. We have revised organisational structures, enhanced capability and increased resourcing across a number of key areas, including Crown’s Financial Crime, Compliance and Responsible Gaming functions. In addition, we have implemented other changes to Crown’s business practices, such as the introduction of the Significant Player Review process, which has resulted in the exit of a number of customer relationships, ceased dealing with all junket operations, restructured the VIP international business (including closing all offshore offices) and terminated the information sharing agreements that were in place with CPH.

There is also a substantial culture reform program underway. The significantly renewed Board and leadership team are committed to setting the standard expected across the organisation, and Crown’s employees have embraced the change with engagement, energy and commitment. We will continue to work hard to implement these reforms as we seek to repair Crown’s reputation and build the trust of our communities, regulators and governments, and investors as a responsible operator of outstanding quality integrated resorts. 2021 Performance Our financial results for the year ended 30 June 2021 reflect the severe impact on operations from the COVID-19 pandemic. Revenue of approximately $1.5 billion was down over 30%, whilst Crown recorded a consolidated net loss after tax of over $260 million. No dividends were declared or paid in respect of the 2021 financial year. The protracted lockdown in Victoria meant that Crown Melbourne was closed for much of the first half, with gaming operations closed for a total of 160 days during the financial year. When open, gaming facilities were subject to ongoing restrictions, including overall capacity and density limits, restrictions on available product and physical distancing requirements, which adversely impacted performance. Crown Perth delivered strong performance during the financial year. Crown Perth re-opened with restrictions towards the end of June 2020 and remained open for the entirety of the first half, exceeding expectations. Several short-term closures occurred during the second half, with Crown Perth’s gaming operations closed for a total of 27 days. Whilst trading performance rebounded quickly following each shutdown, overall performance moderated throughout the course of the year.

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