Crown Resorts Ltd

ANNUAL REPORT 2020

Acknowledgment 
to Country

Crown acknowledges the Traditional Owners of the land on which its 
Australian Resorts are located, where we gather as employees, as friends 
and as the Crown family. Crown pays respect and acknowledges all of 
the Aboriginal and Torres Strait Islander people and communities who 
have contributed to and continue to contribute to our identity. Crown 
Acknowledges their kinship lines and their ongoing cultural connection to 
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 
Kulin Country (Melbourne) and Wadjuk on Noongar Country (Perth).

b
CROWN RESORTS LIMITED  
ABN 39 125 709 953

Contents 

Chairman’s Message 

Chief Executive Officer’s Message 

About Crown 

Crown’s Resort Portfolio 

International Interests 

Crown Digital 

Financial Summary 

Australian Resorts Business Update 

Corporate Responsibility 

2

4

6

7

10

11

12

14

21

Corporate Governance Statement 

Directors’ Statutory Report 

Remuneration Report 

Auditor’s Independence Declaration 

Independent Auditor’s Report 

Financial Report 

Directors’ Declaration 

Shareholder Information 

Additional Information 

27

41

60

83

84

90

145

146

148

Corporate Information 

Inside back cover

Crown Resorts Limited Annual Report 2020

1

1

Crown Resorts Limited Annual Report 2020Chairman’s Message

Dear Shareholders,

It is a great honour to write to you as Crown’s first female 
Chairman. With the appointment of Professor John 
Horvath AO as Deputy Chairman and the appointment of 
Non-executive Directors as Chairs of Crown Melbourne, 
Crown Perth and Crown Sydney, Crown heralds in a new 
era of independent leadership. 

The appointment of Ken Barton as Managing Director and 
Chief Executive Officer also brings our structure more in 
line with contemporary governance practices of a 
Non-executive Chair and a separate CEO. Mr Barton 
brings stability and experience to the role which will serve 
the company well at a time of great economic and social 
disruption.

John Alexander has informed the company that he does 
not intend to stand for re-election at the upcoming 
Annual General Meeting. I would like to thank John for his 
guidance and for his services to Crown for more than a 
decade.

2020 Performance and Dividend
2020 was a challenging year, with the onset of the 
COVID-19 pandemic having a significant impact on 
Crown’s operations, our staff and the community more 
broadly.

In March 2020, Crown was directed to close its gaming 
activities and a significant part of its non-gaming 
operations at Crown Melbourne and Crown Perth. This is 
the first time in Crown’s history it has been forced to 
close its properties for an extended period.

Crown’s results for the 2020 financial year reflect the 
impact of these closures, with net profit after tax 
attributable to the parent of $79.5 million, down 80.2% 
on the previous year. 

An interim dividend of 30 cents per share was paid to 
shareholders in April 2020. Having regard to the impact 
on Crown’s businesses from the mandatory closures and 
the uncertainty surrounding the resumption of trading at 

Crown Melbourne, the Board has determined not to 
declare a final dividend on ordinary shares. Future 
dividends will be subject to the Board’s assessment of 
Crown’s financial position at the appropriate time.

Governance and Culture
As one of Australia’s leading tourism, hospitality and 
gaming companies, the Board of Crown regards its 
obligation to provide good corporate stewardship with 
utmost importance. 

As our business has evolved, we have always sought to 
improve our risk management processes to respond to 
emerging challenges. 

The Board accepts that we must continue to improve in 
order to ensure Crown has the highest standards of 
compliance and governance.  That is a goal to which we as 
a Board are absolutely committed.

While we have made material improvements to our 
compliance and governance processes over the last few 
years, there is more work that needs to be done. 

The inquiry currently being conducted by the New South 
Wales Independent Liquor and Gaming Authority (ILGA 
Inquiry) is an opportunity to improve the regulatory 
environment as a whole, and for Crown to reflect on how 
we as an organisation can better meet community 
expectations.

Crown remains fully committed to cooperating with the 
ongoing ILGA Inquiry and continued close engagement 
with other regulators and stakeholders. 

Further, having regard to feedback from proxy advisers 
and shareholders, the Board has approved the 
appointment of KPMG as the new statutory auditor of 
Crown from the financial year beginning 1 July 2020 
following the completion of a competitive tender process. 
The appointment remains subject to the receipt of 
shareholder and regulatory approvals, with shareholder 
approval to be sought at Crown’s upcoming Annual 
General Meeting.

2

Despite these challenges, I am happy to report that Crown 
Sydney remains on track to open progressively from 
December this year. This is a significant milestone for 
Crown, and we look forward to welcoming thousands of 
guests to the property, as well as the over 2,000 
employees required to deliver the exceptional service 
standards for which Crown is known. The Crown Sydney 
project has required an enormous body of work over a 
long period of time and represents our long-term 
investment in Sydney. Crown Sydney will be a world-class 
luxury resort and an important piece of Australia’s 
tourism infrastructure, which will help support New South 
Wales’ economic recovery. 

On behalf of the Board, I would like to thank those 
involved in the development of Crown Sydney, as well as 
all of Crown’s employees for their patience and efforts 
over the course of an extremely challenging year. 

I would also like to thank our shareholders for their 
ongoing support.

Helen Coonan 
Chairman 
Crown Resorts Limited

Support for Employees and the 
Community 
The mandated closure of Crown’s properties has had a 
very real impact on Crown’s valued employees, 
approximately 95% of whom were stood down following 
closure.  As a significant employer in both Victoria and 
Western Australia, Crown recognises that this has had a 
substantial impact on a large number of people—and 
families.  As such, we are supporting our employees with 
a number of assistance programs, including a Hardship 
Fund and the Crown Jobs Network which involves a 
dedicated Human Resources team matching the skills of 
Crown’s employees to external employment 
opportunities.

2020 was also marked by the summer bushfires and I am 
very proud of the support provided by Crown and its 
employees to support the relief effort, in particular the  
$5 million donation from the Crown Resorts and Packer 
Family Foundations.

This was just part of the support provided by  
Crown during the year to a number of charities and  
employee-led community programs, as well as the work 
being undertaken through the Crown Resorts 
Foundation, which is important now more than ever. The 
Crown Resorts Foundation also remains committed to 
supporting organisations aligned to its core mission to 
provide opportunities for young Australians, primarily 
through education. To date, the Crown Resorts and 
Packer Family Foundations have allocated over $105 
million to 330 grant recipients.

The Year Ahead
In the year ahead Crown will need to contend with a 
number of challenges, including the current closure of 
Crown Melbourne and the ongoing uncertainty caused by 
the COVID-19 pandemic. 

3

Crown Resorts Limited Annual Report 2020Chief Executive Officer’s Message

This year has been extremely challenging for Crown and 
our employees.

From late January 2020, Crown began to experience 
softer trading conditions as a result of travel restrictions 
and general community uncertainty due to COVID-19, 
particularly impacting visitation to Crown Melbourne. 

In March 2020, Crown was directed by relevant State and 
Federal Governments to modify its operating conditions 
and ultimately suspend its gaming activities and other 
non-essential services at Crown Melbourne and Crown 
Perth in response to the COVID-19 pandemic. 

As a result of these mandated closures, Crown made the 
tough but necessary decision to stand down a large 
number of our employees, with approximately 95% or over 
11,500 employees progressively stood down.

Employee Support
Given the impact on Crown’s businesses, Crown qualified 
for the Commonwealth Government’s JobKeeper 
program, which has helped support thousands of our 
employees. 

To provide further financial support to our employees who 
were stood down during this difficult period, Crown made 
an ex gratia payment of two weeks’ pay to full-time and 
part-time employees (other than senior management) and 
a lump sum payment of $1,000 to eligible casual workers.  

Crown also established a Hardship Fund to provide 
additional, targeted financial assistance to employees 
experiencing serious financial hardship as a result of 
COVID-19. 

In addition to financial support measures, Crown has 
established a range of other employee support programs 
such as the Crown Jobs Network, which connects 
employees with employment opportunities outside of 
Crown, as well as ongoing access to Crown’s assistance 
and wellness program. 

I would very much like to thank our employees for their 
continued patience and support during this challenging 
time. 

2020 Financial Performance
Crown’s results for the 2020 financial year reflect the 
impact of the COVID-19 pandemic on Crown’s operations.

Theoretical EBITDA before Closure Costs and Significant 
Items of $503.8 million was down 37.2%, whilst Reported 
EBITDA of $504.6 million was down 40.6%.

Theoretical NPAT attributable to the parent before 
Closure Costs and Significant Items of $161.0 million was 
down 56.3%. Reported NPAT of $79.5 million was down 
80.2%.

No final dividend was declared, bringing the total full year 
dividend to 30 cents per share.

2021
Unfortunately, Crown Melbourne remains closed. Our main 
focus continues to be on the health and wellbeing of our 
employees and guests, as well as the community more 
broadly. We will continue to work with the Government 
and health authorities to determine how we can safely 
re-open when it is appropriate to do so.

Gaming activities and the operation of the majority of 
food and beverage venues re-commenced at Crown Perth 
on 27 June 2020, with a significant number of employees 
having now returned to full duties. Whilst only for a 
relatively short period of time, the initial trading 
performance has been encouraging given the operating 
restrictions that remain in place, including physical 
distancing requirements and limited product availability.

Despite the challenges of COVID-19, construction of the 
Crown Sydney hotel resort has continued throughout the 
period. Opening plans are progressing well, with 
recruitment activity about to ramp up significantly as we 
add to our existing workforce. Over 2,000 people are 
expected to be employed at Crown Sydney once it is fully 
operational, providing a significant boost for the New 
South Wales hospitality industry. The hotel resort is 
scheduled to open progressively from December 2020 
and the first residents scheduled to move into the building 
in March 2021.

4

 
Balance Sheet Management
Given the current challenging environment, Crown has 
been focused on liquidity management to ensure it is well 
placed to withstand this extended period of disruption. 
During the year, Crown entered into a total of $560 
million of new bilateral facilities with relationship banks, 
and following financial year end, entered into a $450 
million project finance facility to support the continued 
construction of Crown Sydney. 

Whilst no waiver was required in relation to our banking 
covenants at 30 June 2020, Crown has secured 
agreement from its lenders for a waiver of banking 
covenants in relation to the 31 December 2020 testing 
date given the uncertainty surrounding the ongoing 
closure of Crown Melbourne.

I would once again like to acknowledge the support we 
have received from our relationship lenders during this 
uncertain period.

Regulatory and Compliance Matters
During the financial year, Crown was the subject of a 
number of media allegations. Crown is also the subject of 
various regulatory investigations. These matters have 
understandably had an impact on Crown’s reputation.

Crown continues to cooperate fully with the regulatory 
investigations under way, recognising the importance of 
these processes. 

We are focusing on the enhancement of compliance and 
governance processes, and continue to investigate ways 
in which we can strengthen our business in these 
important areas.

Supporting our Community 
Crown recognises its responsibility to the communities in 
which it operates and, during the year, Crown has sought 
ways to support the community more broadly.

In addition to the $5 million donated by the Crown 
Resorts and Packer Family Foundations to the Australian 
bushfire relief, Crown was also involved in a number of 
other initiatives which raised more than $550,000 for 
various charities and causes. These initiatives included 
personal donations from over 1,500 Crown employees 
that were matched dollar for dollar by Crown, the hosting 
of benefit concerts and providing 115 room nights to 
bushfire evacuees.

Crown has also worked in close consultation with State 
and Commonwealth Governments to make its facilities 
available to support the broader community during the 
COVID-19 pandemic.

This includes working with the Victorian Government and 
service providers to provide safe accommodation, at no 
cost, to those experiencing domestic and family violence. 
To date, Crown has provided over 550 room nights under 
this program.

In addition, Crown assisted State Governments to 
accommodate those who were required to self-isolate for 
two weeks when returning from overseas. During the 
year, approximately 950 rooms in Melbourne and 
approximately 600 rooms in Perth were made available 
under this program.

Crown also donated a significant amount of fresh produce 
during the year to worthy causes in both Melbourne and 
Perth.

Looking ahead
Despite the near-term uncertainty, we remain optimistic 
about the future of our business.

Crown Melbourne and Crown Perth are iconic tourist 
destinations underpinned by long-term licences. Crown 
has made and continues to make significant investments 
into these properties to ensure they remain world-class 
entertainment precincts and amongst Australia’s most 
visited tourist attractions. 

We are nearing completion of Crown Sydney, which 
represents a $2.2 billion investment into a world-class 
luxury hotel resort and a truly iconic building that will be 
instantly recognisable around the world. We are excited 
about the addition of this resort to our portfolio and the 
long-term benefits it will bring to Crown and the New 
South Wales economy more broadly.

Longer term, Crown continues to assess various options 
for the One Queensbridge development site. The site is 
strategically located adjacent to Crown Melbourne, 
providing an opportunity for Crown to develop a fourth 
hotel which would deliver significant economic and 
tourism benefits to Victoria, including additional 
employment and training opportunities.

I would once again like to thank all of our employees for 
their efforts and continued patience in what has been a 
challenging year.

Ken Barton

Chief Executive Officer 
Crown Resorts Limited

5

Crown Resorts Limited Annual Report 2020About Crown 

Crown Resorts (Crown) is one of Australia’s largest entertainment groups and makes a major contribution to the 
Australian economy through its role in tourism, employment and training, and its corporate responsibility programs. 

AUSTRALIAN RESORTS

In Australia, Crown owns and operates two of Australia’s leading integrated resorts, Crown Melbourne and Crown 
Perth. In addition, Crown is nearing completion of the Crown Sydney Hotel Resort which is expected to open 
progressively from December 2020. 

INTERNATIONAL INTERESTS

CROWN DIGITAL

Overseas, Crown owns and operates Crown Aspinalls in 
London, one of the high-end licensed casinos in the West 
End entertainment district. Crown also holds a 50% 
equity interest in the UK-based Aspers Group and a 20% 
interest in Nobu.

Crown has interests in various digital businesses, 
including Betfair Australasia (100%), DGN Games (85%) 
and Chill Gaming (50%).

6

6

Crown’s Resort Portfolio 

Crown Melbourne

Crown Melbourne is Australia’s leading integrated resort 
and one of the most visited tourist destinations in Australia 
with its dynamic and diverse facilities.

Crown Melbourne is licensed to operate 2,628 gaming 
machines and 540 gaming tables.

The resort currently features three hotels:
• Crown Towers Melbourne (481 guest rooms);
• Crown Metropol Melbourne (658 guest rooms); and
• Crown Promenade Melbourne (465 guest rooms).

Crown also wholly owns the One Queensbridge 
development site which could accommodate a fourth Crown 
hotel. 

The Crown Conference Centre has 7,350 square metres of 
conference and meeting facilities across three floors.

Banqueting facilities include the Palladium’s 1,500-seat 
ballroom and The Palms’ 900-seat cabaret venue.

A broad selection of restaurants and bars are located in the 
resort, including many of Melbourne’s finest.

Crown Melbourne’s retail precinct features prestigious 
designer brands and luxury retail outlets.

7

7

Crown Resorts Limited Annual Report 2020Crown’s Resort Portfolio continued 

Crown Perth

Crown Perth is one of Western Australia’s largest tourist 
destinations, with an exceptional range of entertainment 
and tourism experiences.

Large-scale entertainment facilities include the 1,500-seat 
Crown Ballroom and 2,300-seat Crown Theatre Perth, 
along with world-class convention facilities.

Crown Perth has approval to operate 2,500 gaming 
machines and 350 gaming tables.

A premium selection of restaurants and bars are located 
across the resort in addition to casual dining options.

The resort features three hotels: 
• Crown Towers Perth (500 guest rooms);
• Crown Metropol Perth (397 guest rooms); and 
• Crown Promenade Perth (291 guest rooms).

8

Crown Sydney

Crown Sydney, located at One Barangaroo Avenue on the 
foreshore of Sydney Harbour, will be the city’s first six-star 
hotel and a landmark building with views of some of 
Australia’s most celebrated icons, the Sydney Harbour 
Bridge and Sydney Opera House.

Crown Sydney will feature 349 hotel rooms and suites, 
luxury residences, signature restaurants, bars, luxury retail 
outlets, pool and spa facilities, conference rooms and VIP 
gaming facilities.

Proposed concept render
Proposed concept render

Crown Sydney is in the final stages of construction, with the 
hotel resort on schedule to open progressively from 
December 2020 and the first “One Barangaroo” residents 
scheduled to move into the building in March 2021.

Once fully operational, Crown Sydney is expected to employ 
over 2,000 people, providing a significant jobs boost for 
the New South Wales hospitality industry.

The gross project cost is expected to be approximately  
$2.2 billion, with the net project cost expected to be 
approximately $1.4 billion. 

9

Crown Resorts Limited Annual Report 2020International Interests

Crown Aspinalls

Crown Aspinalls is one of the licensed high-end casinos in 
London’s prime West End entertainment district. Nestled in 
the heart of Mayfair, Crown Aspinalls offers members and 
guests an exciting and opulent world of international VIP 
gaming, in an environment that only London can provide.

Aspers Group

Crown holds a 50% interest in the Aspers Group, which 
operates four regional casinos in the United Kingdom, in 
Newcastle, Stratford (London), Milton Keynes and 
Northampton (the latter in a joint venture with Kerzner  
UK Limited).

Crown equity accounts its investment in Aspers Group.

Nobu

Crown holds a 20% interest in Nobu, one of the world’s 
most recognised lifestyle hotel and restaurant brands. The 
other investors in Nobu are Nobu Matsuhisa, Robert De Niro 
and Meir Teper.

Nobu has 14 owned restaurants, 28 international licenced 
restaurants and 11 hotels. It also has a pipeline of new 
owned and licensed restaurants and new hotel openings.

Crown equity accounts its investment in Nobu.

10

Crown Digital

Crown Digital includes Crown’s wagering and online social gaming operations comprising Betfair Australasia and 
DGN Games and its investment in Chill Gaming.

Betfair Australasia

Betfair Australasia is 100% owned by Crown and provides 
access for Australian and New Zealand customers to the 
world’s leading betting exchange. 

DGN Games

DGN Games is 85% owned by Crown and is a developer of 
online social games. DGN’s online social game titles include 
“Old Vegas Slots”, a classic 3-reel game, and “Lucky Time 
Slots”, a 5-reel game. 

Chill Gaming

Chill Gaming is a 50/50 joint venture between Crown and 
New Gaming Pty Ltd, which is owned by the founders of 
Wymac Gaming Solutions. Chill Gaming is focused on 
innovation and developing new entertaining products.

Crown equity accounts its investment in Chill Gaming.

11

Crown Resorts Limited Annual Report 2020Financial Summary

•   During the year, Crown was directed by relevant State and Federal Governments to modify its operating 
conditions and ultimately suspend its gaming activities and other non-essential services in response to 

the COVID-19 pandemic. The Government-mandated closures were effective from 20 March 2020 for 

Crown Aspinalls and 23 March 2020 for Crown Melbourne and Crown Perth

•   As a result of the mandated closure of Crown’s properties, Crown was forced to substantially reduce its 

workforce through a series of stand-downs

•   Gaming activities at Crown Melbourne and Crown Aspinalls remained suspended through to  

30 June 2020

•   With effect from 27 June 2020, Crown Perth re-commenced gaming activities and the operation of the 

majority of its food and beverage venues under temporary restrictions agreed with the Western 

Australian Government

•   During the mandated closure period, whilst Crown did not generate any gaming revenues, Crown 
continued to incur expenses to maintain its operations and corporate responsibilities. Crown has 

separately identified these costs in reporting its results for the full year ended 30 June 2020

Group performance for the year ended 30 June 2020

Theoretical1 EBITDA before Closure Costs2 and Significant Items3

Crown Melbourne

Crown Perth

Crown Aspinalls

Crown Digital

Corporate costs

Theoretical EBITDA before Closure Costs and Significant Items

Closure Costs

Crown Sydney pre-opening costs

Win rate variance

Reported EBITDA

F20 
$m

F19 
$m

%  
change

354.3

161.8

(2.7)

34.7

(44.3)

503.8

(107.3)

(3.5)

111.6

504.6

589.5

221.8

6.4

26.1

(41.7)

802.1

–

–

47.6

849.7

(39.9%)

(27.1%)

(142.4%)

32.9%

(6.2%)

(37.2%)

(40.6%)

Theoretical NPAT attributable to the parent before Closure Costs 
and Significant Items

161.0

368.6

(56.3%)

Closure Costs (net of tax)

Significant Items (net of tax)

Win rate variance (net of tax)

NPAT attributable to the parent 

(81.6)

(78.7)

78.8

79.5

–

–

33.2

401.8

(80.2%)

1.   Theoretical results have been adjusted to exclude the impact of any variance from theoretical win rate on VIP program play (at Crown Melbourne, Crown 
Perth and Crown Aspinalls). The theoretical win rate is the expected hold percentage on VIP program play over time. Accordingly, the theoretical result 
gives rise to adjustments to VIP program play revenue, operating expenses and income tax expense. Crown believes that theoretical results are the relevant 
measure of viewing performance of the business as it removes the inherent volatility in VIP gaming revenue. Theoretical results are a non-IFRS measure.

2.   Costs incurred whilst Crown’s properties were closed due to Government direction, excluding costs in relation to hotel quarantine services and Crown 

Digital (Closure Costs).

3.   Significant Items of $78.7 million (net of tax) were recorded during F20 relating to the impairment of Crown Aspinalls and Nobu, Crown Sydney  

pre-opening costs and costs related to a reassessment of DGN contingent consideration. Significant Items with a net $nil value were recorded during F19, 
with an impairment charge of $48.9 million recorded against DGN’s goodwill offset by a corresponding reduction to the contingent consideration associat-
ed with the acquisition of Winners Club Limited.

12

Crown Melbourne
•    Crown Melbourne was significantly impacted by the 

COVID-19 pandemic during the year

•    From late January 2020, Crown Melbourne experienced 
softer trading conditions and reduced visitation as a result 
of travel restrictions and general community uncertainty, 
before ultimately being directed to suspend gaming 
activities and other non-essential services on 23 March 
2020. Gaming activities remained suspended through  
to 30 June 2020

•    Theoretical revenue of $1,477.8 million was down 31.4%  

on the prior year

•    Theoretical EBITDA before Closure Costs was  
$354.3 million, down 39.9% on the prior year
•    Costs incurred during the mandated closure of  

Crown Melbourne were $65.8 million1

•    Reported EBITDA was $381.8 million, down 37.9% on the 
prior year, which takes into account the variance from the 
theoretical VIP program play result which had a positive 
EBITDA impact of $93.3 million

Crown Perth
•    Crown Perth was directed to suspend its gaming 
activities and other non-essential services on  
23 March 2020

•    With effect from 27 June 2020, Crown Perth  

re-commenced gaming activities and the operation  
of the majority of its food and beverage venues under 
temporary restrictions agreed with the Western 
Australian Government

•    Theoretical revenue of $613.3 million was down  

23.3% on the prior year

•    Theoretical EBITDA before Closure Costs was  
$161.8 million, down 27.1% on the prior year
•    Costs incurred during the mandated closure of  

Crown Perth were $19.7 million2

•    Reported EBITDA for the period was $154.2 million, 

down 37.0% on the prior year, which takes into account 
the variance from the theoretical VIP program play result 
which had a positive EBITDA impact of $12.1 million

Crown Digital
•    Crown’s wagering and online social gaming operations 

continued to operate throughout the year

•    EBITDA from Crown’s wagering and online social gaming 

operations was $34.7 million, up 32.9%

•    The improved EBITDA result was driven by strong 

performances from both Betfair and DGN

Crown Aspinalls
•    Crown Aspinalls was negatively impacted by the  

challenging market conditions across the international VIP 
market globally, as well as the closure of the property on  
20 March 2020

•    Theoretical EBITDA before Closure Costs was a loss of  

$2.7 million

•    Costs incurred during the mandated closure period were 

$1.2 million3

•    Reported EBITDA was $2.3 million, which takes into 

account the variance from the theoretical VIP program  
play result which had a positive EBITDA impact of 
$6.2 million

•    Gaming activities re-commenced at Crown Aspinalls on  

15 August 2020

. Net of $26.6 million in payroll subsidies under the Commonwealth Government’s JobKeeper program.
2. Net of $16.8 million in payroll subsidies under the Commonwealth Government’s JobKeeper program.
3.  Net of $2.6 million in Coronavirus Job Retention Scheme payments under the employee retention scheme in operation in the UK.

13

Crown Resorts Limited Annual Report 2020Australian Resorts Business Update

Our People 

Crown Melbourne and Crown Perth are significant 
employers and are the largest single-site private sector 
employers in both Victoria and Western Australia 
respectively. 

The closure of Crown’s properties during the year has had a 
substantial impact on our people, with Crown forced to stand 
down, on either a full or partial basis, approximately 95% or 
over 11,500 of our employees for varying periods of time. 

As part of its COVID-19 response, Crown introduced 
measures and established programs to support its 
employees during this difficult period.

Crown provided an ex gratia payment of two weeks’ pay to 
full-time and part-time employees (other than senior 
management) and a lump sum payment of $1,000 to eligible 
casual workers who were stood down. Employees were also 
able to draw down on existing annual and long-service leave 
entitlements in a range of flexible manners.

As a result of the impact of the closures on Crown’s 
businesses, Crown Melbourne and Crown Perth qualified 
for the Commonwealth Government’s JobKeeper program, 
which has helped to financially support thousands of 
Crown’s employees. 

To provide additional targeted support to employees 
experiencing serious financial hardship as a result of 
COVID-19, Crown established a Hardship Fund, with 
financial assistance provided to approximately 460 
employees to date. 

In addition to these financial support programs, Crown 
established a range of other employee support programs.

As the COVID-19 situation escalated, both Crown Melbourne 
and Crown Perth established dedicated Employee Support 
Contact Centres to provide assistance with changes in 
employment conditions as a result of the mandated closures. 

Through the Crown Jobs Network program, a dedicated 
Human Resources team has been actively working to 
connect employees with employment opportunities outside 
of Crown, as well as providing advice and coaching on 
resume writing and interview skills. Over 2,000 employees 
have applied for alternative employment opportunities 
through this program, with hundreds of employees being 
placed into temporary and casual jobs across a wide range 
of Australia’s largest companies, along with various State 
and Federal Government agencies.

Recognising how difficult this period has been, Crown 
recently provided a $50 WISH eGift Card to approximately 
7,000 Crown Melbourne employees as a small token of 
appreciation.

In addition, Crown has continued to provide employees with 
access to its assistance and wellness program, which offers 
all employees and their family members support services 
for all aspects of their lives.

Barry Felstead 
CEO, Australian Resorts

2020 was an extremely challenging year for Crown and its 
employees. 

From early in the calendar year, Crown began to experience 
softer trading conditions associated with the COVID-19 
pandemic, with travel restrictions and general community 
uncertainty impacting visitation, particularly at Crown 
Melbourne.

As the COVID-19 situation worsened in Australia, Crown was 
directed by relevant State and Federal Governments to modify 
its operating conditions and ultimately suspend its gaming 
activities and other non-essential services. This is the first 
time in Crown’s history it has been directed to close its 
properties in Melbourne and Perth for an extended period. 

The Government-mandated closures were effective from 23 
March 2020 for both Crown Melbourne and Crown Perth. 

As a result of these closures, Crown was forced to 
progressively stand down the vast majority of its workforce. 

Gaming activities at Crown Melbourne remained closed 
through to 30 June 2020. 

With effect from 27 June 2020, Crown Perth re-
commenced gaming activities and the operation of the 
majority of its food and beverage venues under temporary 
restrictions agreed with the Western Australian 
Government, allowing Crown to welcome back thousands of 
guests and employees.

Crown’s results for the 2020 financial year reflect the 
impact of these closures, with theoretical revenue from 
Crown’s Australian Resorts of $2,091.1 million down 29.2% 
and theoretical EBITDA before Closure Costs and 
Significant Items of $516.1 million down 36.4%.

14

Health, Safety & Employee Wellbeing 

Commitment to Responsible Gaming 

The health and safety of Crown’s employees, contractors, 
and guests continued to be a priority throughout the year. 
Crown remains committed to implementing appropriate 
policy responses to workplace health & safety and 
community issues as they arise.

Crown is committed to harm minimisation and the 
responsible service of gaming. Crown’s approach to 
responsible gaming is overseen by the Crown Resorts 
Responsible Gaming Committee, which is chaired by 
Professor John Horvath AO.

Two key health and safety issues affected Crown’s 
operations during the past year. 

Firstly, the devastating bushfires through the December/
January period had a significant impact on the 
environmental air quality. Construction activities at Crown 
Sydney were temporarily disrupted, whilst additional 
controls were required at Crown Melbourne to minimise the 
risk to employees. 

Secondly, the COVID-19 pandemic had significant 
implications for health and safety practices at Crown. 
Comprehensive physical distancing and hygiene programs 
have been developed to minimise the risk of transmission, 
whilst enabling operations to be carried out where 
permitted. 

COVID-19 Response Managers have been appointed at 
Crown Melbourne and Crown Perth, supported by 
dedicated teams of COVID-19 safety officers, to oversee the 
implementation and enforcement of Crown’s physical 
distancing and hygiene programs. 

These programs involve high-frequency cleaning, with an 
emphasis on high-contact surfaces and areas, as well as the 
establishment of physical distancing measures in line with 
government recommendations.

These programs are being continuously refined and 
updated as circumstances change and in response to 
recommendations from Federal and State Governments 
and local health authorities.

Industrial Relations 

Crown is committed to managing industrial relations 
through open and effective relationships with its 
employees, employee associations and regulatory bodies.

Crown currently has five collective bargaining enterprise 
agreements in place, with four of those agreements having 
been renewed in the past year. These agreements apply to 
most of Crown’s frontline staff and some employees at 
management level. 

Crown’s Responsible Gaming Centres are staffed by a 
dedicated team and provide free and confidential services, 
programs and referrals and are available 24 hours a day, 
seven days a week whilst gaming activities are offered, 
providing information in English and other languages.

Crown’s responsible gaming and harm minimisation 
strategy is designed to deliver a gaming experience in a 
responsible environment and is based on a framework 
comprised of the following three pillars: Awareness, 
Assistance and Support.

Awareness - Supporting harm minimisation by building 
awareness of responsible gaming programs and services for 
staff and customers

Within Crown, the Responsible Gaming team delivers 
extensive employee training in the responsible service of 
gaming. Multiple communication channels are used to 
ensure important information reaches a wide audience. 

The Responsible Gambling Awareness Week in Crown Perth 
and the Gambling Harm Awareness Week in Crown 
Melbourne are important events in raising awareness in 
relation to responsible gaming and harm minimisation. 
These weeks represent an important commitment on harm 
minimisation principles. 

In Victoria, Crown is a member of the Responsible Gambling 
Ministerial Advisory Council and relevant working groups, 
and the Victorian Responsible Gambling Foundation (VRGF) 
Industry Forum. In Western Australia, Crown is a member of 
the Problem Gambling Support Services Committee. 
Participation in these State committees assists in the 
currency of information in relation to harm minimisation.

Assistance - Contributing to harm minimisation by providing 
assistance to customers in managing their gaming behaviours

The dedicated teams of Responsible Gaming Advisors at 
each resort are specially trained to deliver assistance both 
proactively and reactively. Interactions are provided in a 
sensitive, confidential and informed way, assisting with 

15

Crown Resorts Limited Annual Report 2020Australian Resorts Business Update continued

information about, and referral to, the diverse range of 
services and programs available at Crown and in the 
community. 

CROWN MELBOURNE
Overview

Crown Melbourne and Crown Perth enhanced their 
respective voluntary exclusion programs during the year, 
making available a greater variety of exclusion lengths. 
Crown Melbourne also introduced a Third Party Exclusion 
Program which allows a family member, friend or other 
person with a close personal interest in the welfare of 
another individual to apply to have that person excluded. 
The program was developed with input from the VRGF and 
the Victorian Commission for Gambling and Liquor 
Regulation. A similar program has been in place at Crown 
Perth for a number of years.

The use of Facial Recognition Technology at Crown 
Melbourne and Crown Perth is an additional measure in 
assisting with self-exclusion commitments. 

Support - Delivering a supportive environment where the 
potential for harm is minimised and a culture of responsible 
gaming support is embedded in the organisation

Crown’s dedicated teams of Responsible Gaming Advisors 
deliver responsible gaming programs and services to 
support customers in managing their gaming behaviours. 
This includes engagement with external gambling help 
service providers and other welfare organisations.

Crown is committed to ongoing enhancements to its 
responsible gaming strategy to ensure Crown minimises 
harm and assists those customers who may need help. This 
includes ongoing engagement with government, regulators 
and other stakeholders, together with Crown’s membership 
of the National Association for Gambling Studies. 

Crown Melbourne is one of Australia’s leading integrated 
resorts and a key driver of international and interstate 
visitation to Victoria. 

Since the closure of Crown Melbourne on 23 March 2020, 
Crown has been working on comprehensive plans that will 
enable Crown to re-open the property once the Victorian 
Government confirms that it is safe to do so.

Local Gaming

During the year, Crown Melbourne continued its investment 
in new gaming machines, expanding its installation of new 
games and proven successful games. The business also 
invested in new premium gaming areas, with the launch of 
the Mahogany Lounge in December 2019 and Mahogany 
Suite on New Year’s Day 2020. Further investment was 
made to other premium areas within Crown Melbourne 
including in the Teak Room and an expansion of a gaming 
machine salon in the Mahogany Room. These investments 
provide an enhanced experience for premium customers. 

Crown Melbourne’s focus on improving customer 
experience for all customer segments was further evident 
with the introduction of new ticket redemption machines, 
enhanced visitor information kiosks, real time customer 
feedback kiosks and electronic table games. Crown 
Melbourne is using technology to better understand its 
customers’ expectations across all elements of their visit to 
the property.  

During the closure period, Crown Melbourne undertook 
minor refurbishments across the gaming floor to maintain 
the high standard of the property.

VIP Program Play

Theoretical VIP program play revenue at Crown Melbourne 
was $224.9 million, down 49.1% with turnover of $16.7 
billion. 2020 was a challenging year for Crown Melbourne’s 
VIP Program Play business, with the first half impacted by 
softer market conditions and negative publicity, whilst the 
second half saw the onset of the COVID-19 pandemic, with 
the closure of Australia’s border and ultimately the 
suspension of gaming activities at Crown Melbourne. 

16

Hotels

Food and Beverage

Crown Melbourne features more than 1,600 guest rooms 
across three luxury hotel brands – Crown Towers, Crown 
Metropol and Crown Promenade. Together, the three hotels 
hosted over 736,000 guests during the year. Through to the 
end of February 2020, the three hotels achieved an 
impressive combined occupancy of approximately 92%. 
However, as a result of the impact of COVID-19, overall hotel 
occupancy across Crown Melbourne’s three hotels fell to 
approximately 82% for the full year, which includes hotel 
rooms that were provided to the Victorian Government to 
accommodate returned overseas travellers who were 
required to self-isolate for two weeks.

Crown Towers retained the prestigious Forbes Travel Guide 
Global Five-Star rating in 2020 and is still the only hotel in 
Melbourne to achieve this status. In addition, Crown Spa was 
recognised with the Forbes Travel Guide Global Four-Star 
Award.

Crown Metropol underwent a brand refresh during the year 
to reposition the hotel not only within the Crown hotel 
portfolio, but more importantly within the Melbourne 
market. In doing so, it was important to retain the existing 
loyal customer base while appealing to a new travel audience 
to give the hotel a broader appeal.

Crown’s hotel digital strategy and engagement with its client 
base continues to increase loyalty across all three hotels, 
helping to drive leisure visitation.

Following the onset of the COVID-19 pandemic, Crown 
sought ways to utilise its hotel assets to support the 
community.

During the year, Crown provided approximately 950 rooms 
across its Crown Metropol and Crown Promenade hotels to 
assist the Victorian Government to accommodate returned 
overseas travellers who were required to self-isolate for two 
weeks. 

In addition, in conjunction with the Victorian Government 
and service providers, Crown Melbourne has been providing 
safe accommodation, at no cost, to those experiencing 
family violence. The program includes the provision of hotel 
rooms, food and other amenities such as meeting facilities 
for the provision of counselling services in a safe 
environment. To date, Crown has provided over 550 room 
nights under this program.

Crown’s premium restaurants continue to lead the way in 
Melbourne in providing guests with memorable dining 
experiences. 

Ging Thai opened in October 2019. The restaurant is led by Chef 
de Cuisine On Saengyojanr, and her focus on home-style 
traditional food has developed a loyal following. 

Once again this year, Crown partnered with the Australian Open 
to take Crown dining brands directly to event consumers. The 
pop-up Nobu restaurant was bigger than ever and a testament to 
the strength of the brand.

In the casual and bar portfolio, Crown’s value dining proposition 
was successful with regulars and Crown Rewards members. 

One of the major projects undertaken in Food and Beverage 
in 2020 was the introduction of a new table management 
system. This system will bring a heightened guest experience 
and customer engagement from the online booking to the 
in-venue dining experience. 

Events, Conferencing and Entertainment

The Palms continued to offer a variety of both Australian and 
International entertainment throughout the year. 

Human Nature performed for a sold-out season with their 
Christmas show, followed by the most successful season of 
“Legends in Concert” that Crown has had in The Palms. 
Jason Alexander also sold out a successful season after an 
absence of several years.

The Aviary continued to be a huge success, holding 158 
events, including the IMG Tennis Party. Other highlights from 
a successful year in events included the CPA Congress, 
APRICOT 2020 (Asia Pacific Regional Internet Conference 
on Operational Technologies) and Presidents Cup events 
including the Gala Dinner and Summit Australia 2019. The 
Million Dollar Lunch was also held again this year, continuing 
to raise money for charity.

Crown has worked with its key audio-visual partners to bring 
both in-venue and hybrid event technology to its customers. 
This allows Crown to provide flexible solutions for on- and 
off-property event attendances.

Crown’s retail portfolio continues to see a growth in 
experiential entertainment offerings, with a premium 
karaoke venue, Ocean 12, opening in August 2019. 

17

Crown Resorts Limited Annual Report 2020Australian Resorts Business Update continued

CROWN PERTH
Overview

Crown Perth is the only fully-integrated entertainment 
resort in Western Australia and continues to set the highest 
standard of experience with its vast range of high-quality 
assets. It remains Western Australia’s leading tourist 
destination by volume, and the largest single-site private 
sector employer in the State.

This year saw Crown Towers Perth attaining the Forbes 
Travel Guide Global Five-Star rating, joining Crown Towers 
Melbourne in holding this rating.

A highlight of the financial year was hosting the Manchester 
United Football Club for nearly two weeks in July 2019 
when they visited Western Australia to play against Perth 
Glory at Optus Stadium. August 2019 also saw the Bledisloe 
Cup in Perth, bringing increased traffic to the complex as 
international and interstate travellers chose to stay at 
Crown and also dine at Crown’s broad array of food and 
beverage outlets. 

Whilst COVID-19 resulted in the closure of the facility on 23 
March 2020, the standard of the property was maintained 
by a dedicated team in preparation for re-opening.

On 27 June 2020, Crown Perth re-commenced gaming 
activities and the operation of the majority of its food and 
beverage venues under temporary restrictions agreed with 
the Western Australian Government, including capacity limits 
at each venue based on a prescribed maximum density of at 
least two square metres of space for each person and 
restrictions on the availability of gaming product.

Crown worked closely with the Western Australian 
Government and health authorities to ensure it was able to 
re-open safely, including through the development of 
physical distancing and enhanced hygiene protocols to 
protect the health and safety of its employees and 
customers.  Over 400 sanitisation units were installed 
across the resort, as well as one at every gaming table.  In 
addition, all staff were required to undertake mandatory 
COVID-19 awareness training before re-commencing duties.

Local Gaming

After a robust start, 2020 proved to be a challenging year. 

The first half of the financial year delivered main floor 
revenue growth of 2.2%. The gaming machines business 
grew by nearly 5% off the back of strong visitation to the 
property and investment in marketing initiatives. The table 
games business experienced softer trading conditions, 
declining 1.5% in the first half. Investment in new games 
across both gaming machines and electronic table games 
also supported the overall performance of the business. 

By mid-February 2020, Crown Perth started to experience 
the impact of COVID-19 with Crown Perth ultimately 
mandated to close on 23 March 2020 for a period of 
approximately three months.

Crown Perth recommenced gaming activities on 27 June 
2020. Despite the limitations on product availability, early 
trading performance since re-opening has been 
encouraging.

VIP Program Play

Theoretical VIP program play revenue at Crown Perth was 
$49.5 million, down 31.2% with turnover of $3.7 billion. 
Similar to Crown Melbourne, 2020 was a challenging year 
for Crown Perth’s VIP Program Play business.

Given the ongoing international travel restrictions and 
border closures associated with COVID-19, VIP program 
play turnover has been minimal since re-opening.

Hotels

Crown Perth features approximately 1,200 guest rooms 
across three luxury hotel brands – Crown Towers, Crown 
Metropol and Crown Promenade. 

Crown’s hotels continued to maintain and grow their 
market-leading position within their respective competitor 
sets as well as the wider Perth market despite the opening 
of new hotels in Perth during the period. Occupancy across 
the three hotels through to the end of February was 
approximately 86%. However, as a direct result of COVID-19, 
overall occupancy fell to 66% for the full year which 
included rooms provided to assist the Western Australian 
Government to accommodate returned overseas travellers 
who were required to self-isolate for two weeks. 

18

Crown Towers was successful in achieving the coveted Forbes 
Travel Guide Global Five-Star rating for 2020, being the only 
hotel in Western Australia and one of only three hotels in 
Australia to hold this rating.  Crown Towers was also 
recognised as the Best Overall Hotel of the Year at the 2019 
AHA Perth Airport Accommodation Awards for Excellence.

Crown Spa Perth was awarded the Four-Star Award at the 
Forbes Travel Guide Star Awards 2020 and won the Best 
Spa and Fitness award at the 2019 AHA Perth Airport 
Accommodation Awards for Excellence. 

Food and Beverage

Crown Perth features over 35 restaurants, bars and other 
food and beverage offerings, including leading culinary 
brands such as Nobu, Bistro Guillaume, Silks and Rockpool.

The premium reputation of Crown Perth’s restaurants and 
bars was further enhanced and recognised with many 
accolades throughout the year. At the 2019 AHA National 
Awards for Excellence, Crown Sports Bar won the Sporting 
Entertainment Venue Award, whilst Chef Leif Huru of Nobu 
won the Head Chef Award. A number of other Crown 
employees were finalists in other award categories. At the 
2019 Perth Airport AHA Accommodation Awards for 
Excellence, The Waiting Room, Crown Towers’ premium bar, 
won the Hotel Bar Award.

During the year Crown Perth also proudly partnered with 
the WA Good Food Guide and held The West Australian 
Good Food Guide Awards 2019 which was hosted by Rob 
Broadfield and Erez Gordon. This partnership included 
bespoke events with Australia’s first-ever breakfast at 
Nobu, and hosting the three-star Michelin Chef Pierre 
Koffmann in Bistro Guillaume and a number of high-profile 
wine makers. 

Crown’s bar offering was further enhanced during the year 
through customer activations in collaboration with Crown’s 
beverage partners. This included the Heineken ‘Win a trip to 
the Rugby World Cup in Japan’, the Carlton Dry ‘Chance to 
win a Holden Colorado’, the Jim Beam/Carlton Draught ‘AFL 
Footy Fever’ campaign, as well as the very successful 
Gordon’s ‘Pink Gin High Tea’ promotion.

Crown’s Poolside bars and Hi-Line rooftop bar reached new 
popularity levels during the year as customers chose to 
drink and eat outdoors whilst enjoying Perth’s great 
weather and the amazing views of the pool and city skyline.

The casual dining restaurants and bars drew strong foot 
traffic with patronage trending upwards prior to closure, 
however the average spend per customer declined during 
the year as customers took advantage of the various value 
propositions and promotions on offer. 

Events, Conferencing and Entertainment

Crown attracted over 929 events with over 127,900 
delegates to Crown Perth’s convention facilities this year 
with a solid mix of conferences and events with high 
attendance numbers.

The largest events included hosting the Manchester United 
Football Club, the 2019 McDonald’s Convention and the 
Australian Society of Exploration Geophysicists WA Division 
2019 Conference. Key charitable events hosted at Crown 
Perth included the Cystic Fibrosis Australia Conference, the 
2019 Madalah Ball, Parkerville Children & Youth Care 2019 
Charity Lunch and the Ronald McDonald House Charities Ball.

Crown Theatre held 230 performances during the year, 
including 88 performances of the world-acclaimed The 
Book of Mormon which attracted in excess of 144,000 
patrons. The theatre also expanded its offering by launching 
its new Grab-and-Go bar setup which proved very popular 
with patrons. 

The Theatre also operated the Pop-up Globe in one of its 
onsite car parks, which was a working replica of 
Shakespeare’s theatre housing 930 customers, and held  
97 performances with a total attendance level of nearly 
54,000 patrons.

Other sell-out performers holding one-off shows during the 
year included Kevin Bloody Wilson, Kitty Flanagan, 
Consentino, Tim Minchin and Jason Alexander.

19

Crown Resorts Limited Annual Report 2020Australian Resorts Business Update continued

CROWN SYDNEY
Construction Update

The Crown Sydney project is in the final stages of 
construction with the 275-metre tower reaching the 
significant “Topping Out” milestone in May 2020, marking 
the completion of vertical construction. Construction of the 
hotel guestrooms and suites located on floors 6-23 are 
substantially complete. The podium structure and façade is 
complete with interior fit out well advanced across all areas.

Over 1,400 men and women are working to complete the 
project. The majority of the construction work is being 
undertaken by Australian businesses, creating thousands of 
construction jobs and benefiting the New South Wales 
economy.

The hotel resort is expected to open progressively from 
December 2020.

The residential component of the project, “One 
Barangaroo”, which is located in the upper portion of the 
tower, is progressing on schedule with the first residents 
scheduled to move into the building in March 2021.

Crown has invested approximately $1.7 billion into the 
Crown Sydney project to date. The gross project cost is 
expected to be approximately $2.2 billion and the net 
project cost is expected to be approximately $1.4 billion.

Proposed concept render
Proposed concept render

Pre-opening Planning

With the construction phase of the project nearing 
completion, operational planning is in full swing in 
preparation for the opening of Crown Sydney.

Recruitment activities are underway for the 2,000 people 
expected to be employed at Crown Sydney once it is fully 
operational.

With 14 restaurants and bars set to open, Crown Sydney will 
bring an array of cuisines and internationally renowned chefs. 

Chef Nobu Matsuhisa will open his third Australian 
restaurant, with Nobu at Crown Sydney joining Crown 
Melbourne and Crown Perth as the exclusive Australian 
destinations for Nobu’s sublime dining experience. In 
collaboration with Nobu, renowned Omakase Sushi Master 
Ryuichi Yoshii will open an Omakase restaurant.

Nationally-acclaimed and award-winning Sydney chef and 
restaurateur, Alessandro Pavoni, will be bringing classic 
Italian fine dining to Crown Sydney in his latest venture, 
a’Mare, whilst Sydney dining’s award-winning couple, Chef 
Ross Lusted and Sunny Lusted, are set to open their latest 
restaurant, Woodcut. Crown favourites Silks, Epicurean and 
TWR (The Waiting Room) will also be joining the much-
anticipated food and beverage line-up.

The mix of signature restaurants and bars in Crown Sydney 
have been designed to cater for everyone, from a casual 
café offering to gourmet dining at sunset on a harbourside 
terrace. The diverse range of experiences will add to the 
already impressive offerings within the Barangaroo precinct 
while positioning Crown Sydney as a culinary destination in 
its own right. 

20

 
Corporate Responsibility

OUR PEOPLE

Crown’s Purpose and Values

Crown’s purpose statement – ‘Together we create 
memorable experiences’ – captures the belief that, as a 
team, Crown has the ability to create experiences that are 
worth remembering and that Crown is able to develop an 
emotional connection with customers and colleagues.

In delivering those experiences, Crown adheres to its four 
key values:
• We act respectfully;
• We are passionate;
• We work together; and
• We do the right thing.

Over the course of the 2020 financial year, teams from Crown 
Melbourne and Crown Perth continued to focus on ensuring our 
employees and customers remain at the heart of everything 
Crown does. Crown’s purpose statement and values were 
integrated into its structures and systems, including in 
professional behaviours, reward and recognition programs, 
learning and development, and internal communications.

Crown College

Crown is committed to creating genuine opportunities 
through employment and training. Crown College is a 
Registered Training Organisation and is a Registered 
CRICOS Provider, which specialises in the delivery of 
hospitality, tourism, patisserie, commercial cookery and 
management qualifications. Crown College enables 
employees to receive on-site access to world-class training, 
vocational and development programs. The training, which 
employees undertake at Crown College, is relevant to their 
roles and is nationally recognised through its alignment with 
the Australian Qualification Framework.

Crown College is a leader in the tourism industry, being 
named the Gold winner for Tourism Education and Training 
at the respective state tourism awards over six consecutive 
years. Crown College Melbourne won this award in 2013, 
2014 and 2015, and received Hall of Fame status in 2015 
and Crown College Perth won this award in 2016, 2017 and 
2018, and received Hall of Fame status in 2019. Crown 
Perth also won the Training Initiative Award at the 2019 
AHA Awards for Excellence. Crown’s aim is to create career 
pathways for its employees and, in the 2020 financial year, 
over 650 employees and students enrolled in Certificates 
III, IV, Diploma and Advanced Diploma level qualifications. 
Since its inception, over 8,800 apprentices and trainees 
have graduated from Crown College.

In partnership with the Victorian Department of Education, 
Crown established a program to provide 500 training 
places in Certificates II and III through Crown College for 
retrenched Victorian workers affected by industry 
restructuring. The program has since been expanded to 
Indigenous Australians, people who have been affected by 
family violence and those who are disadvantaged in the 
workforce. The initiative continues to progress and has 
received over 1,000 enquiries since its inception. To date, 
there are over 345 participants in the program and 125 
program graduates have gained employment within the 
hospitality and security industries.

21

Crown Resorts Limited Annual Report 2020Corporate Responsibility continued

Crown College International

Crown’s commitment to education and training is evident 
through the establishment of Crown College International in 
Melbourne. Crown College International offers accessible, 
industry-ready and high-quality vocational programs for 
those aspiring to forge a career in hospitality and tourism, 
both nationally and internationally. Crown College 
International continues to increase student enrolments and 
build a social media presence to raise awareness of its 
programs. This financial year, Crown College International 
held the first student open day and hosted 12 student 
master classes. Student enrolments have increased by 50% 
on the same time last year. Since its inception, 88 
international students have graduated from Crown College 
International.

Crown Sydney: Building Careers

Building careers has always been a focus for Crown and  
this has continued through the 2020 financial year, 
enhanced by the opportunities available with the 
development of Crown Sydney. It is expected that over 
2,000 people will be employed at Crown Sydney once the 
resort is fully operational, providing people with ‘a new 
world of opportunity’. Diversity and inclusion remains a 
focus, including through Crown’s Indigenous Employment 
Program and the CROWNability program. 

Careers at Crown Sydney will be complemented with a 
newly-developed Crown College Sydney, an on-site 
Registered Training Organisation, offering nationally-
accredited training programs including extensive 
traineeship opportunities and tangible career pathways.

CROWN COMMUNITY
Overview of Crown Community 

Crown Community represents a key focus in developing an 
inclusive and diverse workforce and contributing to the 
communities in which Crown operates. Crown is proud to 
support a number of charities, particularly through 
employee-led community programs such as the Community 
Champions, as well as the work undertaken through the 
Crown Resorts Foundation. 

Crown’s approach to diversity and inclusion ensures that its 
workplace remains a dynamic, positive environment where 
all employees feel valued in their role and comfortable and 
confident in bringing their whole self to work every day. 

Crown’s strategy focuses on Crown’s people and encompasses 
several programs including the Indigenous Employment Program, 
CROWNability, Gender Equity, Crown Pride, the Family 
Support Network and the Cultural and Linguistic Diversity 
Employee Network. Crown also has an active environmental 
sustainability program. 

These are just some of the official programs to support 
Crown’s diversity and inclusion strategy but they do not 
exist in isolation. Crown’s approach to diversity and 
inclusion acknowledges intersectionality; the individual 
groups employees identify with cannot be 
compartmentalised and Crown recognises that people can 
simultaneously belong to multiple groups.

Crown’s internal programs were showcased during Crown 
Community Week, which was celebrated at both the 
Melbourne and Perth properties. The week comprised of a 
number of employee events, which celebrated the diversity 
of Crown’s employees and reinforced the way in which they 
are united in a shared passion and purpose. 

Indigenous Employment Program

Crown has an unwavering commitment to the Traditional 
Owners of the land which it occupies, through respect for 
culture, lore and closing the gap on Indigenous 
disadvantage.

Crown’s award-winning Indigenous Employment Program is 
now in its 11th year and is delivering a positive impact in the 
lives of Aboriginal and Torres Strait Islander people in 
Australia. 

22

At 30 June 2020, over 950 employment opportunities 
were created through the Indigenous Employment Program. 

Crown Perth continues to build its relationship with 
Bandyup Women’s Prison and Boronia Pre-release Centre 
for Women, working with residents to provide pre-release 
training, confidence building and employment 
opportunities.

Crown remains a member of the select ‘Elevate’ group with 
Reconciliation Australia which is the highest level of 
endorsement granted by Reconciliation Australia. 

CROWNability
The CROWNability program is Crown’s strategy for creating 
a disability-confident organisation through the provision of 
meaningful employment opportunities for people with 
disability. Launched in 2014, CROWNability continues to 
work closely with industry partners and stakeholders and 
has successfully provided employment opportunities for 
545 people with disability. 

With a vision of creating an experience of access and 
inclusion, the CROWNability program goals are to: 
• increase the participation of people with disability in 

Crown through employment opportunities; 

• build meaningful careers; and
• build a disability-confident organisation.

To celebrate the International Day of People with Disability 
across Crown Melbourne and Crown Perth, CROWNability 
Ambassador Kurt Fearnley led panel discussions with 
CROWNability employees, Crown managers and parents of 
CROWNability employees. Building on the theme ‘The 
Future Is Accessible’, the discussion was centred on what 
CROWNability means to those involved and the positive 
impact the program is having on the lives of people with 
disability, their families, Crown staff and the wider 
community.

CROWNability celebrated Crown Community Week with a 
series of activities for staff designed to raise awareness of 
the program, with AUSLAN specialists conducting practical 
sessions to provide employees with basic skills and 
knowledge to communicate with deaf people and the wider 
community. 

Gender Equity

Crown published its first Gender Action Plan (GAP) at the 
end of 2019, which strengthens a long-standing 
commitment to gender equity. The GAP focuses on five key 
themes of Recruitment and Promotion, Retention and 
Development, Cultural Change and Communication, 
Flexibility, and Intersectionality. 

Crown has continued its membership of both the national 
Male Champions of Change (MCC) program and Western 
Australia’s CEOs for Gender Equity. Crown was a key 
supporter of the MCC forum on International Women’s Day at 
the ICC Women’s T20 Cricket World Cup Final in Melbourne.

Crown continued its support of Women in Gaming and 
Hospitality Australasia (WGH), an industry driven not-for-
profit organisation for advancing women in gaming and 
hospitality, by hosting networking and professional 
development sessions and participating in the Women 
Ahead mentoring program. A member of Crown’s Executive 
Team continues to hold a position on the WGH Board.

Crown’s work in Gender Equity also presented an 
opportunity to expand its program to support employees in 
their personal lives. 

During the financial year, Crown extended its domestic 
violence support to employees by providing uncapped paid 
leave for casual employees. Crown has also continued its 
support for the Ochre Ribbon Campaign, which is an 
Indigenous-led initiative to raise awareness of the impacts 
of domestic and family violence in Aboriginal and Torres 
Strait Island communities.

The Family Support Network (FSN) and the Cultural and 
Linguistic Diversity Employee Network (CALDEN) held 
information and networking events during the 2020 
financial year to increase awareness of the support services 
offered throughout Crown. Both networks have been 
recently moved onto Crown’s Workplace platform to further 
engage with employees during the closure period. CALDEN 
has celebrated a range of cultural days such as International 
Mother Language Day and a subnetwork has been created 
in which employees can assist one another in remotely 
conversing in new languages they are learning. The FSN has 
built a resource group with information on further support 
for employees who may be experiencing hardship in their 
personal lives.

23

Crown Resorts Limited Annual Report 2020Corporate Responsibility continued

Crown Pride

Crown Pride was established to strengthen Crown’s 
presence in the LGBTIQ+ community and increase 
awareness among its employees. This commitment to an 
inclusive community has continued to progress beyond 
frameworks, Steering Committees and Action Plans to the 
evolution of the Crown Pride network, both within the 
workplace and also through relationships with organisations 
with similar goals. 

The Crown Pride network offers information and support, 
networking events and the opportunity to connect with 
others across Crown and the wider community. A Crown 
executive is also a member of the National Pride in Diversity 
“Executive Allies Forum” which includes select 
representatives from leading Australian companies in terms 
of LGBTIQ+ inclusion. 

Over the past 12 months, Crown has been actively involved 
in both internal and external LGBTIQ+ events. In Perth, 
Crown hosted the PrideFest luncheon in November, which 
saw over 300 people from across the corporate community 
in Perth gather to hear the life stories of Senator Louise 
Pratt, NRL Legend Ian Roberts and Google Creative 
Director Tea Uglow. Further, the Crown Perth team 
participated in the WA Pride March for the first time. 

In Melbourne, Crown sponsors GLOBE, a community group 
that aims to support and empower the Victorian LGBTIQ+ 
community. Together, Crown Pride and GLOBE held a 
number of networking events at Crown which created 
opportunities to build professional, safe and supportive 
environments for networking. During the year, the Crown 
Melbourne Pride network also attended the Midsumma Fair 
day for the second year. 

These represent significant steps in developing a workplace 
where Crown employees can confidently and comfortably 
bring their whole selves to work and in developing a 
corporate community that respects and enhances their 
commitment to broaden the Pride Network.

Environmental Sustainability

The aim of Crown’s environmental sustainability program, 
CROWNEARTH, is to deliver strategies, plans, actions and 
outcomes in environmental sustainability. 

Crown takes a group-wide approach to environmental 
sustainability, aligning strategies and programs that further 
reduce the environmental impact and contribute to 
developing more sustainable practices, focusing on three 
key areas: energy, waste and water management.

Despite a particularly challenging year, Crown is proud of its 
continuous improvement programs and pragmatic approach 
to delivering sustainable outcomes.

During the 2020 financial year, Crown achieved a reduction 
in emissions intensity of 4% per area which equates to over 
7,668 tonnes of carbon (t CO2-e), a 5% reduction in total 
emissions compared to the previous financial year.

Over the past five years, against the 2015 financial year as a 
baseline, Crown has reduced total carbon emissions by 
nearly 27,000 tonnes (t CO2-e), and lowered emissions 
intensity per area (m2) by 24%. 

Crown’s Recycle90 Program continues to be integral to 
Crown’s overall waste management strategy. In the 2020 
financial year, Crown diverted approximately 62% of waste 
away from landfill, with well-documented issues within the 
waste industry in Victoria impacting Crown Melbourne’s 
diversion rates. Crown Perth continued to perform 
exceptionally well and, prior to COVID-19, was diverting 
approximately 80% of waste away from landfill. Over the 
past five years, against the 2015 financial year as a baseline, 
Crown has diverted approximately 68,000 tonnes of waste 
away from landfill.

The 2020 financial year saw a continued focus on staff 
engagement with regular events, training and 
communications to ensure staff and contractors are kept 
informed of Crown’s environmental performance and 
progress, and to continue to embed sustainability as part of 
Crown’s culture.

Crown’s well-established, employee-led CROWNEARTH 
Committees continue to remain very active, focusing on 
numerous energy, water and waste management initiatives, 
as well as community-focused projects to improve the 
overall sustainability performance of the business. 

24

Throughout the year, Crown and its employees supported a 
number of environmental initiatives, including:   
• collecting plastic bottle tops and raising funds for Envision 
Hands, a not-for-profit community initiative that uses 3D 
printing to turn plastic waste into mechanical hands and 
arms for children around the world;

• donating over two tonnes of soap bars to Soap Aid, a 

not-for-profit organisation which recycles and sends soap 
to communities facing major hygiene challenges;

• donating over three tonnes of soft linens and furniture to 
various charities and community organisations including 
The Salvation Army, Lort Smith and the Lost Dogs’ Home; 
and

• hosting a “Big Aussie Swap”, a clothing recycling event 

during National Recycling Week

Supporting the Community

Crown firmly believes in, and is absolutely committed to, 
supporting the communities in which it operates. Crown 
takes its responsibility to its community seriously with an 
ongoing, proactive effort to make a genuine difference in 
the lives of many people. 

Crown supports many community causes and organisations 
through employee volunteering opportunities, a variety of 
resort-specific community partnerships and, of course, the 
Crown Resorts Foundation. The diverse range of ways Crown 
offers practical community support includes the support of 
charities, through promoting, hosting and subsidising key 
fundraising events, as well as providing goods and services for 
use as raffle prizes for community fundraisers.

The community groups and charitable organisations which 
Crown supports include local kindergartens, CFA units and 
Surf Lifesaving Clubs and larger charitable organisations 
such as Challenge Cancer, Stop The Cowards Punch, Guide 
Dogs and Cystic Fibrosis Foundation. Crown is also a major 
community partner of the Victoria Police Blue Ribbon 
Foundation.

Some of the major fundraising events held at Crown have 
been for charities such as MY ROOM – Children’s Cancer 
Charity, the Mirabel Foundation, Assistance Dogs Australia 
and Sony Foundation.

Crown is also very proud of its employees who donate their 
precious time with enthusiasm and generosity to support a 
variety of worthwhile causes.

For the last few years, Crown has been a supporter of the 
Melbourne Firefighter Stair Climb (MFSC), held at Crown 
Metropol Melbourne. Members come to race up to the top 
of Crown Metropol, dressed in full firefighting uniform and 
equipment, with their families and friends cheering them 
on. The MFSC has raised over $2 million for charity since 
being established and the charities that have received some 
of the funds include Lifeline, Black Dog Institute, Emergency 
Services Foundation, the Alfred Hospital Burns Unit and the 
Peter MacCallum Cancer Centre, to name a few.

The ongoing success of the Children’s Cancer Foundation’s 
Million Dollar Lunch is always a highlight in the community 
support calendar and, in the 2020 financial year, Crown was 
thrilled to play a significant part in raising more than $2 million. 

The community partnership fundraising events that are 
organised by employees throughout Crown are another 
success story. Past fundraising events have helped many 
different organisations, including SIDS and Kids, the Cancer 
Council, Oxfam and Jeans for Genes, to name just a few. 
More formal fundraising activities are organised by the 
Crown Resorts Foundation – Community Champions, in 
partnership with the Crown Resorts Foundation.

For 25 years, Christmas Day has been a day where Crown 
volunteers truly show their support for the community. On 
Christmas Day 2019, Crown volunteers packaged up 500 
hampers for families in need across Melbourne and delivered 
them to guests of the Les Twentyman Foundation, who were 
celebrating Christmas at the Westend Market Hotel in 
Sunshine. After a hot breakfast, entertainment and presents 
for all the children, guests went home with Crown Christmas 
lunch hampers to ensure a special day for families in need.

During the year, Crown donated over 20 tonnes of food and 
produce. Crown Melbourne donated over nine tonnes of 
produce to the Victorian Parliament catering team to create 
packaged meals for the Salvation Army, the Father Bob 
Maguire Foundation, the St Vincent de Paul Society and St 
Mary’s House of Welcome. Crown Perth donated twelve 
tonnes of produce to Foodbank WA, along with a donation 
of Easter eggs to Ronald McDonald House.

25

Crown Resorts Limited Annual Report 2020Corporate Responsibility continued

Crown Resorts Foundation

Community Champions

The National Philanthropic Fund is a 10-year, $200 million 
joint commitment of the Crown Resorts and Packer Family 
Foundations (the Foundations) to provide financial support 
to not-for-profit organisations focusing on Indigenous 
education, arts, culture, community welfare and medical 
research programs.

The conclusion of the 2020 financial year marks the end of 
the sixth year of the Foundations’ National Philanthropic 
Fund. Over this period the Foundations have allocated over 
$105 million to 330 grant recipients, ranging from 10-year 
multi-million-dollar commitments to one-off employee- 
nominated grants.

During the year, 65 new arts education program recipients 
were announced from Western Sydney, Melbourne and 
Perth, with $19.2 million to be allocated over the next three 
years to these programs. A further $6.8 million has also 
been allocated through 11 new multi-year Indigenous 
education grants.

Significantly, in January 2020, in recognition of the scale and 
damage inflicted by the Black Summer bushfires, the 
Foundations committed a further $4 million, taking their total 
commitment to $5 million, in support of the firefighting effort 
and recovery. The funds were allocated to the NSW Rural Fire 
Service, Victorian Country Fire Authority, Western Australia 
Bush Fire Brigade, Australian Red Cross, Salvation Army, 
WIRES and Zoos Victoria.

The bushfires were followed by the COVID-19 pandemic, 
presenting further challenges for many communities across 
Australia and the organisations that support them. In the 
face of these challenges, the Foundations’ program 
partners have done a tremendous job in continuing to 
support their communities. Many program partners were 
already engaging with marginalised and isolated groups, so 
as communities have adhered to further imposed 
mandatory isolation, these organisations have had to be 
nimble, creative and respectful with their response in 
providing support which is now needed more than ever.

The Crown Resorts Foundation Community Champions was 
established to deliver a creative employee-focused program 
aimed at recognising the work employees undertake in the 
community and providing opportunities for them to engage 
with Foundation partners and other charities with which 
they are involved. The program has been operating in 
Crown Melbourne for several years and was introduced in 
Crown Perth in 2019.

Managed entirely by employees who volunteer their time, 
the Community Champions considers employee 
engagement with their communities to be exceptionally 
important, as it provides an opportunity to better 
understand some of the challenges affecting the 
community. 

The Foundations provide funds to a number of community 
welfare organisations which support the inner-city 
communities of Melbourne and Perth. These partnerships 
are strongly supported by the Community Champions.

The Community Champions programs include 
CROWNversations – a monthly series of presentations 
where employees have the rare opportunity to meet some 
extraordinary Australians who are making a difference in 
the community, CROWNverteering – a service open to all 
Crown employees interested in volunteering enabling 
employees to be linked to charities in their area of interest, 
and a Community Grants Program – focusing on providing 
monetary support to charities and not-for-profit 
organisations nominated by employees.

This group has led a number of exceptionally popular Crown 
employee activations including book drives in support of the 
Australian Literacy and Numeracy Foundation where, to 
date, over 5,000 books have been donated for distribution 
to Indigenous and newly-arrived migrant communities 
across Australia. Over $350,000 has been donated to 
organisations across Melbourne and Perth under the 
Community Grants Program.

26

Corporate Governance Statement

The Board of Crown Resorts Limited (Crown or the 
Company) is committed to the implementation and 
maintenance of good corporate governance practices. 
This Statement sets out the extent to which Crown has 
followed the ASX Corporate Governance Council’s Third 
Edition of the Corporate Governance Principles and 
Recommendations (the Principles and Recommendations). 
This Statement is current as at 9 September 2020 and has 
been approved by the Board.

Following the release of the Corporate Governance 
Council’s Fourth Edition of the Corporate Governance 
Principles and Recommendations, Crown has updated 
certain of its governance practices in advance of reporting 
against the Fourth Edition of the Corporate Governance 
Principles and Recommendations. Crown will report 
against the Fourth Edition of the Corporate Governance 
Principles and Recommendations in its 2021 Corporate 
Governance Statement.

Principle 1: Lay Solid Foundations for 
Management and Oversight

Functions Reserved for the Board and Senior 
Management

Functions Reserved for the Board

Functions Delegated to Senior Executives

Crown’s senior executives have responsibility for matters 
which are not specifically reserved for the Board (such as 
the day-to-day management of the operations and 
administration of Crown).

Crown Board Committees

To assist in carrying out its responsibilities, the Crown 
Board has established the following standing Committees:

Committees

Current Members

Audit and Corporate 
Governance Committee

Antonia Korsanos (Chair) 
Jane Halton 
Michael Johnston

Corporate Responsibility 
Committee

Finance Committee

Investment Committee

Harold Mitchell (Chair) 
Helen Coonan 
John Horvath

Helen Coonan (Chair) 
Michael Johnston 
Antonia Korsanos

Guy Jalland (Chair) 
Ken Barton 
Michael Johnston

People, Remuneration 
and Nomination 
Committee

Harold Mitchell (Chair) 
John Horvath 
Michael Johnston

The Board is responsible for guiding and monitoring 
Crown on behalf of its shareholders. In addition, the Board 
(in conjunction with management) is responsible for 
identifying areas of significant business risk and ensuring 
arrangements are in place to adequately manage those 
risks.

Occupational Health and 
Safety Committee

Responsible Gaming 
Committee

The Board has adopted a formal Board Charter which 
sets out a list of specific functions that are reserved for the 
Board.

Risk Management 
Committee

John Horvath (Chair) 
Michael Johnston 
John Poynton

John Horvath (Chair) 
Andrew Demetriou 
Antonia Korsanos

Jane Halton (Chair) 
Andrew Demetriou 
Michael Johnston 
Antonia Korsanos

Board appointments are made pursuant to formal terms of 
appointment.

More information

The Crown Board Charter is available at: 
www.crownresorts.com.au under the heading 
Corporate Governance – Charters.

Each standing Committee has adopted a formal Charter 
that outlines its duties and responsibilities.

From time to time, the Board establishes special purpose 
committees as appropriate.

More information

The Crown Committee Charters are available at: 
www.crownresorts.com.au under the heading 
Corporate Governance – Charters.

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Crown Resorts Limited Annual Report 2020 
 
CoRpoRatE GovERnanCE StatEMEnt CONTINUED

Director probity Reviews and Elections

Director and Senior Executive agreements

Every appointment of a Crown Director is subject to the 
receipt of necessary gaming regulatory approvals.

The gaming industry is highly regulated and each of the 
casinos and gaming operations in which Crown has an 
interest is subject to extensive regulation under the laws, 
rules and regulations of the jurisdiction where it is located. 

Officers, Directors and certain key employees of Crown 
and its licensed subsidiaries must file applications with 
relevant gaming authorities and may be required to be 
licensed in certain jurisdictions. These probity reviews 
generally concern the responsibility, financial stability and 
character of the owners, managers and persons with 
financial interests in gaming operations and generally 
include requirements to obtain police checks and credit 
checks. 

A Director will only be formally appointed once all 
necessary gaming regulatory approvals have been 
obtained. As a separate exercise, Crown undertakes its 
own internal investigations on the suitability of nominated 
Directors as a pre-condition to a recommendation to the 
Board to appoint a Director. 

The Company’s Constitution requires that an election of 
Directors must take place each year. In addition, Directors, 
with the exception of the Managing Director, appointed to 
fill casual vacancies during the year must retire from office 
at the next annual general meeting following his or her 
appointment but are eligible for re-election by 
shareholders at that time. The Notice of Meeting for an 
annual general meeting sets out the information on the 
skills and experience of the relevant Director and the 
independence status of that director, and provides a 
recommendation of the Board in relation to the proposed 
election or re-election. 

More information

Crown’s past and present Notices of Meeting are 
available at: www.crownresorts.com.au under the 
heading Investors & Media – Annual General 
Meetings.

Crown Directors are provided with an induction pack upon 
appointment which, among other things, includes a letter 
agreement setting out the terms of that Director’s 
appointment. The letter agreement, which each Director 
must countersign, describes when the appointment 
commences and when it ends, sets out the Director’s 
powers and duties and the agreed remuneration 
arrangements and obliges the Director to comply with all 
Crown Policies, Procedures and the Code of Conduct. In 
addition, the letter agreement requires the Director to 
enter into a separate undertaking to inform Crown of any 
interests that Director may have in Crown securities (and 
contracts relevant to Crown securities) so that Crown is 
able to comply with its disclosure requirements under 
Listing Rule 3.19A to provide the ASX with completed 
Appendices 3X, 3Y and 3Z within the time period allowed 
by the ASX Listing Rules. 

Each senior executive of Crown has an employment 
contract setting out the terms of that senior executive’s 
appointment. 

Company Secretary accountability

The Company Secretary is accountable directly to the 
Board, through the Chair, on all matters to do with the 
proper functioning of the Board. The decision to appoint 
or remove a Company Secretary must be made or 
approved by the Board. 

The role of the Company Secretary is set out in the Crown 
Board Charter and includes: 

•  advising the Board and its committees on governance 

matters;

•  monitoring that Board and committee policy and 

procedures are followed;

•  coordinating the timely completion and despatch of 

Board and committee papers;

•  ensuring that the business at Board and committee 
meetings is accurately captured in the minutes; and

•  helping to organise and facilitate the induction and 

professional development of Directors.

More information

The Crown Board Charter is available at:  
www.crownresorts.com.au under the heading 
Corporate Governance – Charters.

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Diversity policy

Crown has established a policy concerning diversity and disclosed its policy on its website. The policy includes requirements for 
the Board to establish measurable objectives for achieving gender diversity and for the Board to assess annually both the 
objectives and the progress in achieving them.

In accordance with the policy, Crown has established the measurable objectives for achieving gender diversity as set out below:

Objective

Crown’s Progress

1. To require that at least 
one female candidate is 
presented on candidate 
short lists and at least one 
female from Senior 
Management is involved in 
the interview process for all 
Senior Management and 
Senior Executive positions 
within the group for which a 
recruitment process is 
undertaken.

2. To promote leadership 
opportunities for female 
employees by maintaining 
the level of female 
participation in leadership 
and development programs 
(which incorporate targeted 
mentoring/coaching 
elements) across the group 
at no less than 45% of all 
participants.

3. To conduct an internal 
review on an annual basis of 
the remuneration for key 
roles within the group, with 
an external validation review 
to be undertaken every 
second year, to ascertain 
the existence of any gender 
pay gaps and to implement 
action plans to address any 
such gaps.

Crown has adopted this recruitment objective as part of its commitment to diversity and in 
line with Crown’s Diversity Policy.

In order to meet this Objective, all positions in Crown must be supported through a 
consistent, unbiased and thorough recruitment process, managed by the relevant 
recruitment team, including for positions identified through succession planning or 
otherwise.  This process is overseen by the Executive team at each property.

During the financial year, female candidates were shortlisted for 80% of Senior Management 
and Senior Executive positions within the group for which a recruitment process was 
undertaken during the financial year.  For the positions that did not have a female candidate 
shortlisted, there were no female applicants.

Crown has continued and expanded on its efforts around attracting and sourcing female 
candidates, including through:

•  the adoption of robust practices to increase long-term gender balances in areas of the 
business where female applications and appointments are underrepresented; and

•  undertaking focus groups in relation to the Gaming areas of the business to inform the 

end to end recruitment process.

Recruitment commenced for Crown Sydney, with a focus on gender-balanced shortlists for 
positions.

A female from Senior Management was involved in the interview process for all except two 
Senior Management and Senior Executive positions within the group for which a 
recruitment process was undertaken.

During the financial year, Crown’s wholly owned properties achieved a 38.75% female 
participation rate in leadership and development programs which represents a 15.5% 
decrease on financial year 2019.

The participation rate was, in part, impacted by the COVID-19 property closures and stand 
downs, with no leadership and development programs being conducted over this period.

As detailed below at Objective 5, Crown published its first Gender Action Plan for FY20 to 
FY23 (GAP) which includes Retention and Development as a key theme.  Crown is 
reviewing its current leadership and development programs and framework to address this 
Objective.

During the financial year, Crown conducted an internal review only.  While an external 
validation review was scheduled to be undertaken during the financial year, this has been 
deferred to the 2021 financial year as a result of Crown’s property closures due to 
COVID-19.

The internal pay gap review confirmed that there was no statistically significant pay gap 
identified for like for like roles.

Crown’s Workplace Gender Equality Agency (WGEA) Report for 2019-20 demonstrated a 
further reduction in the gender pay gap from the previous year of 9.3 to 8.0.  The results of 
the internal review, which considers like for like roles, are inconsistent with the WGEA data 
as the WGEA data considers the average pay of all salaried roles within the group, including 
senior executive positions.

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Crown Resorts Limited Annual Report 2020 
 
CoRpoRatE GovERnanCE StatEMEnt CONTINUED

Objective

Crown’s Progress

4. To participate in local and 
national programs which 
promote gender equity and 
to implement relevant 
actions arising out of those 
programs.

Crown continued its participation in the following local and national programs during the 
financial year:

•  Male Champions of Change (MCC) program.
•  CEOs for Gender Equity in Western Australia.
•  Women in Gaming and Hospitality Australasia (WGH).

5. To progress the 
objectives of the Gender 
Action Plan for FY20 to 
FY23 (the Plan) and to 
annually assess the 
progress of the Plan’s 
objectives. 

Throughout the financial year, the following initiatives were achieved at Crown, in alignment 
with the MCC Action Group meetings:

Promoting female sports

Crown was a key sponsor for the ICC Women’s T20 World Cup Final MCC forum. 

Flexible work arrangements

In response to COVID-19, Crown successfully supported many of its employees in working 
remotely which is expected to inform and accelerate flexible working arrangements going 
forward.  Crown introduced new technology platforms to facilitate communication with 
employees during this period.

Violence against women

Crown’s Family and Domestic Violence Support Policy which provides uncapped paid leave 
entitlements to employees experiencing, or supporting someone experiencing, family 
violence was extended to casual employees. 

While not specifically related to Crown’s employees, Crown Melbourne worked with the 
Victorian Government and service providers to establish a program to provide safe 
accommodation, at no cost, to those experiencing domestic and family violence during the 
COVID-19 pandemic. To date, Crown has provided over 550 room nights under this 
program.

During the financial year, Crown published its first Gender Action Plan for FY20 to FY23 (GAP) 
which strengthens Crown’s longstanding commitment to gender equity. 

The GAP focuses on five key themes of Recruitment and Promotion, Retention and 
Development, Flexibility, Cultural Change and Communication, and Intersectionality.  

In addition to the initiatives set out above for Objectives 1 to 4, Crown progressed the 
following GAP objectives:

Recruitment and Promotion

Development of reporting dashboards to monitor Crown’s progress against its 40:40:20 target.

Retention and Development 

Development of a talent management framework to manage and track this objective. 

Flexibility

Increased focus and communications on flexible working arrangements, particularly 
throughout the COVID-19 pandemic.

Improvements around leave purchase options to provide greater flexibility for employees. 

Cultural Change and Communication 

Diversity and inclusion key performance objectives have been set for all salaried roles.

Implementation of a social communication platform to enable two-way engagement which 
has been effective during the COVID-19 closure period.

Crown became a member of the Diversity Council Australia, an independent not-for-profit 
body leading diversity and inclusion in the workplace. 

Intersectionality

Crown continued its focus on intersectionality, raising awareness of Crown’s diversity 
programs through Crown Community and through the Crown Pride, Cultural and 
Linguistically Diverse, and Family Support employee networks.

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The proportion of women employees in the group, women in senior executive positions and women on the Board as at 30 
June 2020 was as follows:

Measure

Result

Proportion of women 
employees in the group

There were 5,255 women in the group. This represents 43.19% of the total workforce of 
12,166 employees.

Proportion of women in  
senior executive positions 
in the group

Proportion of women on  
the Board

There were 24 women in senior executive positions in the group. This represents 28.6% 
of senior executive positions in the group. 

There were three female Directors out of a total of 11 Directors, or 27.27%.

For the purpose of these statistics, the term “senior executive position” refers to Executive Team and Business Operations 
Team members of Crown Resorts Limited, Crown Melbourne and Crown Perth as well as the most senior leaders from 
each operational unit therein. The Executive Team is comprised of persons with titles in the nature of, or similar to, 
Executive General Manager, General Manager, Chief Information Officer, Chief Marketing Officer and General Counsel 
together with the Chief Executive Officers, Chief Operating Officers, Chief Financial Officers and Chief Legal Officers within 
the group.

Crown’s Audit and Corporate Governance Committee has been delegated responsibility for developing and monitoring the 
application of Crown’s Diversity Policy.

As noted above, Crown’s Diversity Policy requires that Crown reviews its Gender Objectives annually to ensure that they 
remain relevant and appropriate for Crown. 

The Audit and Corporate Governance Committee conducted a formal review of Crown’s Gender Objectives and, for 
financial year 2021, resolved to adopt the Gender Objectives included in Crown’s Gender Action Plan for F20 to F23.  

As detailed above, during the financial year, Crown published its first Gender Action Plan for F20 to F23 (GAP) which has 
the following five areas of focus:

•  Recruitment and Promotion – To achieve 40:40:20 representation across the group, with each Executive accountable 

for achieving this target within their business unit.

•  Retention and Development – To ensure Crown retains women at a level equitable or better than the retention of their 
male colleagues and that women at Crown receive appropriate opportunities and encouragement so that they benefit 
from all that Crown has to offer.

•  Cultural Change and Communication – To ensure that all employees work in a safe and respectful environment where 

their contributions are welcomed and valued.

•  Flexibility – To have flexibility for every role at Crown.
•  Intersectionality – To partner with Crown’s Indigenous Program, CROWNability program and Crown Pride Committee 

to address specific areas for women participating in those programs.

Each focus area in the GAP, other than Intersectionality, includes a number of measurable objectives which are identified 
as mid-term and long-term targets.  These targets incorporate elements of, and expand on, the Objectives which were set 
for financial year 2020.

In addition, in accordance with the ASX Corporate Governance Council’s Fourth Edition of the Corporate Governance 
Principles and Recommendations, the Crown Board, in consultation with the People, Remuneration and Nomination 
Committee, set the following measurable objective for achieving gender diversity in the composition of its Board: To have 
not less than 30% of directors on the Crown Board of each gender by 30 June 2022.

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Crown Resorts Limited Annual Report 2020 
 
CoRpoRatE GovERnanCE StatEMEnt CONTINUED

A report on the progress against the five focus areas in the 
GAP and the Board diversity objective will be provided in 
the 2021 Corporate Governance Statement.

More information

 Crown’s Diversity Policy is available at:  
www.crownresorts.com.au under the heading 
Corporate Governance – Policies. 

Crown’s Gender Action Plan is available at:  
www.crownresorts.com.au under the heading  
Our Contribution – Diversity & Inclusion.

Crown is a “relevant employer” under the Workplace 
Gender Equality Act 2012 (Cth) and, in accordance with 
the requirements of the Act, Crown lodged its annual 
Public Report with the Workplace Gender Equality Agency 
for the 2019-2020 period which reports on the most 
recent “Gender Equality Indicators”. 

More information

 Crown’s Workplace Gender Equality Report is 
available at: www.crownresorts.com.au under the 
heading Corporate Governance – Gender Equality.

process for Evaluating performance of the 
Board, its Committees and its Directors

A performance evaluation of the Board and of its 
Committees is undertaken annually, following completion 
of each financial year, by way of a questionnaire sent to 
each Director.

The questionnaire covers the role, composition, 
procedures and practices of the Board and of its 
Committees. The individual responses to the questionnaire 
are confidential to each Director, with questionnaire 
responses provided to the Chair of the People, 
Remuneration and Nomination Committee for 
consideration and provision of a report to the Board.

Crown’s People, Remuneration and Nomination 
Committee is also responsible for reviewing Crown’s 
procedure for the evaluation of the performance of the 
Board, its Committees and its Directors.

An evaluation of the Board and its Committees took place 
following the end of the 2020 financial year in accordance 
with the processes described above.

process for Evaluating performance of Senior 
Executives

Crown has established processes for evaluating the 
performance of its senior executives. In summary, each 
senior executive is evaluated against the achievement of 
pre-agreed key performance objectives. The evaluation 
process is conducted annually and is followed by the 
determination of appropriate remuneration for the relevant 
senior executive.

Detailed information regarding Crown’s remuneration 
practices is provided in the Remuneration Report. An 
evaluation of senior executives took place following the 
end of the 2020 financial year and in accordance with the 
processes described in the Remuneration Report.

Principle 2: Structure the Board to  
Add Value

people, Remuneration and nomination 
Committee

Crown has established a People, Remuneration and 
Nomination Committee (formerly the Nomination and 
Remuneration Committee). The Committee has adopted a 
formal Charter that outlines its duties and responsibilities.

The current members of the People, Remuneration and 
Nomination Committee are Harold Mitchell AC (Chair), 
Professor John Horvath AO and Michael Johnston, a 
majority of whom are independent, Non-executive 
Directors. Information about each Committee member’s 
qualifications and experience is set out in the Directors’ 
Statutory Report. Information regarding the number of 
times the Committee met throughout the period and the 
individual attendances of the members at those meetings 
has also been provided in the Directors’ Statutory Report.

The role of the Committee is to assist the Board to 
develop, maintain and implement policies in relation to:

1.  the selection and appointment practices for Directors; 

and

2.  the remuneration of Directors and relevant executives.

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Selection, appointment and Development of Directors

Remuneration of Directors and Relevant Executives

The People, Remuneration and Nomination Committee is 
required to:

The role of the People, Remuneration and Nomination 
Committee also includes:

•  review Crown’s procedure for the selection and 

appointment of new Directors (Selection Procedure) 
and make appropriate recommendations to the Board 
in relation to the Selection Procedure;

•  implement the Selection Procedure and make 
nomination recommendations to the Board;

•  develop succession plans in order for the Board to 
maintain appropriate experience, expertise and 
diversity;

•  review Crown’s procedure for the evaluation of the 
performance of the Board, its Committees and its 
Directors and be primarily responsible for the 
implementation of the evaluation process; and

•  oversee the induction process is in place for new 

Directors.

The Selection Procedure requires that, in the event that a 
new Director appointment is required, the People, 
Remuneration and Nomination Committee (on behalf of 
the Board) must adhere to procedures including the 
following:

•  the experience and skills appropriate for an appointee, 
the skills of the existing Board and any likely changes to 
the Board will be considered;

•  upon identifying a potential appointee, specific 
consideration will be given to that candidate’s:
–  competencies and qualifications;
–  independence;
–  other directorships and time availability; and
–  the effect that the appointment would have on the 
overall balance and composition of the Board, 
including by reference to the Crown Board Skills 
Matrix adopted from time to time; and

•  finally, all existing Board members must approve the 

proposed appointment.

The People, Remuneration and Nomination Committee 
also has responsibility for reviewing the Board Skills Matrix 
on an annual basis to ensure it remains consistent with the 
objectives of Crown and existing regulatory requirements 
and recommendations.

1.  the review and recommendation of appropriate fees to 

be paid to Non-executive Directors; 

2.  the review and recommendation of appropriate 

remuneration arrangements for Executive Directors and 
relevant Senior Management including the level of 
remuneration and relevant contracted term; and

3.  the review of succession plans for Executive Directors 

and relevant senior management.

Following the end of the financial year, the Committee 
reviewed and approved:

•  the remuneration for senior executives which will apply 
during the financial year ending 30 June 2021; and

•  the short-term incentive arrangements applicable to 

senior executives referable to the financial year ended 
30 June 2020.

A summary of the current remuneration arrangements is 
set out in more detail in the Remuneration Report. The 
objective of Crown’s remuneration policy is to ensure that:

•  senior executives are motivated to pursue the long-term 

growth and success of Crown; and

•  there is a clear relationship between the performance 

of senior executives and their remuneration.

Board Skills Matrix

As noted above, the Selection Procedure for a Director 
nomination requires that the People, Remuneration and 
Nomination Committee (on behalf of the Board) considers 
the effect that any proposed Director candidate would 
have on the overall balance and composition of the Board 
including by reference to the Crown Board Skills Matrix 
adopted from time to time.

The Crown Board has adopted the following Board Skills 
Matrix which sets out the mix of skills and diversity that the 
Board is looking to achieve in its membership. The Board 
Skills Matrix highlights the key skills and experience of the 
Board and the extent to which those skills are currently 
represented on the Board and on each of its Committees 
as at 9 September 2020.

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Skill / Competency
total number of Directors
Executive Experience  
Experience in senior positions at executive levels.
Strategic planning and Execution  
Ability to develop and implement successful strategy and deliver 
agreed strategic planning goals.
Risk Management  
Experience in the oversight and management of material business 
risk including Board Risk Management Committee membership.
Financial acumen  
Senior executive or equivalent experience in financial accounting 
and reporting, capital management, industry taxation, internal 
financial controls and corporate financing arrangements.
Governance  
Experience with listed and other organisations subject to robust 
governance frameworks with an ability to assess the effectiveness 
of relevant governance processes.
occupational Health and Safety  
Experience in relation to workplace health and safety.
Environment and Sustainability  
Experience in relation to environmental and social responsibility 
and community.
Legal and Regulatory  
Experience in legal and regulatory matters including regulatory and 
contractual frameworks governing gaming matters.
Information technology  
Senior executive experience in information technology including 
gaming systems and data security.
Human Resources / Remuneration  
Experience in relation to remuneration practices, development of 
incentive plans, succession planning and director appointment 
processes including Board Remuneration Committee membership.
Capital projects  
Senior executive experience in executing large scale projects with 
long-term investment horizons and substantial capital outlays.
Sales and Marketing  
Senior executive experience in marketing coupled with a detailed 
understanding of Crown’s strategic direction and competitive 
environment.
Industry Experience - Gaming and Entertainment  
Senior executive experience in the gaming and entertainment 
industry.
Industry Experience - Hospitality and Management  
Senior executive experience in the hospitality, food and beverage 
industries.
Industry Experience – tourism  
Senior executive experience in the tourism industry.
Industry Experience – public policy  
Experience in public and regulatory policy, including in relation to 
gaming related policy.

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The Board Skills Matrix, albeit important, is only part of the Selection Procedure that the Board is required to follow. As 
noted above, the People, Remuneration and Nomination Committee has responsibility for reviewing the appropriateness of 
the Board Skills Matrix on an annual basis.

The People, Remuneration and Nomination Committee is responsible for developing Crown’s Board succession plan to 
ensure that the Board maintains appropriate experience, expertise and diversity.

Relationships affecting Independence

The table below sets out the Crown Directors as at 9 September 2020, indicates which of those Directors are considered 
to be independent Directors and notes the length of service of each Director from the date of their appointment to 9 
September 2020:

Name of Director

the Hon. Helen a Coonan, BA, LLB  
Chairman

professor John S Horvath ao, MB, BS (Syd), FRACP, 
FAAHMS, FRCPA (Hons) 
Deputy Chairman

Ken M Barton, BEc, CA, FFin 
Managing Director

John H alexander, BA 
Executive Director

andrew Demetriou, BA, Dip. Ed 
Non-executive Director

Jane Halton ao pSM, BA (Hons) Psychology, FIML, 
FIPAA, NAM, Hon. FAAHMS, Hon. FACHSE,  
Hon. DLitt (UNSW) 
Non-executive Director

Guy Jalland, LLB 
Non-executive Director

Michael R Johnston, BEc, CA  
Non-executive Director

antonia Korsanos, BEc, CA, GAICD 
Non-executive Director

Harold C Mitchell AC  
Non-executive Director

John H poynton ao, BCom, Hon DCom, FAICD,  
SF Fin (Life), FAIM 
Non-executive Director

Independence 
 Status

Length of Tenure 
(By years and complete 
months)

Independent

8 Years, 9 Months

Independent

10 Years

Non-independent

6 Months

Non-independent

13 Years, 2 Months

Independent

5 Years, 8 Months

Independent

2 Years, 4 Months

Non-independent

2 Years, 5 Months

Non-independent

13 Years, 2 Months

Independent

2 Years, 4 Months

Independent

9 Years, 7 Months

Non-independent

1 Year, 9 Months

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Crown Resorts Limited Annual Report 2020 
 
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Independent Board Directors

The Crown Board is currently comprised of eleven 
Directors, six of whom are independent Directors. A 
majority of Directors are therefore independent. The 
independence of Directors is assessed against a list of 
criteria and materiality thresholds. Those criteria have 
been formally enshrined in the Crown Board Charter. Each 
Director who is listed as an Independent Director complies 
with the relevant criteria for independence set out in the 
Crown Board Charter.

Board Chair Independence

The roles of the Chairman and Chief Executive Officer are 
exercised by separate persons.  In January 2020, the 
Crown Board appointed The Honourable Helen Coonan 
as Chairman and Professor John Horvath as Deputy 
Chairman of Crown.  At the same time, Ken Barton was 
appointed as the Chief Executive Officer of Crown.

Principle 3: Act Ethically  
and Responsibly 

Code of Conduct

With effect from 1 July 2020, the Crown Board adopted a 
new Code of Conduct which reflects the Company’s 
values and outlines the standard of ethical behaviour that 
is expected of its Directors and of its employees at all 
times.

More information

Crown’s Code of Conduct is available at:  
www.crownresorts.com.au under the heading 
Corporate Governance – Codes.

Principle 4: Safeguard Integrity in 
Corporate Reporting

Director professional Development

audit and Corporate Governance Committee

The induction process for new Directors involves both 
formal and informal elements. As noted above, new 
Directors are provided with a formal induction pack which 
includes important information that a Director must know 
about the Company and their appointment terms and 
includes copies of relevant constitutions, Board Charters 
and Policies. In addition, new Directors are provided with 
tours of Crown’s main businesses and the opportunity to 
spend time with various members of senior management.

The professional development program for Directors has 
largely consisted of presentations from time to time to the 
Board regarding issues including developments in 
accounting standards, updates on legal issues and 
governance processes.

Directors are requested to complete certain of Crown’s 
online training modules, including Anti-money Laundering, 
Anti-bribery and Corruption, Cyber Security Awareness 
and Responsible Gaming.

In an attempt to provide more structure to Director 
professional development, the People, Remuneration and 
Nomination Committee oversees the induction process 
which is in place for new Directors. This process involves, 
amongst other things, a review of the Crown Board Skills 
Matrix and consideration of the extent to which those skills 
are currently represented on the Board and on each of its 
Committees. Where skills are not currently adequately 
represented, appropriate professional development in this 
area will be considered.

Crown has established a formal Audit and Corporate 
Governance Committee to review the integrity of Crown’s 
financial reporting and to oversee the independence of 
Crown’s external auditors.

The current members of the Audit and Corporate 
Governance Committee are Antonia Korsanos (Chair), 
Jane Halton AO PSM and Michael Johnston. All members 
of the Committee are Non-executive Directors and a 
majority of those Committee members are independent 
Directors.

The Chair of the Audit and Corporate Governance 
Committee, Mrs Korsanos is an independent Director who 
has extensive financial experience with over 25 years’ 
experience in financial and general management.

Further information about each Committee member’s 
qualifications and experience is set out in the Directors’ 
Statutory Report. Information regarding the number of 
times the Committee met throughout the period and the 
individual attendances of the members at those meetings 
has also been provided in the Directors’ Statutory Report.

The Audit and Corporate Governance Committee has 
adopted a formal Charter that outlines its duties and 
responsibilities. The Charter includes information on the 
procedures for the selection and appointment of the 
external auditor of Crown and for the rotation of external 
audit engagement partners.

More information

The Audit and Corporate Governance Committee 
Charter is available at: www.crownresorts.com.au 
under the heading Corporate Governance 
– Charters.

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CEo & CFo Declarations

Before approving the financial statements for each financial 
period, the Board receives from the Chief Executive Officer 
and the Chief Financial Officer a declaration that, in their 
opinion:

•  the financial records of Crown have been properly 

maintained;

•  the financial statements comply with the appropriate 

accounting standards and give a true and fair view of the 
financial position and performance of Crown; and

•  the opinion has been formed on the basis of a sound 

system of risk management and internal controls which 
is operating effectively.

auditor’s attendance at aGMs

Crown shareholders are provided with an opportunity at the 
AGM to ask questions and make comments on Crown’s 
Annual Report and on the business and operations of the 
Company. Crown’s Auditor is required to attend the AGM 
and shareholders are therefore also provided a reasonable 
opportunity to ask the Auditor questions about the Auditor’s 
Report and the conduct of the audit of the Financial Report. 
Shareholders are informed of their opportunity to address 
the Auditor in the Notice of Meeting for the AGM.

Principle 5: Make Timely and  
Balanced Disclosure

policy to Ensure Compliance with aSX Listing 
Rule Disclosure Requirements

Crown has a formal Continuous Disclosure Policy in place 
which is designed to ensure compliance with ASX Listing 
Rule requirements. The policy details processes for:

•  ensuring that any information that could be market 
sensitive or could involve reputational or material 
regulatory issues or risks are communicated to the 
Disclosure Officer;

•  the assessment of information by the Disclosure 

Committee and, where appropriate, the Board, and for 
the disclosure of material information to the market; and

Principle 6: Respect the Rights  
of Shareholders

providing online Information to Investors

Crown has a dedicated corporate website which provides 
information about itself and its governance to investors. The 
website has a dedicated Corporate Governance tab which 
sets out Crown’s Charters, Constitution, Policies and 
Codes, describes Crown’s Board Committees and includes 
copies of current and historical Corporate Governance 
Statements and Remuneration Reports.

More information

More information is available at:  
www.crownresorts.com.au under the heading 
Corporate Governance.

promotion of Effective Communication with 
Shareholders

The Board aims to ensure that shareholders and 
prospective investors are kept informed of all major 
developments affecting Crown.

Crown’s investor relations program is designed to facilitate 
effective communication between shareholders, 
prospective investors and Crown.

Crown actively engages with shareholders and prospective 
investors through a program of scheduled interactions with 
institutional investors, sell-side and buy-side analysts and the 
financial media. In addition, meetings are held with 
shareholders and prospective investors on request and 
responses are provided to enquiries made from time to time.

Crown’s investor relations program works in tandem with its 
obligations under its Continuous Disclosure Policy, a copy 
of which is available on Crown’s website.

Crown’s Chief Executive Officer and Chief Financial Officer 
regularly report to the Board on investor relations matters.

In addition, Crown has a Communications Policy which 
seeks to promote effective communication with its 
shareholders. The policy explains how information 
concerning Crown will be communicated to shareholders. 

•  the broader publication of material information to the 

The communication channels include:

media, analysts and investors.

More information

Crown’s Continuous Disclosure Policy is available at: 
www.crownresorts.com.au under the heading 
Corporate Governance – Policies.

•  Crown’s Annual Report;
•  disclosures made to the ASX; and
•  Notices of Meeting and other Explanatory Memoranda. 

Advance notification of results announcements dates is 
made via Crown’s website.

More information

Crown’s Continuous Disclosure Policy and 
Communications Policy is available at:  
www.crownresorts.com.au under the heading 
Corporate Governance – Policies.

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Shareholder participation at Meetings

Shareholders are encouraged to participate in all meetings 
of shareholders. The date of Crown’s AGM is advertised 
well in advance on its website, is announced to the ASX 
and is separately communicated to investors.

Shareholders are informed in the formal Notice of Meeting 
for the AGM of their opportunity to participate in the 
meeting by asking questions of either Crown Directors or 
its Auditor. The AGM is also webcast live and an archive of 
the AGM webcast is subsequently available on Crown’s 
website.

At the AGM, the Chairman encourages shareholders to 
ask questions on the items of business.

More information

Crown’s Notices of Meeting and the webcast are 
available at: www.crownresorts.com.au under the 
heading Investors and Media – Annual General 
Meetings.

Shareholder Communications

Crown shareholders have the option to receive 
communications from Crown and to send communications 
to Crown electronically. Crown’s share registry (on behalf 
of Crown) actively encourages shareholders to receive 
their shareholder communications electronically and 
provides online access to shareholder information.

Separately, the Crown website includes a “Contact Us” 
feature which can be used by both shareholders and 
others to ask questions of the Company.

Principle 7: Recognise and  
Manage Risk

policy for oversight and Management of Material 
Business Risks

Crown has established a formal Risk Management 
Committee to provide strategic risk management 
leadership, oversight and analysis to the Crown Board.

The current members of the Risk Management Committee 
are Jane Halton AO PSM (Chair), Andrew Demetriou, 
Michael Johnston and Antonia Korsanos. All members of 
the Committee are Non-executive Directors and a majority 
of those Committee members are Independent Directors.

The Chair of the Risk Management Committee, Ms Halton, 
is an independent Director who served a 33 year career in 
the public service.

Further information about each Committee member’s 
qualifications and experience is set out in the Directors’ 
Statutory Report. Information regarding the number of 
times the Committee met throughout the period and the 
individual attendances of the members at those meetings 
has also been provided in the Directors’ Statutory Report.

The Risk Management Committee has adopted a formal 
Charter that outlines its duties and responsibilities.

More information

The Risk Management Committee Charter is 
available at: www.crownresorts.com.au under the 
heading Corporate Governance – Charters.

Design and Implementation of Risk Management 
and Internal Control Systems

Crown has established a framework for the oversight and 
management of material business risks and has adopted a 
formal Risk Management Policy and articulated its Risk 
Appetite. Risk management is an integral part of the 
industry in which Crown operates.

Management is charged with monitoring the effectiveness 
of Crown’s risk management systems and is required to 
report to the Board via the Risk Management Committee.

The Board convened Risk Management Committee 
administers Crown’s Risk Management Policy and 
monitors management’s performance against the risk 
management framework, including whether it is operating 
within the Risk Appetite set by the Board.

The Risk Management Policy sets out procedures which 
are designed to identify, assess, monitor and manage risk 
at each of Crown’s controlled businesses and requires 
that the results of those procedures are reported in a Risk 
Profile to the Crown Board. The framework has been 
developed using the model outlined in AS/NZS ISO 
31000:2018 Risk Management – Guidelines.

Crown’s Risk Profile reflects major risks identified at an 
operational level and provides the framework for the 
reporting and monitoring of material risks across the 
Crown group on an ongoing basis.

Management is required to conduct an annual review of its 
Risk Profile to ensure that risk ratings and definitions 
remain appropriate for Crown, and that adequate controls 
are in place to manage them.

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•  the creation of a safe environment for its customers, 

employees and contractors; and

•  the provision of employment opportunities.

Crown has established a Corporate Responsibility 
Committee to assist the Board in setting Crown’s 
corporate responsibility policies and programs and 
assessing Crown’s corporate responsibility performance. 
The Corporate Responsibility Committee has adopted a 
formal Charter that outlines its duties and responsibilities.

The current members of the Corporate Responsibility 
Committee are Harold Mitchell AC (Chair), Helen Coonan 
and Professor John Horvath AO. Information about each 
Committee member’s qualifications and experience is set 
out in the Directors’ Statutory Report. Information 
regarding the number of times the Committee met 
throughout the period and the individual attendances of 
the members at those meetings has also been provided in 
the Directors’ Statutory Report.

The responsibilities of the Committee extend to:

•  establishing appropriate corporate responsibility 

policies and programs for Crown;

•  monitoring and reviewing the operation and 

effectiveness of Crown’s corporate responsibility 
policies and programs;

•  promoting and supporting continuous improvement in 

Crown’s corporate responsibility performance;

•  encouraging and monitoring the establishment and 
maintenance of relationships with key stakeholders; 
and

•  encouraging and promoting awareness of corporate 

responsibility related issues at Crown among Crown’s 
employees and other stakeholders.

The Committee oversees the development and publication 
of Crown’s Corporate Responsibility Report. The 
Corporate Responsibility Report brings together the 
elements of Crown’s corporate responsibility activities and 
programs and identifies and addresses all material 
economic, environmental and social sustainability risks 
and Crown’s processes for managing them.

More information

The Corporate Responsibility Report is available at: 
www.crownresorts.com.au under the heading Our 
Contribution – Corporate Responsibility Reports.

A review has been conducted during the reporting period 
and presented to the Risk Management Committee for 
approval. In the course of that review, the current Risk 
Profiles of Crown’s major operating businesses were taken 
into account and the risk environment of its operations 
was also considered.

In addition, the Board has received, and will continue to 
receive, periodic reports through the Risk Management 
Committee, summarising the results of risk management 
initiatives at Crown.

Disclosure of Internal audit Functions

Crown’s major operating businesses (namely Crown 
Melbourne and Crown Perth) had an internal audit function 
in place for the full year that meets the definition of 
“internal audit” under the Institute of Internal Auditor’s 
International Professional Practices Framework.

The function is internally led and resourced, with 
supplemental resourcing provided by specialist third 
parties as required.

Internal audit delivers a comprehensive audit program to 
provide additional comfort around significant risks, 
processes, systems and regulatory requirements where 
assurance is determined to be a priority for that period.

Internal audit coverage is determined using a structured 
approach. The Boards of each major operating business 
and management receive regular reports from internal 
audit on the control environment, areas for improvement 
and progress in addressing those areas for improvement.

The head of the department periodically meets with 
members of the relevant operating subsidiary’s Board 
throughout the year.

As a holding company, Crown does not have a separate 
internal audit function, however its accounts are subject to 
third party independent audit.

Disclosure of Sustainability Risks

The Crown group is exposed to a number of economic, 
environmental and social sustainability risks.

Crown’s goal is to be a leader in the entertainment and 
tourism industry by creating long-term value for its 
stakeholders across economic and environmental 
dimensions. Crown aspires to be a model corporate 
citizen and recognises that a company is assessed not 
only on its financial performance, but also by its 
commitment to corporate responsibility, which includes 
consideration of, among others, the following factors:

•  the quality of its workplace;
•  its environmental footprint;
•  its level of community engagement;

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Principle 8: Remunerate Fairly and 
Responsibly

people, Remuneration and nomination 
Committee

As noted in response to Recommendation 2.1, Crown has 
established a formal People, Remuneration and 
Nomination Committee. The People, Remuneration and 
Nomination Committee has adopted a formal Charter that 
outlines its duties and responsibilities.

The current members of the People, Remuneration and 
Nomination Committee are Non-executive Directors, a 
majority of whom are independent. Information about 
each Committee member’s qualifications and experience 
is set out in the Directors’ Statutory Report. Information 
regarding the number of times the Committee met 
throughout the period and the individual attendances of 
the members at those meetings has also been provided in 
the Directors’ Statutory Report.

policy for Director Remuneration

A summary of current remuneration arrangements is set 
out in more detail in the Remuneration Report. Crown 
separately discloses the policies and practices regarding 
the remuneration of Key Management Personnel in the 
Remuneration Report.

Restrictions on Dealing in Equity Based 
Remuneration

The rules of the Senior Executive Incentive Plan and the 
Crown Digital Senior Executive Incentive Plan specifically 
provide that a participant must not assign, transfer, 
encumber, dispose of or have a Security Interest issued 
over Plan Shares, or any beneficial interest in Plan Shares, 
unless all restrictions on the transfer, encumbrance or 
disposal of the Plan Shares have been met or waived by 
the Board or the Board has provided prior written consent.  
A Security Interest is defined to include any mortgage, 
charge, pledge, lien, encumbrance or other third party 
interest of any nature. The rules of the Senior Executive 
Incentive Plan and the Crown Digital Senior Executive 
Incentive Plan also require participants to comply with 
Crown’s Securities Trading Policy at all times.

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Directors’ Statutory Report

Operating and Financial Review

The commentary included in this report omits some 
information which might be considered relevant to 
Crown’s business strategies, prospects for future financial 
years and material risks on the basis that the Directors 
have reasonable grounds to believe that disclosure would 
likely result in unreasonable prejudice to Crown.

Principal Activities

Crown is one of Australia’s largest entertainment groups 
with its core businesses and investments in the integrated 
resorts sector.

In Australia, Crown owns and operates two of Australia’s 
leading integrated resorts – Crown Melbourne and Crown 
Perth. 

Crown is in the final stages of construction of the Crown 
Sydney Hotel Resort which is expected to open 
progressively from December 2020.

Overseas, Crown owns and operates Crown Aspinalls in 
London, one of the high-end licensed casinos in the West 
End entertainment district.

Crown has interests in various digital businesses, including 
Betfair Australasia (100%), DGN Games (85%) and Chill 
Gaming (50%), and holds equity interests in Aspers Group 
(50%) and Nobu (20%).

Crown also holds a 100% interest in the One 
Queensbridge development site which is strategically 
located adjacent to the Crown Melbourne entertainment 
complex.

Review of Operations

From late January 2020, Crown began to experience 
softer trading as a result of travel restrictions and general 
community uncertainty associated with the COVID-19 
pandemic, particularly impacting visitation to Crown 
Melbourne.

In March 2020, Crown was directed by relevant State and 
Federal Governments to modify its operating conditions 
and ultimately suspend its gaming activities and other 
non-essential services in response to the COVID-19 
pandemic. The Government-mandated closures were 
effective from 20 March 2020 for Crown Aspinalls and  
23 March 2020 for Crown Melbourne and Crown Perth. 

As a result of the mandated closure of Crown’s properties, 
Crown was forced to substantially reduce its workforce 
through a series of stand downs. On 16 April 2020, Crown 
announced that it had progressively stood down, on either 
a full or partial basis, approximately 95% or over 11,500 of 
its employees. 

Gaming activities at Crown Melbourne and Crown 
Aspinalls remained closed through to 30 June 2020.

With effect from 27 June 2020, Crown Perth re-
commenced gaming activities and the operation of the 
majority of its food and beverage venues under temporary 
restrictions agreed with the Western Australian 
Government, including: 

•  capacity limits at each venue based on a prescribed 
maximum density of at least two square metres of 
space for each person; 

•  physical distancing between patrons at electronic 

gaming machines and electronic table games, including 
the deactivation of every second electronic gaming 
machine and electronic table game terminal;

•  restricting the number of players at table games; and 
•  enhanced hygiene protocols. 

Whilst only for a relatively short period of time, the initial 
trading performance at Crown Perth has been 
encouraging given the operating restrictions which remain 
in place, including physical distancing requirements, travel 
restrictions and limited product availability.

During the year, Crown Melbourne and Crown Perth 
qualified for the Commonwealth Government’s JobKeeper 
program. Through this program, Crown recorded  
$43.4 million in payroll subsidies relating to the period 
through to 30 June 2020 for employees that continued to 
work in either a full or partial capacity. In addition, Crown 
recorded $67.9 million in JobKeeper payments relating to 
the period through to 30 June 2020 on behalf of 
employees that were stood down which were paid in their 
entirety to Crown’s employees. 

During the mandated closure period, whilst Crown did  
not generate any gaming revenues, Crown continued to 
incur expenses to maintain its operations and corporate 
responsibilities. Crown has separately identified these 
costs in reporting its results for the full year ended 30 June 
2020.

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Crown Resorts Limited Annual Report 2020  
 
DiRectORS’ StAtutORy RePORt CONTINUED

Crown reported a consolidated net profit after tax (NPAT) 
attributable to the parent of $79.5 million for the 12 months 
ended 30 June 2020. Theoretical(1) EBITDA before Closure 
Costs(2) and Significant Items(3) was $503.8 million, down 
37.2%. Crown’s financial results reflected the impact of 
COVID-19 and the closure of its properties.

during the mandated closure of Crown Melbourne were 
$65.8 million for the year. These Closure Costs are net of 
$26.6 million in payroll subsidies under the 
Commonwealth Government’s JobKeeper program. 
Theoretical EBITDA after Closure Costs of $288.5 million 
was down 51.1% on the pcp.

Performance for the year  
ended 30 June 2020

Reported EBITDA

Reported NPAT attributable to Crown

Theoretical(1) EBITDA before Closure Costs(2) & 
Significant Items(3)

Theoretical(1) NPAT attributable to Crown 
before Closure Costs(2) & Significant Items(3)

$m

504.6

79.5

503.8

161.0

1  Theoretical results have been adjusted to exclude the impact of any 
variance from theoretical win rate on VIP program play. Theoretical 
results are a non-IFRS measure.

2  Closure Costs of $81.6 million (net of tax), include costs incurred 

during the mandated closure of Crown’s properties and investments, 
excluding costs in relation to hotel quarantine services and Crown’s 
Wagering & Online businesses. Closure Costs are a non-IFRS 
measure.

3  Significant Items of $78.7 million (net of tax) include the impairment of 
Crown Aspinalls, the impairment of Crown’s investment in Nobu, 
Crown Sydney pre-opening costs and costs related to the 
reassessment of DGN contingent consideration. Significant Items are 
a non-IFRS measure.

The activities and results of Crown’s operations are 
discussed in further detail below.

crown Melbourne

Theoretical revenue of $1,477.8 million was down 31.4% 
on the prior comparable period (pcp). 

Main floor gaming revenue was $890.6 million, down 
27.9% on the pcp, which comprises table games (non-
program play) revenue of $548.7 million (down 29.0% on 
the pcp) and gaming machine revenue of $341.9 million 
(down 26.1% on the pcp). 

Theoretical VIP program play revenue was $224.9 million, 
down 49.1% on the pcp, with turnover of $16.7 billion. 
Actual VIP program play revenue was $352.3 million, down 
22.4% on the pcp, with an above theoretical win rate on 
VIP program play turnover during the period.

Non-gaming revenue was $362.3 million, down 24.3% on 
the pcp. 

Overall hotel occupancy across Crown Melbourne’s three 
hotels was approximately 82%, with Crown Towers hotel 
occupancy 70.7%, Crown Metropol hotel occupancy 
86.8% and Crown Promenade hotel occupancy 87.5%. 
These rates include hotel rooms that were provided to the 
Victorian Government for the purpose of quarantining 
returned travellers.

Theoretical EBITDA before Closure Costs was  
$354.3 million, down 39.9% on the pcp. Costs incurred 

Reported EBITDA for the period was $381.8 million, down 
37.9% on the pcp. The reported EBITDA result takes into 
account the variance from the theoretical VIP program 
play result which had a positive EBITDA impact of  
$93.3 million. This compares to a positive EBITDA impact 
of $25.5 million in the pcp.

The overall theoretical operating margin before Closure 
Costs decreased from 27.3% to 24.0%. The decline in 
margin was largely due to the decline in revenues and an 
increase in labour costs over the period prior to closure.

crown Perth

Theoretical revenue of $613.3 million was down 23.3% on 
the pcp. 

Main floor gaming revenue was $344.6 million, down 
24.1% on the pcp, which comprises table games (non-
program play) revenue of $137.6 million (down 26.4% on 
the pcp) and gaming machine revenue of $207.0 million 
(down 22.6% on the pcp). 

Theoretical VIP program play revenue was $49.5 million, 
down 31.2% on the pcp, with turnover of $3.7 billion. 
Actual VIP program play revenue was $45.9 million, down 
45.6% on the pcp, with a below theoretical win rate on VIP 
program play turnover during the period.

Non-gaming revenue was $219.2 million, down 19.7% on 
the pcp. 

Overall hotel occupancy across Crown Perth’s three hotels 
was approximately 66%, with Crown Towers hotel 
occupancy 61.1%, Crown Metropol hotel occupancy 
68.8% and Crown Promenade hotel occupancy 70.2%. 
These rates include hotel rooms that were provided to the 
Western Australian Government for the purpose of 
quarantining returned travellers.

Theoretical EBITDA before Closure Costs was  
$161.8 million, down 27.1% on the pcp. Costs incurred 
during the mandated closure of Crown Perth were  
$19.7 million for the year. These Closure Costs are net of 
$16.8 million in payroll subsidies under the Commonwealth 
Government’s JobKeeper program. Theoretical EBITDA 
after Closure Costs of $142.1 million was down 36.0% on 
the pcp.

Reported EBITDA for the period was $154.2 million, down 
37.0% on the pcp. The reported EBITDA result takes into 
account the variance from the theoretical VIP program 
play result which had a positive EBITDA impact of  
$12.1 million. This compares to a positive EBITDA impact 
of $22.8 million in the pcp.

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The overall theoretical operating margin before Closure 
Costs decreased from 27.8% to 26.4%. The decline in 
margin was driven by soft revenues and increasing labour 
costs over the period prior to closure. 

crown Aspinalls 

Crown Aspinalls was negatively impacted by the 
challenging market conditions across the international VIP 
market globally as well as the closure of the property on 
20 March 2020.

Theoretical EBITDA before Closure Costs was a loss of 
$2.7 million. Costs incurred during the mandated closure 
of Crown Aspinalls were $1.2 million. These Closure Costs 
are net of $2.6 million in Coronavirus Job Retention 
Scheme payments under the employee retention scheme 
in operation in the UK. Theoretical EBITDA after Closure 
Costs was a loss of $3.9 million. 

Reported EBITDA for the period was $2.3 million, down 
58.7% on the pcp. The reported EBITDA result takes into 
account the variance from the theoretical VIP program 
play result which had a positive EBITDA impact of  
$6.2 million. This compares to a negative EBITDA impact 
of $0.7 million in the pcp.

crown Digital

Crown’s wagering and online social gaming operations 
comprise Betfair Australasia (a 100% owned, online 
betting exchange) and DGN Games (an 85% owned, 
online social gaming business).

Crown’s wagering and online social gaming operations 
continued to operate throughout the year.

EBITDA from Crown’s wagering and online social gaming 
operations was $34.7 million, up 32.9% on the pcp. The 
improved EBITDA result was driven by strong 
performances from both Betfair and DGN. 

impairments

At 30 June 2020, indicators of impairment were identified 
for the Crown Aspinalls cash generating unit. These 
indicators were considered in the re-forecast of cash flows 
of Crown Aspinalls, which were developed as part of the 
annual business plan presented to the Board in June 
2020. Based on the impairment testing undertaken, the 
recoverable amount of the Crown Aspinalls Cash 
Generating Unit (CGU) is $60.7 million (£33.8 million) as at 
30 June 2020. As a result of the carrying amount of the 
CGU exceeding its recoverable amount, Crown has 
reduced goodwill relating to the acquisition of Crown 
Aspinalls by $52.8 million (£29.3 million).

At 30 June 2020, indicators of impairment were identified 
for the Group’s investment in Nobu. These indicators were 
considered in the re-forecast of cash flows of Nobu, which 

were developed as part of the annual business plan 
presented to the Board in June 2020. Based on the 
impairment testing undertaken, the recoverable amount of 
the Group’s investment in Nobu is $121.2 million as at  
30 June 2020. As a result of the carrying amount of the 
investment exceeding its recoverable amount, Crown 
reduced the carrying amount of the investment in Nobu by 
$21.7 million.

corporate costs

Corporate Costs before Significant Items during the year 
were $64.9 million, $23.2 million above the pcp. The 
increase in Corporate Costs was driven by an increase in 
insurance costs and costs associated with regulatory 
inquiries, whilst prior year Corporate Costs included 
certain one-off benefits. In addition, during the period 
Crown provided support for Australians impacted by the 
summer bushfires.

The above Corporate Costs before Significant Items of 
$64.9 million includes $20.6 million of costs incurred 
during the mandated closure of Crown’s properties.

Corporate Costs are expected to be higher next year as a 
result of the full year impact of the increase in insurance 
costs.

cash Flow, Debt and capital Management

Net operating cash flow for the period of $326.9 million 
compared to net operating cash flow of $778.1 million in 
the pcp. Other material cash flow items incurred during 
the period included capital expenditure of $746.2 million, 
which includes the acquisition of the Schiavello Group’s 
50% ownership interest in the One Queensbridge 
development site as well as all pre-development assets for 
approximately $80 million, Crown’s continued investment 
in the development of Crown Sydney and dividend 
payments of $406.2 million. 

In November 2019, Crown redeemed its Australian 
Medium Term Notes, which reduced Crown’s gross debt 
by approximately $259 million. In April 2020, Crown 
entered into new bilateral facilities with relationship banks 
for a total of $560 million, with a mix of two and four year 
maturities.

At 30 June 2020, Crown’s net debt position was  
$891.5 million (excluding working capital cash of $48.4 
million). This consisted of total debt of $1,130.0 million and 
cash (excluding working capital cash) of $238.5 million.

Given the uncertainty surrounding the ongoing closure of 
Crown Melbourne, Crown secured agreement from its 
lenders for a waiver of banking covenants in relation to the 
31 December 2020 testing date. No waiver was required 
for the 30 June 2020 testing date.

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Crown Resorts Limited Annual Report 2020  
 
DiRectORS’ StAtutORy RePORt CONTINUED

At 30 June 2020, total liquidity, excluding working capital 
cash, was $639.8 million, represented by $238.5 million in 
available cash and $401.3 million in committed undrawn 
facilities.

Subsequent to 30 June 2020, Crown executed  
a $450 million project finance facility to support the 
continuation of the construction of Crown Sydney.

Net interest expense for the period was minimal, which 
compared to a net interest expense of $10.1 million in the 
pcp. The reduction in net interest expense reflects the 
increased capitalised interest associated with the 
construction of the Crown Sydney project.

Theoretical income tax expense before Closure Costs and 
Significant Items was $71.6 million, $90.4 million below the 
pcp.

Business Strategies

Crown’s strategic plan is to focus on the following key 
objectives:

•  recovering from the impact of COVID-19, including 

through:
–   the resumption of operations with strict adherence 

to approved physical distancing and hygiene 
protocols;

–   returning to a profitable operation and improving the 
underlying performance of Crown Melbourne, Crown 
Perth and Crown Aspinalls, including through 
investments to stimulate visitation and spend as well 
as through the management of costs; and

–   effective engagement with employees;

•  delivering the Crown Sydney project on time and on 

budget and commencing operations;

•  continuing to explore ways to enhance Crown’s 

compliance and governance processes, including with 
respect to matters the subject of the ILGA Inquiry;

•  continuing to grow and create value from Crown Digital;
•  supporting the operations of Crown’s other equity 

accounted investments to enhance their performance; 

•  continuing to deliver returns to shareholders;
•  continuing to proactively engage with relevant 

stakeholders, including regulators, law enforcement 
agencies and the community; and

•  maintaining an appropriate and efficient capital 

structure.

Business Risks

Crown has established a risk management framework, 
using the model outlined in AS/NZS ISO 31000:2018 Risk 
Management – Guidelines, for the oversight and 
management of material business risks. It has adopted a 
formal Risk Management Policy and articulated its Risk 
Appetite. Risk management is an integral part of the 
industry in which Crown operates.

Management is charged with monitoring the effectiveness 
of Crown’s risk management systems and is required to 
report to the Board through the Risk Management 
Committee.

The Risk Management Committee administers the Risk 
Management Policy and monitors management’s 
performance against the risk management framework, 
including whether it is operating within the Risk Appetite 
set by the Board.

Various risks, some of which are beyond Crown’s 
reasonable control, could have a material impact on the 
achievement of Crown’s business strategies and future 
prospects. These risks, together with the mitigating 
strategies, are summarised below. The risks presented 
below are not intended as an exhaustive list of all the risks 
and uncertainties associated with Crown’s businesses.

As noted in the Review of Operations section of this 
Report, the COVID-19 pandemic has had a significant 
impact on Crown, with relevant State and Federal 
Governments directing Crown to modify its operating 
conditions and mandating closures from 20 March 2020 
for Crown Aspinalls and 23 March 2020 for Crown 
Melbourne and Crown Perth.  Having regard to the 
impacts of COVID-19 on Crown, the Board directly, and 
through the Risk Management and Occupational Health 
and Safety Committees, has monitored and overseen 
Crown’s response to the pandemic. The future impacts of 
COVID-19 on Crown and its operations, including the 
severity and duration, remain uncertain.

Additional risks and uncertainties not presently known to 
management and the Board, or that management and the 
Board currently believe to be immaterial or manageable, 
may also adversely impact Crown.

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Material Business Risks

Mitigation Strategies

Legal and Regulatory Compliance

Crown operates in a highly regulated industry and is 
subject to regulatory approvals in the jurisdictions in 
which it conducts gaming operations.

Systematic and/or serious breaches of legal or 
regulatory requirements may result in enforcement 
action or ultimately loss of licence in jurisdictions in 
which Crown has activities. This may have an adverse 
impact on Crown’s operational and financial 
performance.

Legal and Regulatory Changes 

Crown operates in a highly regulated industry and is 
subject to regulatory approvals in the jurisdictions in 
which it conducts gaming operations. Crown’s 
operations, financial performance and future prospects 
are dependent on the legal and regulatory frameworks 
in which it operates.

Legislative and regulatory changes may have an 
adverse impact on Crown’s operational and financial 
performance.

Reputation

Negative publicity of Crown may have an adverse 
impact on Crown’s operational and financial 
performance.

Crown has in place legal, governance and compliance 
frameworks at each of its operations and continuously monitors 
its legislative and regulatory requirements in the jurisdictions in 
which it operates.

In addition, Crown’s internal control framework is designed to 
ensure effectiveness of, and compliance with, relevant legislative 
and regulatory requirements.

Crown provides relevant employees and contractors with 
training on Crown’s compliance obligations, policies and 
procedures (where applicable).

Crown will shortly commence the progressive implementation of 
its Joint AML/CTF Program and its associated AML/CTF 
Framework to align the processes across Crown’s Australian 
Resorts.

Crown obtains legal advice in appropriate circumstances and 
jurisdictions as required.

Internal audit periodically reviews the effectiveness of the 
controls and processes in place to manage Crown’s compliance 
frameworks and the overall internal control framework.

Crown engages external consultants from time to time to review 
and advise on components of its legal, governance and 
compliance frameworks.

Crown proactively engages with relevant stakeholders and has 
in place legal, governance and compliance frameworks at each 
of its operations.

Crown monitors for legislative and regulatory changes on an 
ongoing basis.

From time to time, Crown makes submissions relating to 
proposed legislative and regulatory changes which may impact 
the Crown group.

Crown provides relevant employees and contractors with 
training on legislative and regulatory changes (where applicable).

Crown has in place legal, governance and compliance 
frameworks at each of its operations and provides relevant 
employees and contractors with training on Crown’s compliance 
obligations, policies and procedures (where applicable).

Crown’s Australian resorts have in place the following set of 
values which apply across the properties:
•  we act respectfully;
•  we are passionate;
•  we work together; and
•  we do the right thing.
In addition, Crown proactively engages with key stakeholders, 
including relevant regulators and governments.

Crown has in place business and contingency planning 
processes, including corporate and communication crisis 
planning.

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Crown Resorts Limited Annual Report 2020  
 
DiRectORS’ StAtutORy RePORt CONTINUED

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Material Business Risks

External Events

Unfavourable changes in local and international 
economic conditions and other events outside of the 
control of Crown, including pandemics and natural 
disasters, may have an adverse impact on Crown’s 
customers and employees, and operational and 
financial performance.

Relationships with Key Stakeholders

A breakdown in Crown’s relationships with key 
stakeholders, including regulators and governments, 
may have an adverse impact on Crown’s operational 
and financial performance.

Terrorism

Mitigation Strategies

Crown has in place strategic, business and contingency 
planning processes and proactively engages with relevant 
stakeholders as required.

Crown also reviews and manages its capital structure 
conservatively.

Crown proactively engages with relevant stakeholders and has 
in place legal, governance and compliance frameworks at each 
of its operations.

As Crown’s properties are places where large crowds 
may congregate, they may be the target of a terrorist 
attack or the calculated use or threat of violence. 

Crown has in place security and surveillance technology and 
procedures at each of its properties which monitor for 
suspicious behaviours. 

Any such event may have an adverse impact on 
Crown’s customers, employees and operational and 
financial performance.

Litigation

Any potential material litigation brought against Crown 
by third parties may have an impact on Crown’s 
financial performance.

Data Security

Crown maintains confidential customer and 
commercially sensitive data. 

The leak or unauthorised use of confidential customer 
and commercially sensitive data may have an adverse 
impact on Crown’s operational and financial 
performance.

Crown considers and updates its terrorism deterrent measures 
as appropriate.

In addition, Crown has a framework in place for responding to 
major incidents and works with key law enforcement agencies 
for coordinated and rapid responses.

Crown proactively monitors and responds to legal issues and 
engages legal advisors as required.

In addition, Crown has in place legal, governance and 
compliance frameworks at each of its operations which are 
supported by insurance programs as appropriate.

Crown has in place IT policies, procedures and training 
programs which are further supported by a cyber security 
program. 

Crown also has in place legal and compliance frameworks at 
each of its operations and confidentiality arrangements in place 
with its employees and contractors.

In addition, Crown has adopted a management framework for 
responding to data breach incidents, should they occur.

Volatility of Gaming Revenue

Crown’s gaming operations may experience variations 
from theoretical win rates due to the element of 
chance in gaming activities. 

Crown monitors and reviews its gaming businesses and reports 
on the basis of its actual and long-term theoretical win rates in 
its results.

Sustained unfavourable variations in the actual win rate 
compared to the theoretical win rate would be likely to 
have an adverse impact on Crown’s financial 
performance.

Third Party Default

The potential material default by those with whom 
Crown has a business relationship may have an 
adverse impact on Crown’s financial performance.

46

Crown has in place credit approval and recovery processes and 
procedures.

Crown has an allowance for expected credit loss which is 
monitored on an ongoing basis and is recognised within the 
Groups audited financial statements. The allowance is 
considered a Key Audit Matter in the Independent Auditor’s 
Report.

 
 
Significant changes in State of Affairs

Some of the significant changes in the state of affairs of 
the consolidated group since 1 July 2019 include:

cOViD-19

The COVID-19 pandemic has had a significant impact on 
Crown. In particular, relevant State and Federal 
Governments directed Crown to modify its operating 
conditions and ultimately suspend its gaming activities and 
other non-essential services in response to the COVID-19 
pandemic. The Government mandated closures were 
effective from 20 March 2020 for Crown Aspinalls and 23 
March 2020 for Crown Melbourne and Crown Perth.

Crown made a number of announcements in relation to 
the impacts of COVID-19, including:

•  the stand down, on either a full or partial basis, of 

approximately 95% or 11,500 of its employees at Crown 
Melbourne and Crown Perth;  

•  Crown’s Chief Executive Officer and Managing Director 

and certain other members of Crown’s senior 
management took a 20% reduction in fixed 
remuneration from 16 April to 30 June 2020; 

•  Crown’s Non-executive Director fees were reduced by 

20% from 16 April to 30 June 2020; and

•  the F20 interim dividend payment date was deferred 

from 3 April 2020 to 17 April 2020.

On 27 June 2020, Crown Perth re-commenced operations 
of its casino and gaming floor food and beverage outlets 
under temporary restrictions agreed with the Western 
Australian Government.

Based on current trading levels, Crown Perth is not 
expected to qualify for the JobKeeper program beyond 27 
September 2020. However, at the date of this Report, it is 
expected that Crown Melbourne will continue to qualify for 
the JobKeeper program beyond 27 September 2020 given 
the continued closure of that property. 

The future impacts of COVID-19 on Crown and its 
operations remain uncertain.

Other Significant transactions and Matters

•  On 8 August 2019, Crown was informed by the New 

South Wales Independent Liquor and Gaming Authority 
(ILGA)  that it would be conducting an inquiry under 
s143 of the Casino Control Act 1992 (NSW) (Inquiry). 
The Terms of Reference in relation to the Inquiry were 
subsequently released on 29 August 2019. The 
Victorian Commission for Liquor and Gambling 
Regulation also announced it would re-examine issues 
relating to Crown Melbourne that were reported in the 
media in mid-2019. 

•  On 19 August 2019, Crown announced that it had 

settled its dispute with Infrastructure New South Wales 
(formerly the Barangaroo Delivery Authority) in 

connection with the Crown Sydney Hotel Resort, the 
terms of which are confidential. The outcome of the 
settlement provides for the retention of the sight lines 
across Central Barangaroo from the Harbour Bridge to 
the Sydney Opera House.

•  On 29 August 2019, Crown announced that it had been 
informed that CPH Crown Holdings Pty Limited and 
Melco Resorts & Entertainment Limited had agreed to 
amend the Share Sale Agreement in relation to the sale 
of 19.99% of the issued capital of Crown to Melco 
Resorts & Entertainment Limited which had previously 
been entered into on 31 May 2019. On 7 February 
2020, Crown subsequently announced that it had been 
informed that CPH Crown Holdings Pty Limited and 
Melco Resorts & Entertainment Limited had entered 
into a deed to terminate the obligations under the Share 
Sale Agreement regarding completion of the sale of the 
second tranche of Crown Shares.

•  On 17 October 2019, Crown announced that it had 

reached a confidential settlement agreement with the 
Australian Taxation Office in relation to the tax dispute 
which was before the Federal Court and the 
Administrative Appeals Tribunal on the tax treatment of 
some of the financing for Crown’s investment in 
Cannery Casino Resorts in North America for the 
financial years ended 30 June 2009 to 30 June 2016 
and related issues arising in respect of the financial 
years ended 30 June 2015 to 30 June 2018.

•  On 8 November 2019, Crown announced that it had 

completed the purchase of the Schiavello Group’s 50% 
interest in the One Queensbridge development site as 
well as all pre-development assets.

•  On 16 April 2020, Crown announced that it had entered 
into new bilateral facilities with relationship banks for a 
total of $560 million.

•  On 29 April 2020, Crown announced that it had been 
informed that an entity owned by funds managed or 
advised by The Blackstone Group Inc. and its affiliates 
had purchased 67,675,000 shares in Crown, 
representing 9.99% of the issued capital of Crown, 
from Melco Resorts & Entertainment Limited at a price 
of $8.15 per share.

•  On 24 June 2020, Crown announced that it had been 
informed by the NSW Independent Liquor and Gaming 
Authority that it would be resuming its inquiry under 
section 143 of the Casino Control Act 1992 (NSW), 
which had been deferred on 3 April 2020.  Revised 
Terms of Reference in relation to the Inquiry were also 
published on 24 June 2020.  Crown will continue to fully 
co-operate in relation to the Inquiry.

Board and Senior executive changes

•  On 24 October 2019, Crown announced that Geoffrey 

Dixon retired as a Director of Crown.

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Crown Resorts Limited Annual Report 2020  
 
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•  On 24 January 2020, Crown announced the following 

•  On 15 August 2020, gaming activities re-commenced at 

Board and Senior Executive Changes:
–   The Honourable Helen Coonan had been appointed as 

Chairman of Crown;

–   Professor John Horvath AO had been appointed as 

Deputy Chairman of Crown;

–   Ken Barton, Crown’s Chief Financial Officer, had been 
appointed as Managing Director and Chief Executive 
Officer of Crown, with the position of Managing Director 
becoming effective on 3 March 2020 following the 
receipt of necessary regulatory approvals; 

–   John Alexander had stepped down as Executive 

Chairman of Crown and, to assist with the transition of 
the Chair and Chief Executive Officer roles, would 
remain as an Executive Director of Crown for a term of 
12 months; and

–   the Crown Melbourne Limited, Crown Sydney Gaming 
Pty Ltd and Burswood Limited Boards had separately 
appointed a Non-executive Director as Chair to each 
of those Boards.  Andrew Demetriou was appointed 
as Chair of Crown Melbourne Limited, Jane Halton AO 
PSM was appointed as Chair of Crown Sydney 
Gaming Pty Ltd and John Poynton AO was appointed 
as Chair of Burswood Limited.

•  On 13 March 2020, Crown announced that Alan 

McGregor had been appointed as the Chief Financial 
Officer of Crown, subject to the receipt of any necessary 
regulatory approvals. Mr McGregor’s appointment 
became effective on 20 August 2020.

Significant events After Balance Date

•  On 27 July 2020, the Inquiry recommenced public hearings. 

Pursuant to a revised Instrument of Appointment, the 
Honourable Patricia Bergin SC (Commissioner) has been 
appointed to, among other things, consider (i) whether 
Crown remains suitable to hold a restricted gaming licence 
in New South Wales and (ii) the efficacy of the primary 
objects of the Casino Control Act 1992 (NSW). The 
Commissioner has been instructed to report her findings to 
ILGA by 1 February 2021.

•  Subsequent to 30 June 2020, Crown executed a $450 

million project finance facility to support the continuation 
of the construction of Crown Sydney with three 
relationship banks. Post execution, Crown drew down 
$226.5 million from this facility. At the date of this Report, 
the majority of this amount is held as cash and cash 
equivalents. This project finance facility is secured by 
certain property, plant and equipment and will mature in 
December 2021. This facility is expected to be fully 
retired by the proceeds of the apartment sales.

•  Having regard to the impact on Crown’s businesses from 
the mandatory closures and the uncertainty surrounding 
the resumption of trading at Crown Melbourne, the Board 
determined not to declare a final dividend on ordinary 
shares. Consistent with the Board approved Dividend 
Policy, future dividends will be subject to the Board’s 
assessment of Crown’s financial position at the 
appropriate time.

Crown Aspinalls.

•  On 19 August 2020, Crown announced that the Board 
had approved the appointment of KPMG as Crown’s 
statutory auditor from the financial year beginning  
1 July 2020, following completion of a competitive tender 
process. The appointment remains subject to the receipt 
of shareholder and regulatory approvals, with 
shareholder approval to be sought at Crown’s 2020 
Annual General Meeting.

environmental Regulation

The National Greenhouse and Energy Reporting Act 2007 
(NGER Act) established a mandatory reporting system for 
corporate greenhouse gas emissions and energy 
production and consumption. Crown is required to report 
emissions under the NGER Act. Relevant reports have been 
submitted during the year.

Key features of the NGER Act include:

•  reporting of greenhouse gas emissions, energy 

consumption and production by large corporations;
•  corporate level public disclosure of greenhouse gas 

emissions and energy information; and

•  providing consistent and comparable data for decision 

making.

Under the Western Australian Water By-laws legislation, 
Crown Perth is required to complete annual water 
management assessments and submit water efficiency 
management plans. Relevant reports have been submitted 
during the year.

Environmental issues are important to Crown and it has 
taken a number of initiatives in this regard. 

Crown acknowledges the potential impact climate change 
and extreme weather events could have on its operations 
and its longer-term sustainability. This strategic 
consideration has been an area of focus for Crown. 

A review of Crown’s climate related risks is underway having 
regard to the recommendations set out by the Task Force 
on Climate-related Financial Disclosures (TCFD). 

Likely Developments

crown Sydney Project

The Crown Sydney Hotel Resort is in the final stages of 
construction with the 275 metre tower reaching the 
significant “Topping Out” milestone in May 2020, marking 
the completion of vertical construction. Construction of the 
hotel guestrooms and suites located on floors 6-23 are 
substantially complete. The podium structure and façade are 
complete with interior fit out well advanced across all areas.

The residential component of the project, “One Barangaroo”, 
which is located in the upper portion of the tower, is 
progressing on schedule with the first residents scheduled 
to move into the building in March 2021.

With over 1,400 workers on site finalising the project, the 
hotel resort remains on schedule to open progressively from 

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December 2020. Recruitment activities are underway for the 2,000 people expected to be employed at Crown Sydney once it is fully 
operational, who will help bring Crown Sydney to life.

Crown has invested approximately $1.7 billion into the Crown Sydney project to date. The total project cost remains unchanged, with 
the gross project cost expected to be approximately $2.2 billion and the net project cost expected to be approximately $1.4 billion.

One Queensbridge Development Site

Crown holds a 100% ownership interest in the One Queensbridge development site, following the completion of the purchase 
of the Schiavello Group’s 50% ownership interest in November 2019.

The One Queensbridge development site is strategically located adjacent to the Crown Melbourne entertainment complex 
and Crown will continue to assess the various options for the site. The One Queensbridge site could accommodate a fourth 
Crown hotel which would deliver significant economic and tourism benefits to Victoria, including additional employment and 
training opportunities.

Other than the developments described in this Report, the Directors are of the opinion that no other matter or circumstance 
will significantly affect the operations and expected results for the Crown group.

Dividends and Distributions
interim Dividend: Crown paid an unfranked interim dividend of 30 cents per ordinary share on 17 April 2020. The unfranked 
dividend was paid from conduit foreign income. 

Final Dividend: The Directors of Crown have not declared a final dividend having regard to the impact on Crown’s businesses 
from the COVID-19 mandated closures and the uncertainty surrounding the resumption of trading at Crown Melbourne.

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Interim Dividend paid

Final Dividend

Total

Dividend per share

$

30.0 cents per share

203,147,481.30

-

-

30.0 cents per share

203,147,481.30

On 4 October 2019, Crown paid shareholders a final dividend in respect of the 2019 financial year of $203.1 million.

Directors and Officers
Director Details

Set out below are the names of each person who has been a Director of Crown during or since year end and the period for 
which they have been a Director. There are currently eleven Directors.

Name

The Honourable Helen Anne Coonan

Professor John Stephen Horvath AO

Kenneth McRae Barton

John Henry Alexander

Andrew Demetriou

Geoffrey James Dixon

Jane Halton AO PSM

Guy Jalland

Michael Roy Johnston

Antonia Korsanos

Harold Charles Mitchell AC

John Hartley Poynton AO

Date Appointed

Date ceased

2 December 2011

9 September 2010

3 March 2020

6 July 2007

29 January 2015

6 July 2007

23 May 2018

16 April 2018

6 July 2007

23 May 2018

10 February 2011

20 November 2018

24 October 2019

At Crown’s 2019 Annual General Meeting, John Poynton AO, Helen Coonan, Andrew Demetriou and Harold Mitchell AC 
stood for election/re-election as Directors. Each Director was elected/re-elected at that meeting.

On 3 March 2020, the appointment of Ken Barton as Managing Director of Crown became effective following the receipt of all 
necessary regulatory approvals.

The details of each Director’s qualifications and experience as at the date of this Report are set out below.

Details of all directorships of other Australian listed companies held in the three years before the end of the financial year have 
been included.

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Crown Resorts Limited Annual Report 2020  
 
DiRectORS’ StAtutORy RePORt CONTINUED

The Honourable Helen A Coonan, 
BA, LLB  
Chairman

Professor John S Horvath AO,  
MB, BS (Syd), FRACP, FAAHMS, 
FRCPA (Hons) 
Deputy Chairman

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The Honourable Helen Coonan is the 
Chairman of Crown having been 
appointed in January 2020.

Ms Coonan has had an extensive 
professional career in leadership positions 
that spans service to the Australian 
Parliament as Senator for New South 
Wales from 1996 to 2011, practise of the 
law and experience as a company 
director and adviser in a number of 
corporate roles.

Ms Coonan holds Bachelor of Arts and 
Bachelor of Laws degrees from the 
University of Sydney. Prior to entering 
Parliament, she worked as a lawyer 
including as principal of her own legal 
firm, as a partner in law firm Gadens, as a 
commercial Barrister in Australia and as 
an Attorney in New York.

In Parliament, Ms Coonan served as the 
Deputy Leader of the Government in the 
Senate. She was appointed to Cabinet as 
the Minister for Communications, 
Information Technology and the Arts and 
was shareholder Minister for Telstra 
Corporation and Australia Post. She also 
served as the Minister for Revenue and 
Assistant Treasurer and had portfolio 

Professor John Horvath was the Australian 
Government Chief Medical Officer from 
2003 to 2009 and principal Medical 
Consultant to the Commonwealth 
Department until January 2016. He 
continued to advise the Department of 
Health and the School of Medicine, 
University of Sydney until 2014 and holds 
the position of Honorary Professor of 
Medicine.

Professor Horvath is a Fellow of the Royal 
Australasian College of Physicians and is a 
distinguished practitioner, researcher and 
teacher. Professor Horvath previously sat 
on the Board of the Garvan Research 
Foundation and was a Governor of the 
Centenary Institute of Medical Research 
until January 2016. He was a member of 
the Advisory Council to the Australian 
Organ and Tissue Donation Agency, the 
Finance and Administration Committee of 
the School of Medicine at the University of 
Sydney and the Ministerial Advisory 
Council to the Minister of Health.

Professor Horvath was previously Clinical 
Professor of Medicine at the University of 
Sydney. He is also known as a leader in a 
range of medical training and workforce 
organisations and is a former President of 

oversight of the Australian Taxation Office 
and the Australian Prudential Regulation 
Authority. She is the recipient of a 
Centenary Medal for service to the 
Australian Parliament.

Ms Coonan is Chair of the Australian 
Financial Complaints Authority (AFCA), 
Minerals Council of Australia (MCA), 
Placemaking NSW Advisory Committee, 
Supervised Investments Australia Limited, 
GRACosway (a subsidiary of the 
Clemenger Group) and a Non-executive 
Director of Australia Children’s Foundation 
(ACTF).  She is also a member of the J.P 
Morgan Advisory Council. 

Ms Coonan is Chair of the Crown Resorts 
Foundation.

Board committee memberships:
•  Chair of the Finance Committee
•  Member of the Corporate 
Responsibility Committee

Directorships of other Australian listed 
companies held during last three 
years:
•  HGL Limited from July 2019 to  

June 2020

the Australian Medical Council and the 
New South Wales Medical Board.

Professor Horvath is currently the Global 
Strategic Medical Advisor to the Chief 
Executive Officer of Ramsay Health Care, 
Group Chief Medical Officer of Ramsay 
Health Care and a Director of the Ramsay 
Hospital Medical Research Institute and 
the Gallipoli Medical Research 
Foundation.

Professor Horvath is a member of the 
International Advisory Board of the 
Australian Genetic Consortium.

Professor Horvath sits on the Crown 
Resorts Foundation Board.

Board and Board committee 
memberships:
•  Director of Crown Melbourne Limited
•  Chair of the Occupational Health and 

Safety Committee

•  Chair of the Responsible Gaming 

Committee

•  Member of the Corporate 
Responsibility Committee

•  Member of the People, Remuneration 

and Nomination Committee

 
 
Kenneth M Barton, BEc, CA, F FIN  
Chief Executive Officer and 
Managing Director

John H Alexander, BA  
Executive Director

Ken Barton was appointed as Crown’s 
Chief Executive Officer on 24 January 
2020 and Managing Director on 3 March 
2020. 

Mr Barton commenced his career with 
Crown as the Chief Financial Officer in 
March 2010. In February 2017, he was 
appointed as the Chief Executive Officer 
of Crown Digital, a role he fulfilled 
concurrently with his Chief Financial 
Officer responsibilities.  Mr Barton sits on 
the Crown Resorts Foundation Board.

Prior to joining Crown, Mr Barton held 
positions at Arthur Andersen and Pioneer 
International, before fulfilling the role of 
Chief Financial Officer of Boral Limited for 
seven years.

Mr Barton holds a Bachelor of Economics 
degree from the University of Sydney, is 
an Associate of the Institute of Chartered 
Accountants in Australia and a Fellow of 
the Financial Services Institute of 
Australia.  He also joined the Male 
Champions of Change program in 2017.

Board and Board committee 
memberships:

•  Director of Crown Melbourne Limited
•  Director of Crown Sydney Gaming Pty 

Ltd

•  Director of Burswood Limited (Crown 

Perth)

•  Member of the Investment Committee

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Before joining the PBL Group, Mr 
Alexander was the Editor-in-Chief, 
Publisher and Editor of The Sydney 
Morning Herald and Editor-in-Chief of The 
Australian Financial Review.

Directorships of other Australian listed 
companies held during the last three 
years:

•  Seven West Media Limited from May 

2013 to current

John Alexander is an Executive Director 
of Crown and is also a Non-executive 
Director of Seven West Media Limited. 

Mr Alexander was the Executive 
Chairman of Crown from February 2017 
to January 2020 and was the Deputy 
Chairman of Crown from 2007 to 
February 2017.

Mr Alexander was the Executive 
Chairman of Consolidated Media 
Holdings Limited (CMH) from 2007 to 
November 2012, when CMH was 
acquired by News Corporation.  Prior to 
2007, Mr Alexander was the Chief 
Executive Officer and Managing Director 
of Publishing and Broadcasting Limited 
(PBL) from 2004, the Chief Executive of 
ACP Magazines Limited from 1999 and 
PBL’s group media division comprising 
ACP Magazines Limited and the Nine 
Network from 2002.

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Crown Resorts Limited Annual Report 2020  
 
DiRectORS’ StAtutORy RePORt CONTINUED

Andrew Demetriou, BA, Dip. Ed 
Non-executive Director

Jane Halton AO PSM, BA (Hons) 
Psychology, FIML, FIPAA, NAM, Hon. 
FAAHMS, Hon. FACHSE, Hon. DLitt 
(UNSW) 
Non-executive Director

Andrew Demetriou was Chief Executive 
Officer of the Australian Football League 
(AFL) from 2003 until June 2014.

Prior to becoming Chief Executive Officer, 
Mr Demetriou served as AFL General 
Manager – Football Operations for three 
years, overseeing all aspects of the AFL 
competition. This followed a stint as head 
of the AFL Players Association when he 
was instrumental in establishing 
programs to look after players both 
during and after their playing careers.

Following an AFL playing career of 106 
games, Mr Demetriou was the Managing 
Director of the Ruthinium Group, a 
business importing acrylic teeth, growing 
the business significantly by expanding 
manufacturing and exports to  
70 countries worldwide and he currently 
remains a Board member.

Mr Demetriou is a Director of the 
Melbourne Sports Marketing firm, Bastion 
Group, Co-Chair of the National 
Basketball League (NBL) Advisory Board, 
Chairman and Non-Executive Director of 
Capitol Health Limited and Chairman of 
Board of Management, Cox Architecture.

Jane Halton’s 33 year career in the public 
service includes the positions of 
Secretary of the Australian Department of 
Finance, Secretary of the Australian 
Department of Health, Secretary for the 
Department of Health and Ageing and 
Executive Co-ordinator (Deputy 
Secretary) of the Department of the Prime 
Minister and Cabinet.

Ms Halton is a current Director of 
Australia and New Zealand Banking 
Group Limited, is the current Chair of 
Vault Systems and Council on the Ageing 
Australia and is the Chair and a Director 
of Coalition of Epidemic Preparedness 
Innovations (Norway).

Ms Halton’s other roles include Director of 
Clayton Utz, Member of the Executive 
Board of the Institute of Health Metrics 
and Evaluation at the University of 
Washington, Adjunct Professor of the 
University of Sydney and the University of 
Canberra and Council Member of the 
Australian Strategic Policy Institute.

Mr Demetriou also served as Non-
executive Chairman of the Baxter Group, 
a waste management group listed on 
ASX in 2003 with a market capitalisation 
of $40 million – the company was later 
sold to Transpacific for $260 million – and 
is a former Chairman of the Australian 
Multicultural Advisory Council.  He 
recently completed a two year term on 
the Australian Referendum Council for 
Indigenous recognition in the 
Constitution.

Board and Board committee 
memberships:

•  Chair of Crown Melbourne Limited
•  Member of the Responsible Gaming 

Committee

•  Member of the Risk Management 

Committee

Directorships of other Australian listed 
companies held during last three 
years:

•  Capitol Health Limited from November 

2014 to current

Ms Halton brings to the Board extensive 
experience in finance, risk management, 
information technology, human resources 
and public policy.  

Board and Board committee 
memberships:

•  Chair of Crown Sydney Gaming Pty 

Ltd

•  Chair of the Risk Management 

Committee

•  Member of the Audit and Corporate 

Governance Committee

Directorships of other Australian listed 
companies held during the past three 
years:

•  Australia and New Zealand Banking 
Group Limited from October 2016 to 
current

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Guy Jalland, LLB 
Non-executive Director

Michael R Johnston, BEc, CA  
Non-executive Director

Antonia Korsanos, BEc, CA, GAICD 
Non-executive Director

Guy Jalland is the Chief Executive Officer 
of Consolidated Press Holdings Pty 
Limited (CPH), having worked in the 
Consolidated Press Holdings and 
Publishing & Broadcasting Limited (PBL) 
groups since 1998.

In the past, Mr Jalland has held the role 
of Group General Counsel and Joint 
Company Secretary of CPH and PBL.

He has represented CPH as a Director 
on the boards of Consolidated Media 
Holdings Limited, Foxtel and Fox Sports.

Board committee memberships:

•  Chair of the Investment Committee

Michael Johnston is the Finance Director 
of Consolidated Press Holdings Pty 
Limited (CPH), having previously been an 
adviser to the Consolidated Press 
Holdings Group (CPH Group) for 
seventeen years. As Finance Director, Mr 
Johnston oversees a number of 
operational businesses within the CPH 
Group and its controlled associates. He 
was also the Chief Financial Officer of 
Ellerston Capital (a subsidiary of CPH) 
until 30 June 2008.

Prior to his appointment with the CPH 
Group, Mr Johnston was a senior partner 
in the Australian member firm of Ernst  
& Young. He was also on the Board of 
Partners of Ernst & Young, Australia.

Mr Johnston holds a Bachelor of 
Economics degree from Sydney 
University and is an Associate of the 
Institute of Chartered Accountants of 
Australia.

Board committee memberships:

•  Member of the Audit and Corporate 

Governance Committee

•  Member of the Finance Committee
•  Member of the Investment Committee
•  Member of the Occupational Health 

and Safety Committee

•  Member of the People, Remuneration 

and Nomination Committee

•  Member of the Risk Management 

Committee

Board and Board committee 
memberships:
•  Director of Crown Melbourne Limited
•  Chair of the Audit and Corporate 

Governance Committee

•  Member of the Finance Committee
•  Member of the Responsible Gaming 

Committee

•  Member of the Risk Management 

Committee

Directorships of other Australian listed 
companies held during the past three 
years:
•  Webjet Limited from June 2018 to 

current 

•  Treasury Wine Estates Limited April 

2020 to current

•  Ardent Leisure Group Limited from 

July 2018 to June 2020

Antonia Korsanos was the Chief Financial 
Officer (2009 to 2018) and Company 
Secretary (2011 to 2018) of Aristocrat 
Leisure Limited.  She has over 25 years’ 
experience in financial and general 
management at companies including 
Kellogg’s Australia and New Zealand, 
Goodman Fielder Limited and Coopers & 
Lybrand in Sydney.

Mrs Korsanos brings to the Board 
extensive experience in the gaming 
industry and experience in the areas of 
technology, finance, strategy, mergers 
and acquisitions, risk management and 
financial and regulatory compliance.

Mrs Korsanos has a Bachelor of 
Economics (Accounting & Finance) from 
Macquarie University, is a Member of the 
Institute of Chartered Accountants and is 
a Graduate of Australian Institute of 
Company Directors (GAICD).  Mrs 
Korsanos is also a Member of Chief 
Executive Women, a Non-executive 
Director of Webjet Limited and Treasury 
Wine Estates Limited and former 
Non-executive Director of Ardent Leisure 
Group Limited. 

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Crown Resorts Limited Annual Report 2020  
 
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Harold C Mitchell AC  
Non-executive Director

John Poynton AO, BCom, Hon 
DCom, FAICD, SF FIN (LIFE), FAIM 
Non-executive Director

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benefactor and fundraiser in support of 
artistic and cultural endeavour.

Mr Mitchell was appointed Companion of 
the Order of Australia in 2010 for eminent 
service to the community through leadership 
and philanthropic endeavours in the fields of 
art, health and education and as a supporter 
of humanitarian aid in Timor-Leste and 
Indigenous communities.

In December 2011, Mr Mitchell was 
awarded an Honorary Doctorate – Doctor of 
Business Honoris Causa, by RMIT 
University.

Mr Mitchell was awarded the Victorian 
Australian of the Year for 2013.

In August 2013, Mr Mitchell was appointed 
Adjunct Professor, School of Humanities 
and Communications Arts, University of 
Western Sydney.

In December 2014, Melbourne University 
conferred on him an honorary degree of 
Doctor of Laws.

Mr Mitchell sits on the Crown Resorts 
Foundation Board.

Board committee memberships:
•  Chair of the Corporate Responsibility 

Committee

•  Chair of the People, Remuneration 

and Nomination Committee

Mr Poynton is a past recipient of a 
Western Australian Citizen of the Year 
award in the Industry and Commerce 
category. 

Board and Board committee 
memberships:

•  Chair of Burswood Limited (Crown 

Perth)

•  Member of the Occupational Health 

and Safety Committee

Directorships of other Australian listed 
companies held during the past three 
years:

•  Strike Energy Limited from April 

2017 to current

Harold Mitchell is the founder of Mitchell & 
Partners and until August 2013 was 
Executive Chairman of Aegis Media, 
Australia and New Zealand. Since he started 
Mitchell & Partners in 1976, the company 
has evolved to become the largest media 
and communications group in Australia 
today.

In December 2000, Mr Mitchell launched the 
Harold Mitchell Foundation which distributes 
funds between health and the arts.  Mr 
Mitchell is the Chairman of the Harold 
Mitchell Foundation.

Mr Mitchell holds a large number of 
community roles including Chairman of The 
Florey Institute of Neuroscience and Mental 
Health, Board member of New York 
Philharmonic and Chairman of Australia-
Indonesia Centre.

Previously Mr Mitchell was a Board Member 
and Vice President of Tennis Australia, 
Chairman of FreeTV Australia, the 
Melbourne Symphony Orchestra, Art 
Exhibitions Australia, TVS and University of 
Western Sydney’s television service for 
Greater Sydney. Mr Mitchell was also the 
Chairman of the Victorian Premier’s Job and 
Investment Panel.

In 2003, Mr Mitchell delivered the Andrew 
Olle Memorial Lecture on Media. In January 
2004, he was awarded the Officer of the 
Order of Australia for his services as a 

John Poynton is a Director of the Future 
Fund Board of Guardians (Australia’s 
sovereign wealth fund). He is also the 
Chair of Strike Energy Limited, Deputy 
Chair of Sapien Cyber Limited and 
Co-Founder and Chair of Poynton 
Stavrianou.

Mr Poynton has previously served as 
Chairman, Deputy Chairman or Non-
Executive Director of a number of ASX 
Listed companies, Federal Government 
boards and education institutions. These 
include the Export Finance and Insurance 
Corporation, the Payments System Board 
of the Reserve Bank of Australia and the 
Business School at the University of 
Western Australia.   

Mr Poynton was the Chair of the Council 
of Christ Church Grammar School 
between 2014 and 2018 and a member 
of the Advisory Board of the Security 
Research Institute at Edith Cowan 
University. 

 
 
company secretary details

Mary Manos, LLB (Hons), BCom, GAICD 
General Counsel and Company 
Secretary

Other officer details

Barry Felstead 
Chief Executive Officer –  
Australian Resorts

Alan F McGregor, BCom, CA 
Chief Financial Officer 

W Todd Nisbet, BSc 
Executive Vice President –  
Strategy and Development

Mary Manos is Crown’s General Counsel and Company Secretary.  Ms Manos is also 
Secretary of Crown Melbourne Limited, Crown Sydney Gaming Pty Ltd, Burswood 
Limited and Crown Resorts Foundation Limited.

Ms Manos was formerly Senior Legal Counsel for Crown and joint Company 
Secretary.  Ms Manos was appointed joint Company Secretary in April 2008.

Prior to joining Crown, Ms Manos was a Senior Associate in a Melbourne law firm, 
specialising in mergers and acquisitions and corporate law.

Ms Manos holds Bachelor of Laws (Hons) and Bachelor of Commerce degrees from 
the University of Melbourne.

She is also a Graduate of the Australian Institute of Company Directors.

Barry Felstead has been Chief Executive Officer - Australian Resorts since August 
2013. Mr Felstead sits on the Crown Melbourne Limited and Burswood Limited 
(Crown Perth) Boards. 

Prior to August 2013, Mr Felstead was Chief Executive Officer of Crown Perth 
(formerly Burswood Entertainment Complex) since March 2007, after holding the 
position of Chief Operating Officer - Gaming of Crown Perth from 2005. Mr Felstead 
has held multiple management positions at Crown Melbourne.

Mr Felstead is Chairman of FutureNow, a Board member of Burswood Park Board, 
Alumni of Celebrate WA and a Board Member of Australasian Gaming Council (AGC).

Alan McGregor was appointed to the role of Chief Financial Officer of Crown with effect 
from 20 August 2020. 

Mr McGregor has a strong casino background, having first joined Crown in April 2005 as 
General Manager Corporate Services at Crown Perth (formerly Burswood Entertainment 
Complex) and progressing to the role of Chief Financial Officer of Crown Perth in 2007.  
Mr McGregor then moved to Melbourne in April 2013 to assume the role of Chief Financial 
Officer – Crown Melbourne, before taking the collective role of Chief Financial Officer 
– Australian Resorts which he held from August 2014 until his most recent appointment in 
August 2020.

Prior to joining Crown, Mr McGregor worked for SKYCITY Entertainment Group for seven 
years in various finance roles.

Mr McGregor is a Council Member of Crown College Institute of Higher Education, holds a 
Bachelor of Commerce from the University of Auckland and is a member of Chartered 
Accountants of Australia and New Zealand.

With over 30 years’ experience in the design, construction, and financing of integrated 
resorts, Mr Nisbet joined Crown in 2007 and is responsible for all project development at 
Crown. 

Mr Nisbet has represented Crown as a Director on the board of Melco Crown 
Entertainment, Studio City International Holdings, and Melco Crown (Philippines) Resorts 
Corporation and is licensed in numerous gaming jurisdictions.   

Prior to joining Crown, Mr Nisbet was one of the original founding members of the Wynn 
Resorts management team holding the position of Executive Vice President – Project 
Director for Wynn Design and Development, a development subsidiary of Wynn.  Serving 
this role with Wynn, he was responsible for all project development and construction 
operations in Las Vegas and Macau. 

Prior to joining Wynn, Mr Nisbet was the Vice President of Operations for Marnell Corrao 
Associates at which time he was responsible for managing various aspects of the 
construction of some of Las Vegas’ most elaborate and industry-defining properties.

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Crown Resorts Limited Annual Report 2020  
 
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Relevant Interests of Directors

Details of relevant interests of current Directors in Crown shares as at 30 June 20201 were as follows:

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Director

The Hon. Helen Coonan

Professor John Horvath AO

Ken Barton

John Alexander

Andrew Demetriou

Jane Halton AO PSM

Guy Jalland

Michael Johnston

Antonia Korsanos

Harold Mitchell AC

John Poynton AO

total number of 
ordinary shares

total number of 
options

10,000

-

143,128

399,557

-

948

-

-

10,000

114,887

1,000

-

-

3,000,0002 

5,000,000

-

-

-

-

-

-

-

1    For more information on relevant interests of current Directors, please refer to the Remuneration Report.

2.   As at 30 June 2020, Ken Barton also had a relevant interest in 8,513,980 ordinary shares in Crown Digital Holdings Pty Ltd (a wholly owned subsidiary  

of Crown).

Other than in connection with Crown’s 2017 Senior Executive Incentive Plan which is described in the Remuneration 
Report, no Crown Director is party to any contract which would give that Director the right to call for the delivery of shares 
in Crown.

56

 
 
Board and Committee Meetings

Set out below are details of the number of Board meetings and Committee meetings held by Crown during the 2020 
financial year together with each Director’s attendance details.

Audit and 
Corporate 
Governance 
Committee 
Meetings

Corporate 
Responsibility 
Committee 
Meetings

People, 
Remuneration  
and Nomination 
Committee 
Meetings

Occupational 
Health 
 and Safety 
Committee  
Meetings

Responsible 
Gaming 
Committee 
Meetings

Risk Management 
Committee 
Meetings

Board  
Meetings

Held

Attended

Held

Attended

Held

Attended

Held

Attended

Held

Attended

Held

Attended

Held

Attended

H A Coonan1

J S Horvath AO2

K M Barton3

J H Alexander4

A Demetriou5 

G J Dixon6 

S J Halton AO PSM7

G Jalland

M R Johnston8 

A Korsanos9

H C Mitchell AC10

J Poynton AO11

20

20

12

20

20

5

20

20

20

20

20

20

20

19

12

18

20

5

20

19

19

20

20

19

8

8

2

2

2

2

1

9

9

1

9

9

2

2

6

2

2

6

6

6

2

2

5

6

5

4

3

5

2

3

5

2

7

4

3

7

3

3

7

7

6

1

6

3

5

6

1

6

3

5

1.  Ms Coonan was appointed as Chairman of Crown on 24 January 2020 and ceased as Chair and Member of the Audit and Corporate Governance 

Committee on 18 February 2020 and as Chair of the Corporate Responsibility Committee on 18 February 2020.

2.  Professor Horvath was appointed as Deputy Chairman of Crown on 24 January 2020.

3.  Mr Barton was appointed as Managing Director of Crown on 3 March 2020.

4.  Mr Alexander ceased as a Member of the Responsible Gaming Committee on 18 February 2020.

5.  Mr Demetriou was appointed as Chair and Member of the People, Remuneration and Nomination Committee on 24 October 2019 and as a Member of 
the Responsible Gaming Committee on 18 February 2020 and ceased as Chair and Member of the People, Remuneration and Nomination Committee 
on 18 February 2020.

6.  Mr Dixon retired as a director of Crown and its Committees on 24 October 2019.

7.  Ms Halton ceased as a Member of the Occupational Health and Safety Committee and was appointed as a Member of the Audit and Corporate 

Governance Committee on 18 February 2020.

8.  Mr Johnston was appointed as a Member of the Risk Management Committee on 18 February 2020.

9.  Mrs Korsanos was appointed as a Member of the Risk Management Committee on 24 October 2019 and as Chair of the Audit and Corporate 

Governance Committee on 18 February 2020.

10. Mr Mitchell was appointed as Chair of the Corporate Responsibility Committee and the People, Remuneration and Nomination Committee on 18 

February 2020.

11.  Mr Poynton was appointed as a Member of the Occupational Health and Safety Committee on 18 February 2020.

Under Crown’s Constitution and its Board and Committee Charters, documents containing written resolutions assented to 
by Directors are to be taken as a minute of a meeting of Directors or of a Committee (as the case may be). The Board 
assented to eight written resolutions and the Risk Management Committee and the People, Remuneration and Nomination 
Committee each assented to one written resolution in the 2020 financial year. The Finance and Investment Committees did 
not formally meet in the 2020 financial year.

During the 2020 financial year, Crown established a special purpose Committee the members of which comprised John 
Alexander, Helen Coonan, Jane Halton AO PSM, John Horvath AO and Michael Johnston.  The purpose of the Committee 
was to oversee, among other things, matters which relate or respond to allegations made against Crown. The Committee 
formally met 21 times during the financial year.

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Crown Resorts Limited Annual Report 2020  
 
DiRectORS’ StAtutORy RePORt CONTINUED

Shares and Options

As at the date of this Report, Crown has 21.175 million 
unquoted options on issue (as set out below). Each option 
is granted over one fully paid ordinary share in Crown. In 
addition, Crown Digital Holdings Pty Ltd (Crown Digital 
Holdings) (a wholly owned subsidiary of Crown) has 
8,513,980 unquoted options on issue, each of which has 
been granted over one fully paid ordinary share in Crown 
Digital Holdings (as set out below).

In April 2017, Crown issued 14 million options under the 
2017 Senior Executive Incentive Plan to a small number of 
senior executives. The options, with an expiry date of  
22 February 2021, were granted with an initial exercise 
price of $11.43. The exercise price of $11.43 per option 
may be varied over the life of the Plan to take into account 
the value of any capital returns and special dividends.

In August 2018, Crown issued an additional 7.175 million 
options under the 2017 Senior Executive Incentive Plan to 
a small number of senior executives. The options, with an 
expiry date of 8 August 2022, were granted with an initial 
exercise price of $13.35. The exercise price of $13.35 per 
option may be varied over the life of the Plan to take into 
account the value of any capital returns and special 
dividends.

In respect of the 2017 Senior Executive Incentive Plan, if 
Crown undertakes a bonus issue of Crown shares during 
the term of the options, holders are entitled, upon exercise 
of an option, and without payment of any further 
consideration, to the number of Crown shares the holder 
would have received under that bonus issue. If Crown 
undertakes a pro rata issue of Crown shares during the 
term of the options, then the exercise price of each option 
will be reduced in accordance with the 2017 Senior 
Executive Incentive Plan Rules.

For all holders of options under the 2017 Senior Executive 
Incentive Plan, other than a Director of Crown, at Crown’s 
election, the options can be settled by the issue of new 
Crown fully paid ordinary shares, the transfer of shares 
acquired by Crown from the market or by paying cash, 
equivalent to the difference between the exercise price of 
the options and the market price of the shares at the time 
of exercise. For Directors of Crown, any shares to be 
acquired on the vesting and exercise of the options must 
be purchased on-market and cannot be settled by the 
issue of new Crown shares.

In December 2018, Crown Digital Holdings issued 
8,513,980 options to Mr Ken Barton under the  
Crown Digital Senior Executive Option Plan. Each option 
has been granted over one fully paid ordinary share in 
Crown Digital Holdings. The options, with an expiry date  
of 19 December 2022, were granted with an exercise  
price of $1.45. 

In respect of the Crown Digital Senior Executive Incentive 
Plan, if Crown Digital Holdings undertakes a bonus issue 
of shares during the term of the options, holders are 
entitled, upon exercise of an option, and without payment 
of any further consideration, to the number of Crown 
Digital Holdings shares the holder would have received 
under that bonus issue. If Crown Digital undertakes a pro 
rata issue of shares during the term of the options, then 
the exercise price of each option will be reduced in 
accordance with the Crown Digital Senior Executive 
Incentive Plan Rules.

No shares or interests have been issued during the year  
or since year end as a result of option exercise.

Indemnity and Insurance of Officers 
and Auditors
Director and Officer indemnities

Crown indemnifies certain persons as detailed in its 
Constitution in accordance with the terms of the Crown 
Constitution.

Directors’ and Officers’ insurance

During the year Crown has paid insurance premiums to 
insure officers of the Crown group against certain 
liabilities.

The insurance contract prohibits disclosure of the nature 
of the insurance cover and the amount of the insurance 
premiums payable.

indemnification of Auditors

To the extent permitted by law, Crown has agreed to 
indemnify its auditors, Ernst & Young, as part of the terms 
of its audit engagement agreement against claims by third 
parties arising from the audit (for an unspecified amount). 
No payment has been made to indemnify Ernst & Young 
during or since the end of the financial year.

Auditor Information

Auditor Details

Ernst & Young was Crown’s auditor for the 2020 financial 
year. Mr Michael Collins was the Ernst & Young partner 
responsible for the audit of Crown’s accounts for the year 
ended 30 June 2020. 

Following year end, it was announced that the Board 
approved the appointment of KPMG as Crown’s statutory 
auditor from the financial year beginning 1 July 2020, 
following completion of a competitive tender process. The 
appointment remains subject to the receipt of shareholder 
and regulatory approvals, with shareholder approval to be 
sought at Crown’s 2020 Annual General Meeting.

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Non-audit Services

Details of the amounts paid or payable to Ernst & Young 
for non-audit services provided during the year by the 
auditor are outlined in note 24 of the Financial Report. 
Crown acquired non-audit services from Ernst & Young, 
largely in respect of taxation matters relating to the 
Cannery tax litigation matter as well as compliance related 
taxation matters.

The ratio of non-audit to audit services provided by Ernst 
& Young to Crown at the conclusion of the 2020 financial 
year was approximately 1.9:1.

Based on advice received from the Audit and Corporate 
Governance Committee, the Directors are satisfied that 
the provision of non-audit services during the 2020 
financial year by Ernst & Young is compatible with, and did 
not compromise, the general standard of independence 
for auditors imposed by the Corporations Act 2001 (Cth) 
for the following reasons:

•  all non-audit services have been reviewed by the Audit 
and Corporate Governance Committee to ensure that 
they did not impact the impartiality and objectivity of 
the auditor; and

•  none of the services involved reviewing or auditing the 

auditor’s own work or acting in a management 
decision-making capacity for the Company.

Rounding

The amounts contained in this Report and in the Financial 
Report have been rounded to the nearest hundred 
thousand dollars unless otherwise stated under the option 
available to the Company under ASIC Corporations 
(Rounding in Financial/ Directors’ Reports) Instrument 
2016/191. Crown is an entity to which this Instrument 
applies.

Remuneration Report

The Remuneration Report set out on pages 60 to 82 
forms part of this Directors’ Statutory Report.

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Crown Resorts Limited Annual Report 2020  
 
Remuneration Report

This Remuneration Report for the year ended 30 June 
2020 outlines the Director and executive remuneration 
arrangements of Crown in accordance with the 
requirements of the Corporations Act 2001 (Cth) 
(Corporations Act) and the Corporations Regulations 2001 
(Cth). For the purposes of this Report, key management 
personnel (KMP) of the Crown group are defined as those 
persons having authority and responsibility for planning, 
directing and controlling the major activities of the Crown 
group, directly or indirectly, including any Director (whether 
executive or otherwise) of Crown Resorts Limited.

The disclosures in this Report have been audited. This 
Report is presented under the following sections:

1. Introduction

2. Overview of Remuneration Policy

3. Summary of Senior Executive Remuneration Structure

•  Fixed Remuneration
•  Performance Based Remuneration

4. Details of Performance Based Remuneration Elements

•  Short Term Incentives
•  Long Term Incentives: 2017 Senior Executive 

Incentive Plan and Crown Digital Senior Executive 
Incentive Plan

5.  Relationship between Remuneration Policy and 

Company Performance
•  Remuneration linked to performance
•  Policy on entering into transactions in associated 

products which limit economic risk

6. Remuneration details for Non-executive Directors

7. Remuneration details for Senior Executives

8. Key Management Personnel Disclosures

Introduction

Persons to Whom Report Applies

The remuneration disclosures in this Report cover the 
following persons:

Non-executive Directors

•  The Hon. Helen A Coonan (Chairman from 24 January 

2020, previously Non-executive Director)

•  Professor John S Horvath AO (Deputy Chairman from 
24 January 2020, previously Non-executive Director)

•  Andrew Demetriou
•  Geoffrey J Dixon (until 24 October 2019)
•  Jane Halton AO PSM 
•  Guy Jalland 
•  Michael R Johnston
•  Antonia Korsanos 
•  Harold C Mitchell AC
•  John H Poynton AO

Executive Directors

•  John H Alexander (Executive Director from 24 January 

2020, previously Executive Chairman)

•  Kenneth M Barton (Chief Executive Officer from 24 
January 2020 and Managing Director from 3 March 
2020, previously Chief Financial Officer and CEO 
Crown Digital)

Other Company Executives and Key Management 
Personnel

•  Barry Felstead (Chief Executive Officer – Australian 

Resorts)

•  W Todd Nisbet (Executive Vice President – Strategy 

and Development)

In this Report, the group of persons comprised in the 
categories of Executive Directors and Other Company 
Executives (listed above) are collectively referred to as 
“Senior Executives”.

2020 Report

This Report contains a similar level of disclosure to the 
2019 Remuneration Report.  

There has been no material change to the Company’s 
Remuneration Policy during the period and much of the 
description of the Company’s Remuneration Policy in this 
Report is therefore unchanged from last year other than in 
relation to the following:

•  a change in fees paid to the Chairman, Deputy 

Chairman and Non-executive Directors; 

•  in response to the impact of the COVID-19 pandemic 
on Crown, the Non-executive Directors and certain of 
the Senior Executives took a 20% reduction in fees or 
remuneration from 16 April 2020 to 30 June 2020; and

•  the introduction of a deferred component of Short Term 
Incentive for Senior Executives in respect of the 2021 
financial year.

On 20 August 2020, Alan McGregor’s appointment as 
Chief Financial Officer of Crown became effective. 
Remuneration disclosures in relation to Mr McGregor will 
be included in Crown’s 2021 Remuneration Report.

Overview of Remuneration Policy

Philosophy

Crown is a company that provides outstanding customer 
service and, to remain competitive, Crown must continue 
to enhance the experience of all customers who visit 
Crown’s land-based properties and digital assets. As a 
result, the performance of the Crown group is highly 
dependent upon the quality of its Directors, Senior 
Executives and employees. Crown seeks to attract, retain 
and motivate skilled Directors and senior executives in 
leadership positions of the highest calibre. Crown’s 
remuneration philosophy is to ensure that remuneration 

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packages properly reflect a person’s duties and 
responsibilities, that remuneration is appropriate and 
competitive both internally and as against comparable 
companies and that there is a direct link between 
remuneration and performance. Crown has differing 
remuneration structures in place for Non-executive 
Directors and Senior Executives.

Non-executive Directors

The process for determining remuneration of the Non-
executive Directors has the objective of ensuring 
maximum benefit for Crown by the retention of a high 
quality Board.

The People, Remuneration and Nomination Committee 
(formally the Nomination and Remuneration Committee) 
bears the responsibility of determining the appropriate 
remuneration for Non-executive Directors. Non-executive 
Directors’ fees are reviewed periodically by the People, 
Remuneration and Nomination Committee with reference 
to the fees paid to the Non-executive Directors of 
comparable companies. The People, Remuneration and 
Nomination Committee is subject to the direction and 
control of the Board.

In forming a view of the appropriate level of Board fees to 
be paid to Non-executive Directors, the People, 
Remuneration and Nomination Committee may also elect 
to receive advice from independent remuneration 
consultants, if necessary. Details regarding the 
composition of the People, Remuneration and Nomination 
Committee and its main objectives are outlined in the 
2020 Corporate Governance Statement. The People, 
Remuneration and Nomination Committee is comprised of 
a majority of independent Non-executive Directors.

No performance based fees are paid to Non-executive 
Directors. Non-executive Directors are not entitled to 
participate in Crown’s incentive plans (described more fully 
below). Non-executive Directors are not provided with 
retirement benefits other than statutory superannuation at 
the rate prescribed under the Superannuation Guarantee 
(Administration) Act 1992 (Cth) (Superannuation 
Legislation).

Senior Executives

The remuneration structure for Senior Executives 
incorporates a mix of fixed and performance based 
remuneration. The following section provides an overview 
of the fixed and performance based elements of executive 
remuneration. The summary tables provided later in this 
Report indicate which elements apply to each Senior 
Executive.

Crown’s key business strategies which are taken into 
consideration as part of performance based remuneration, 
are set out in the Operating and Financial Review section 
of the 2020 Directors’ Statutory Report.

Remuneration Recommendation

During the financial year, Crown obtained information from 
Egan Associates on market practices and advice from 
Egan Associates as part of Crown’s review of market 
remuneration practices and trends.

In addition to the above, Egan Associates provided a 
remuneration recommendation in relation to the 
remuneration package of the Chief Executive Officer. To 
ensure that the remuneration recommendation was free 
from undue influence by the member of the key 
management personnel to whom the recommendation 
related, Egan Associates was appointed by the General 
Counsel and Company Secretary on behalf of the Chair of 
the People, Remuneration and Nomination Committee. 
The recommendation was presented by Egan Associates 
to the People, Remuneration and Nomination Committee 
in the absence of the Chief Executive Officer. Egan 
Associates confirmed that its specific recommendation 
was free from undue influence and, on that basis, the 
Board is satisfied that the remuneration recommendation 
was free from undue influence by the Chief Executive 
Officer.

Egan Associates was paid approximately $3,230 in 
relation to the remuneration recommendation and $20,322 
in relation to the other services provided during the 2020 
financial year.

Summary of Senior Executive 
Remuneration Structure

Fixed Remuneration

The objective of fixed remuneration is to provide a base 
level of remuneration which is appropriate to the Senior 
Executive’s responsibilities, the geographic location of the 
Senior Executive and competitive conditions in the 
appropriate market.

Fixed remuneration is therefore determined with reference 
to available market data, the scope and any unique 
aspects of an individual’s role and having regard to the 
qualifications and experience of the individual. From time 
to time, Crown seeks a range of specialist advice to help 
establish the competitive remuneration for its Senior 
Executives.

Fixed remuneration typically includes base salary and 
superannuation at the rate prescribed under the 
Superannuation Legislation, mobile telephone costs, 
complimentary privileges at Crown Melbourne and Crown 
Perth and may include, at the election of the Senior 
Executive, other benefits such as a motor vehicle, 
additional contributions to superannuation, car parking 
and staff gym membership, aggregated with associated 
fringe benefits tax to represent the total employment cost 
(TEC) of the relevant Senior Executive to Crown.

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Crown Resorts Limited Annual Report 2019 
REmuNERAtioN REPoRt CONTINUED

Fixed remuneration for the Senior Executives (except the 
Chief Executive Officer) is reviewed annually by the Chief 
Executive Officer and the People, Remuneration and 
Nomination Committee and is recommended by the 
People, Remuneration and Nomination Committee for 
approval by the Board.

The review process measures the achievement by the 
Senior Executives of their Key Performance Objectives 
(KPOs) established at the beginning of the financial year 
(see further below) and the performance of Crown and the 
business in which the Senior Executive is employed. In 
some circumstances, consideration will be given to 
relevant comparative remuneration in the market and 
relevant external advice.

Fixed remuneration for the Chief Executive Officer is 
reviewed by the Chairman and People, Remuneration and 
Nomination Committee following their consideration of his 
performance against his KPOs and is then recommended 
to the Board for approval.

Any payments relating to redundancy or retirement are as 
specified in each relevant Senior Executive’s contract of 
employment.

For summaries of Senior Executive contracts of 
employment, see pages 74 to 77 of this Report.

Performance Based Remuneration

The performance based components of remuneration for 
Senior Executives seek to align the rewards attainable by 
Senior Executives with the achievement of particular 
annual and long term objectives of Crown and the creation 
of shareholder value over the short and long term. The 
performance based components which applied to the 
Senior Executives during the year were as follows:

•  Short Term Incentives; and
•  Long Term Incentives (the 2017 Senior Executive 

Incentive Plan and the Crown Digital Senior Executive 
Incentive Plan).

A key focus of the Crown Board is the achievement of the 
Crown group’s Annual Business Plan and Budget. The 
2017 Senior Executive Incentive Plan and the Crown 
Digital Senior Executive Incentive Plan are based on an 
alignment of the relevant Senior Executive’s reward to the 
appreciation of Crown’s share price (in respect of the 2017 
Senior Executive Incentive Plan) and the appreciation of 
Crown’s Digital business (in respect of the Crown Digital 
Senior Executive Incentive Plan) and are contingent on 
continued employment with the Crown group.

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Details of Performance Based 
Remuneration Elements

Short term incentives (Sti)

The remuneration of Senior Executives is linked to Crown’s 
short term annual performance through a cash-based STI. 
Senior Executives, other than John Alexander, have a 
potential or target STI, which is subject to the Crown 
group’s performance and the achievement of the Senior 
Executive’s KPOs established at the beginning of each 
financial year.

Financial performance objectives are derived from 
Crown’s Annual Business Plan and Budget as the Crown 
Board considers that this is the best way to ensure that 
Crown meets the Annual Business Plan and Budget, 
aligning performance outcomes with shareholder value.

A failure to achieve relevant financial performance 
objectives will result in Senior Executives receiving either 
no STI bonus or, where relevant financial performance 
objectives are only partially met, a reduced STI bonus. The 
Crown Board retains discretion, however, to pay STI 
bonuses where financial performance objectives have not 
been met, but other objectives have been achieved.

The performance of each Senior Executive eligible for an 
STI bonus against financial and non-financial KPOs is 
reviewed on an annual basis. Whether KPOs have been 
achieved by each Senior Executive (other than the Chief 
Executive Officer) is assessed by the Chief Executive 
Officer, having regard to the operational performance of 
the business or function in which the Senior Executive is 
involved.

The Chief Executive Officer reviews the performance 
based remuneration entitlements of the Senior Executives 
eligible for an STI bonus and recommends the STI 
bonuses (other than in relation to himself) to the People, 
Remuneration and Nomination Committee who makes 
relevant recommendations to the Board for consideration.

The Chief Executive Officer’s performance and eligibility 
for an STI bonus is considered by the People, 
Remuneration and Nomination Committee in the absence 
of the Chief Executive Officer having regard to the Chief 
Executive Officer’s self-assessment of his performance 
against his KPOs.  The People, Remuneration and 
Nomination Committee make relevant recommendations 
to the Board for consideration.  

The following table sets out the STI performance 
scorecard measures and weightings that applied to the 
Senior Executives, other than the Chief Executive Officer, 
who were eligible to receive an STI bonus in respect of the 
2020 financial year.

Where rating ranges have been provided, this indicates 
that different targets applied to individual Senior 
Executives based on their level of influence or 
responsibility with regard to the relevant KPO.

 
Category

Description

 Performance Outcome

The EBITDA and NPAT targets determined by the Board 
for the 2020 financial year were not met, with the full year 
result reflecting the impacts of the COVID-19 pandemic.

Weighting

 25-40%

Financial 

Capital 
Structure and 
investments

Achieve relevant financial 
targets, as determined by the 
Board for the performance 
period taking into consideration 
any events/occurrences not 
contemplated or flagged at the 
time of the setting of the 
relevant financial targets.

Maintain an appropriate capital 
structure to support Crown’s 
strategy including capital 
management initiatives and 
major project investments.

Ongoing capital investment to 
support growth in shareholder 
value.

Ensure each of Crown’s 
properties are maintained in 
keeping with brand positioning 
and standards.

Customer 
Service / 
Experience

Achieve relevant property 
customer service benchmarks.

Building on existing 
relationships with local 
communities.

At 30 June 2020, Crown’s net debt position was $891.5 
million, with total liquidity, excluding working capital cash, 
of $639.8 million.

 5-25%

In April 2020, Crown entered into new bilateral facilities 
with relationship banks for a total of $560 million and 
agreed terms with three relationship banks in relation to a 
$450 million project finance facility to support the 
continuation of the construction of Crown Sydney.  The 
Crown Sydney project finance facility was executed 
following year end.

Given the uncertainty surrounding the ongoing closure of 
Crown Melbourne, Crown secured agreement from its 
lenders for a waiver of banking covenants in relation to 
the 31 December 2020 testing date. No waiver was 
required for the 30 June 2020 testing date.

Construction of the Crown Sydney Hotel Resort is 
proceeding on time and on budget.

Maintenance capital expenditure for Crown Melbourne 
and Crown Perth was delivered within budget while at the 
same time, ensuring brand standards were maintained 
with a focus on key customer facing elements of the 
properties.

In the interests of protecting Crown’s customers, Crown 
successfully implemented physical distancing and 
hygiene programs at its properties in response to 
COVID-19 to comply with relevant Government directions.

Customer experience metrics, up to the closure of 
Crown’s properties in March 2020, at Crown Melbourne 
experienced a slight decline and at Crown Perth were flat 
on the prior year.

Crown Melbourne and Crown Perth received a number of 
prestigious awards reflecting the quality of their service 
offering and standards. Refer to pages 17 and 19 for a 
further description of these awards.

 0-15%

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Crown Resorts Limited Annual Report 2019 
 
REmuNERAtioN REPoRt CONTINUED

Weighting

 15%

Category

Description

 Performance Outcome

Governance, 
Risk & 
Compliance

Implement appropriate 
corporate governance 
processes and procedures.

Pursue and maintain effective 
relationships with stakeholders 
including Government, 
Regulators and the Community 
through regular formal and 
informal contact.

Manage the organisation’s 
corporate responsibility 
initiatives.

Manage risk management 
decisions in accordance with 
Crown’s Board approved Risk & 
Compliance framework.

Crown proactively engaged with relevant stakeholders, 
including regulators, during the financial year.

In response to the COVID-19 pandemic, Crown also 
proactively engaged with relevant Federal and State 
Governments and local health authorities in relation to its 
physical distancing and hygiene programs and its 
re-opening planning. 

During the period, Crown continued to progress the 
implementation of the recommendations made by the 
VCGLR in its final report on the Sixth Review of the 
Casino Operator and Licence held by Crown Melbourne 
Limited.

During the period, the New South Wales Independent 
Liquor & Gaming Authority announced that it would be 
conducting an inquiry under s143 of the Casino Control 
Act 1992 (NSW) (Inquiry). The Honourable Patricia Bergin 
SC has been appointed to, among other things, consider 
(i) whether Crown remains suitable to hold a restricted 
gaming licence in New South Wales and (ii) the efficacy of 
the primary objects of the Casino Control Act 1992 
(NSW). The Victorian Commission for Liquor and 
Gambling Regulation also announced it would re-
examine issues relating to Crown Melbourne that were 
reported in the media in mid-2019. Crown is continuing to 
fully co-operate in relation to the investigations.

Crown is continuing to explore ways to enhance its 
compliance and governance processes, including with 
respect to matters the subject of the Inquiry.

occupational 
Health and 
Safety

Achieve compliance with all 
relevant Health and Safety 
Policies and Procedures to 
support a safe environment for 
staff and patrons alike. 

our People 
and Culture

Drive improved workforce and 
leadership through:

•  Enhanced engagement
•  Promotion of talent
•  Career progression
•  Promotion of diversity 
•  Promote a culture of 

compliance

•  Develop the company’s 
indigenous workforce & 
relationships

The Total Recordable Injury Frequency Rate (TRIFR) was 
better than the targets at Crown Melbourne and Crown 
Perth with the actual performance metrics set out below.

 10%

Crown Melbourne

Crown Perth

F20 TRIFR

F19 TRIFR 

27.1

25.5

29.0

26.4

Comprehensive physical distancing and hygiene 
programs were developed and implemented in response 
to the COVID-19 pandemic.

During the 2020 financial year, a number of key objectives 
were achieved, including:
•  the publication of Crown’s first Gender Action Plan;
•  the achievement of certain of its Gender Objectives as 
detailed on pages 29 to 30 of the Annual Report; 
•  the integration of Crown’s purpose statement and 

values into its structures and systems; and

•  the CROWNability employment target was exceeded.

In response to the COVID-19 pandemic, Crown 
introduced measures and established programs to 
support its employees through the stand downs. Refer to 
pages 14 and 15 of the Annual Report for additional 
information.

 10%

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Category

Description

 Performance Outcome

Role Specific Role specific metrics which are 

aligned to the achievement of 
Crown objectives.

The performance of each Senior Executive was assessed 
against their role specific objectives.

Weighting

 5 - 15%

Upon appointment as Crown’s Chief Executive Officer on 24 January 2020, Mr Barton’s KPOs were revised having regard 
to the change in his responsibilities.

Following year end, the Chief Executive Officer conducted formal reviews with each of the Senior Executives eligible to 
receive an STI bonus to assess their performance for the financial year and the achievement of their KPOs. Separately, the 
Chairman and the People, Remuneration and Nomination Committee conducted a review of the Chief Executive Officer, to 
assess his performance for the financial year and the achievement of his KPOs.

Upon receipt of a recommendation from the People, Remuneration and Nomination Committee, the Board determined that, 
on account of the fact that Crown did not achieve its financial objectives and the impact of COVID-19 on Crown, no STI 
bonuses would be awarded to the Senior Executives (including the Chief Executive Officer) in respect of the 2020 financial 
year.

Disclosures in line with the above have been included in the Senior Executive Remuneration Table set out later in this 
Report.

Following year end, the Board resolved that, from the 2021 financial year, a component of the STI bonus for Senior 
Executives be deferred for a period of one year (STI Deferred Component).  The STI Deferred Component for the Chief 
Executive Officer and the Chief Executive Officer – Australian Resorts was set at 50% and the STI Deferred Component for 
other Senior Executives was set at 25%.  The STI Deferred Component will provide the People, Remuneration and 
Nomination Committee with an opportunity to reassess the KPOs having regard to events or circumstances which may not 
have materialised during the relevant financial year.

Long term incentives

During the year, Crown had the following two long term incentive plans in place:

•  the 2017 Senior Executive Incentive Plan; and
•  the Crown Digital Senior Executive Incentive Plan.

During the financial year, no new long term incentive plans were introduced.

This section of the Report describes these two Plans.  

2017 Senior Executive incentive Plan (2017 incentive Plan) and Crown Digital Senior Executive incentive Plan 
(Crown Digital incentive Plan)

As the features of the 2017 Incentive Plan and the Crown Digital Incentive Plan (together, the Plans) are similar, the plans are 
described together below with the differences between the Plans and the offers made under the Plans distinguished where 
required.

Plan Participants

Options have been granted under the Plans to the following Senior Executives:

Senior Executive

John Alexander

Ken Barton

Barry Felstead

Todd Nisbet

Number of 2017  
incentive Plan options

Number of Crown Digital 
incentive Plan options*

5,000,000

3,000,000

3,000,000

3,000,000

-

8,513,980

-

-

*  Options under the Crown Digital Incentive Plan have only been granted to Mr Barton.

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Key Features of the Plans

The Plans seek to assist in the reward, retention and motivation of relevant Senior Executives, to link the reward to 
shareholder value creation and to align the interests of relevant Senior Executives with shareholders.

The key features of the Plans are set out below.

Feature

2017 incentive Plan

options 
Description

The 2017 Incentive Plan accommodates the offer and issue of 
‘Awards’ which may be in the form of Options, Performance Rights 
or Share Appreciation Rights. All Awards may be settled with 
Crown shares or cash.

Options were issued to participants with a four year term from their 
agreed date of issue and are styled as ‘European Options’, 
meaning that they are only exercisable on a single day starting at 
midnight and ending at 11.59pm Melbourne time on the expiry 
date.

The Options expire on 22 February 2021.

The Options are not quoted on the ASX or on any other financial 
market.

For all participants, other than a Director of Crown, at Crown’s 
election, the Options can be settled by the issue of new Crown 
shares, the transfer of shares acquired by Crown from the market 
or by paying cash, equivalent to the difference between the 
Exercise Price of the Options and the market price of the shares at 
the time of exercise. For Directors of Crown, any Crown shares to 
be acquired on the vesting and exercise of the Options must be 
purchased on-market and cannot be settled by the issue of new 
Crown shares.

Exercise Price

The Options have an initial Exercise Price of $11.43 per Option.

The initial Exercise Price of $11.43 per Option was determined by 
reference to the volume weighted average price (VWAP) of Crown 
shares at the time that the Crown Board approved the offer of 
Options at its February 2017 meeting.

The Exercise Price of each Option may be varied over the life of 
the Plan to take into account the value of any capital returns and 
special dividends.

Adjustments to 
the Exercise 
Price 

Any special dividends (but not ordinary dividends) or capital 
returns are reflected as adjustments to the Exercise Price of the 
Options.

Certain adjustments may be made in accordance with the Plan 
rules and the ASX Listing Rules (where applicable) in relation to 
bonus and pro rata issues and reorganisations.

In addition, the following features are common to both of the Plans.

Crown Digital incentive Plan

The Crown Digital Incentive Plan 
accommodates the offer and issue 
of Options. All Options may be 
settled with Crown Digital Holdings 
Pty Ltd (Crown Digital Holdings) 
shares.

Options were issued under this 
Plan with a four year term from 
their agreed date of issue and are 
styled as ‘European Options’, 
meaning that they are only 
exercisable on a single day starting 
at midnight and ending at 11.59pm 
Melbourne time on the expiry date.

The Options expire on 19 
December 2022.

The Options are not quoted on the 
ASX or on any other financial 
market.

The Options have an Exercise 
Price of $1.45 per Option.

The Exercise Price of $1.45 per 
Option was determined by 
reference to the market value of 
one Crown Digital Holdings share 
at the grant date.

Certain adjustments may be made 
in accordance with the Plan rules 
and the ASX Listing Rules (where 
applicable) in relation to bonus and 
pro rata issues and 
reorganisations.

Feature

options issued 
for Value

Consideration 
for the Payment 
of options

Vesting 
Condition

Participants were required to pay value for their Options.  The Options issued were not free.

Each participant was required to pay a Fee equal to the market value of the Options through an 
Acquisition Loan advanced by the Crown group.

The Options are subject to a single Vesting Condition, being the continued employment of the relevant 
participant for four years after the grant date, or the classification of the Senior Executive as a good 
leaver at the expiry date.

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Feature

malus and 
Board 
Discretion

Board 
discretion to 
buy back at  
any time

The Board may deem all unvested Options to have lapsed where a participant acts fraudulently or 
dishonestly, or wilfully breaches their duties.

All unvested Options will automatically be forfeited where a participant is considered a ‘bad leaver’. 
Circumstances in which a participant would be considered a ‘bad leaver’ include where a participant’s 
employment is terminated or a participant is dismissed due to serious and wilful misconduct, material 
breach of the terms of the employment contract, gross negligence or other conduct justifying 
termination without notice.

A participant will also be considered a ‘bad leaver’ if the participant resigns from his or her 
employment or office.

The Board may cause the relevant company to buy back Options held by a participant at any time, for 
the Market Value of the Options without the agreement of a participant.

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Dividend and 
Voting Rights

No ordinary dividend or voting rights attach to the Options unless and until shares are delivered on 
exercise.

Bonus issues 
and 
Reconstructions

Shareholder 
Approval

Certain adjustments may be made in accordance with the Plan rules and the ASX Listing Rules (where 
applicable) in relation to bonus and pro rata issues and reorganisations.

Shareholder approval was not required for the issue of Options.

Value Creation and Alignment

As noted earlier, the Plans seek to link the reward to shareholder value creation and to align the interests of relevant Senior 
Executives with shareholders.

Further discussed below are how a selection of these features seek to achieve the Plans’ objectives and accordingly why 
Crown considers these features to be appropriate.

Options are Issued for Value – Senior Executives Pay for Options

The Plans differ from many similar option-based incentive plans in that they require participants to pay value for their 
Options. The Options are not free.

Senior Executives participating in the plans were invited to acquire Options for a Fee equal to the market value of those 
Options.

The market value was based on the option valuation methodology under the Income Tax Assessment Regulations 1997 
(Cth) (Regulations).

Under the Regulations, having regard to the market price of a share at the grant date and the Exercise Price of the Option, 
a four year Option is valued at 6.2% of the market value of the underlying share.

The Fee determined with reference to the above for each plan is set out below.

2017 incentive Plan

Crown Digital incentive Plan 

Options were issued to participants for a fee equal to the 
market value at the date they were agreed to be issued, 
being 22 February 2017, of $0.71 per Option (Fee) (i.e. 6.2% 
of the initial exercise price of $11.43).

Options were issued to participants for a fee equal to the 
market value at the date they were agreed to be issued, 
being 19 December 2018, of $0.09 per Option (Fee) (i.e. 
6.2% of the initial exercise price of $1.45).

On the day the Options were issued, the value to the participants was therefore nil. The value of the incentives to the 
participants will arise only where the relevant share price exceeds the Exercise Price of the Options plus the Fee (i.e. $12.14 
for the 2017 Incentive Plan and $1.54 for the Crown Digital Incentive Plan), the vesting condition is met and the Options are 
exercisable.

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Consideration for the Payment of Options – Acquisition Loan

Each participant paid the Fee for the issue of the Options through an Acquisition Loan advanced by Crown. 

The Acquisition Loan is repayable on the exercise, lapse, cancellation or forfeiture of the Options financed by the 
Acquisition Loan. No interest is payable on the Loan.  

The repayment amount of the Acquisition Loan is the lesser of the outstanding amount of the Acquisition Loan and:

•  the market value of the shares to be delivered on exercise; or
•  in the case of a buy-back, the market value of the Options; or 
•  in the case of lapse, cancellation or forfeiture, nil.

Single Vesting Condition of Continued Employment

The Options are subject to a single Vesting Condition being the continued employment of the relevant Senior Executive for 
four years after the grant date, or the classification of the Senior Executive as a good leaver at the Expiry Date.

The 2017 Incentive Plan seeks to reward and retain those Senior Executives who have primary responsibility for delivering 
Crown’s key strategic priorities over the Plan period.

In relation to the Crown Digital Incentive Plan, the Board considered that Mr Barton, who was the CEO of Crown Digital, 
should be given the opportunity to benefit from the increase in the value of the Crown Digital portfolio over the Plan period. 
Further, the Crown Digital Incentive Plan seeks to reward and retain Mr Barton who has primary responsibility for creating 
value in the Crown Digital portfolio.

The Options have an implicit performance hurdle in that the Options have no value upon vesting unless the relevant share 
price exceeds the Exercise Price of the Options plus the Fee (i.e. the Crown share price exceeding $12.14 for the 2017 
Incentive Plan and the Crown Digital share price exceeding $1.54 for the Crown Digital Incentive Plan). This creates 
alignment with shareholders through value and share price appreciation and motivates the performance and retention of 
Senior Executives.

Shareholder Approval Not Required – Plans not Dilutive to Existing Shareholders

The terms of the 2017 Incentive Plan specifically provide that, upon vesting and exercise of the Options, Directors of Crown 
may only receive Crown shares that have been purchased on-market. The issue of such Options to Directors of Crown will 
therefore not be dilutive of existing shareholders and the shares delivered to Option holders will reflect the market value of 
the shares at the time. As a result, shareholder approval was not required under the ASX Listing Rules for the 2017 
Incentive Plan or any Options issued under the 2017 Incentive Plan. Neither the letter nor the spirit of the ASX Listing Rules 
requires such approval, which would therefore not serve any purpose. As a condition of the fact that the 2017 Incentive 
Plan was not approved by shareholders, new Crown shares must not be issued to a Director of Crown under the terms of 
the 2017 Incentive Plan.

In relation to the Crown Digital Incentive Plan, as the Options are issued over shares in Crown Digital Holdings, shareholder 
approval considerations do not apply.

Accounting Valuation of Options and Reporting

The Options constitute remuneration for the purposes of this Report.

For the purposes of reporting, a determination of the “fair value” (for accounting purposes) of each Option was undertaken.

As there is a limited recourse Acquisition Loan associated with the Options with an obligation to repay Crown (in the event 
the Options are exercised) the Fee per Option, from an accounting perspective, the Acquisition Loan has been treated as 
an addition to the Exercise Price of the Option and the Option has been re-valued accordingly, without having further 
regard to the amount outstanding under the Acquisition Loan.

Based on this approach, from an accounting perspective, the Options have been valued using an assumed “exercise price” 
of the Exercise Price plus the Fee and assumes that there is no Acquisition Loan. 

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The fair value of the Options was determined at the commencement of each Plan as set out below.

The outcome of this valuation approach (using the Black Scholes valuation model) and the accounting implications are 
shown below:

2017 incentive Plan

Crown Digital incentive Plan

Number of Options

Exercise Price $

Total Face value $

Valuation %

Valuation $

Value per Option $

Annual impact on Crown reported results (over four years) $

14,000,000

11.431

160,020,000

4.6%1

7,360,920

0.53

1,840,230

8,513,980

1.452

12,345,271

7.15%2

882,687

0.10

220,672

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1   While the contracted Exercise Price of each Option is as set out, from an accounting perspective, the valuation of each Option was determined 

assuming the Exercise Price plus the Fee. For the purposes of the Black Scholes Valuation model, a volatility measure of 18% was used representing 
the historical volatility of Crown shares.

2   While the contracted Exercise Price of each Option is as set out, from an accounting perspective, the valuation of each Option was determined 

assuming the Exercise Price plus the Fee. For the purposes of the Black Scholes Valuation model, a volatility measure of 25% was used representing 
the historical volatility of shares in listed companies comparable to the Crown Digital business portfolio.

Based on the above, the annual value of the Plans which has been attributed to each Senior Executive participant is as 
follows:

Number of 2017 
incentive  
Plan options

Accounting  
Value per 2017 
incentive  
Plan option

Number of  
Crown Digital 
incentive  
Plan options

Accounting  
Value per Crown 
Digital incentive 
Plan option

John Alexander

Ken Barton

Barry Felstead

Todd Nisbet

Total 

5,000,000

3,000,000

3,000,000

3,000,000

14,000,000

53 cents

53 cents

53 cents

53 cents

-

-

8,513,980

10 cents

-

-

-

-

8,513,980  

2,060,902

Annual  
impact

$

657,225

615,0071

394,335

394,335

1   The annual impact for Mr Barton includes the annual impact of the 2017 Incentive Plan, being $394,335, and the annual impact of the Crown Digital 

Incentive Plan, being $220,672.

Disclosures in line with the above have been included in the Senior Executive Remuneration Table set out later in this Report.

Relationship between Remuneration Policy and Company Performance

Remuneration Linked to Performance

As detailed above in the sections on Fixed Remuneration and Performance Based Remuneration, various elements of 
Crown’s Remuneration Policy are linked to company performance, in particular, the achievement of Crown’s Board 
approved Annual Budget and Business Plan (in the case of STI), an increase in the value of Crown shares (in the case of 
the 2017 Incentive Plan) and an increase in the value of the Crown Digital portfolio (in the case of the Crown Digital 
Incentive Plan).

The Crown Board requires the achievement of an annual level of normalised EBITDA and net profit after tax (in the case of 
STI), an increase in the value of Crown shares over the term of the 2017 Incentive Plan or an increase in the value of Crown 
Digital portfolio over the term of the Crown Digital Incentive Plan.

Full details of how these links have been achieved are set out in the above sections of this Report, but, in summary:

•  an STI bonus may be payable if Crown achieves its budgeted financial objectives and where an individual achieves his 

or her annual KPOs, assessed using a combination of financial and non-financial measures;

•  an increase in the value of Crown shares over the four years of the 2017 Incentive Plan may result in a benefit to 

participants; and

•  an increase in the value of the Crown Digital portfolio over the four years of the Crown Digital Incentive Plan may result in 

a benefit to participants.

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REmuNERAtioN REPoRt CONTINUED

The table below sets out information about movements in shareholder wealth for the financial years ended 30 June 2016 to 
30 June 2020.

Year Ended
30 June 2016

Year Ended
30 June 2017

Year Ended
30 June 2018

Year Ended
30 June 2019

Year Ended
30 June 2020

Normalised(1) EBITDA ($m)

Actual EBITDA ($m)

Normalised(1) NPAT(2) ($m)

Actual NPAT(2) ($m)

Basic Earnings per share 
- Normalised(1) (2)  (cents)

Basic Earnings per share 
- Actual(2) (cents)

Share price at end of period

Increase/(decrease) in share 
price

Dividend per Share (cents)

Interim

Final

Special

855.8

861.4

406.2

948.8

55.77

828.0

790.3

343.1

1,866.1

47.26

130.26

257.03

878.3

792.4

386.8

558.9

56.16

81.16

802.1

849.7

368.6

401.8

54.19

59.07

 $12.61 

3%

 $12.28 

(3%)

 $13.50 

10%

 $12.45 

(8%)

33.0

39.5

-

30.0

30.0

83.0

30.0

30.0

-

30.0

30.0

-

503.8

504.6

161.0

79.5

23.78

11.74

 $9.67 

(22%)

30.0

-

-

1  Normalised results have been adjusted to exclude the impact of any variances from theoretical win rate on VIP program play (at Crown Melbourne, 

Crown Perth, Crown Aspinalls and Melco Resorts and Entertainment Limited (MRE)), Significant Items and Closure Costs.

2 

Includes the equity accounted profit from MRE (normalised NPAT contribution of $58.1 million in FY16 and $42.4 million in FY17; actual NPAT 
contribution of $42.7 million in FY16 and $37.9 million in FY17). Crown ceased to hold an interest in MRE in the 2017 financial year.

Policy on Entering into transactions in Associated Products which Limit Economic Risk

The rules of the 2017 Incentive Plan and the Crown Digital Incentive Plan specifically provide that a participant must not 
transfer, encumber, dispose of or have a Security Interest issued over Plan Shares, or any beneficial interest in Plan Shares, 
unless all restrictions on the transfer, encumbrance or disposal of the Plan Shares have been met or waived by the Board 
or the Board has provided prior written consent. A Security Interest is defined to include a mortgage, charge, pledge, lien, 
encumbrance or other third party interest of any nature.  

In addition, Crown’s Securities Trading Policy provides that restricted persons who hold Crown shares (defined as Crown 
shares or other securities which may be issued from time to time by Crown) under an incentive plan offered by Crown from 
time to time, must not, without the prior consent in writing of Crown, sell, create a security interest in, or otherwise dispose 
or deal with their Crown shares or any of their interests in any of those Crown shares.

The rules of the 2017 Incentive Plan and the Crown Digital Incentive Plan also require participants to comply with Crown’s 
Securities Trading Policy at all times.

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Remuneration Details for Non-executive Directors

Non-executive Directors

Non-executive Directors are entitled to a base fee per annum for acting as a Director of Crown.

Non-executive Directors acting on the Board of Crown Melbourne Limited, Burswood Limited (ie Crown Perth) and Crown 
Sydney Gaming Pty Ltd are entitled to receive a further fee in respect of that service.

Non-executive Directors of Crown are entitled to additional fees if they act as either Chair or a Member of an active 
Committee (the Audit and Corporate Governance Committee, the Corporate Responsibility Committee, the Occupational 
Health and Safety Committee, the People, Remuneration and Nomination Committee, the Responsible Gaming 
Committee or the Risk Management Committee).

All Directors are entitled to complimentary privileges at Crown Melbourne and Crown Perth facilities.

Following the Board and Senior Executive changes which were announced by Crown on 24 January 2020, fees for the 
Chairman and Deputy Chairman were introduced having regard to the level of commitment required by the respective 
roles.  A fee of $700,000 inclusive of superannuation was introduced for the Chairman and a fee of $350,000 inclusive of 
superannuation was introduced for the Deputy Chairman.  These Chairman and Deputy Chairman fees are all-inclusive 
fees and no additional fees are payable for participation on any Board Committee or Subsidiary Board.

On 18 February 2020, the Non-executive Director Fees (other than for the Chairman and Deputy Chairman) were reviewed 
and revised from $150,000 exclusive of superannuation to $170,000 inclusive of superannuation.

Furthermore, Crown appointed Non-executive Directors as Chairs to the Boards of Crown Melbourne Limited, Crown 
Sydney Gaming Pty Ltd and Burswood Limited which resulted in the introduction of a Chair fee for those roles of $115,000 
from 18 February 2020.

From 18 February 2020, all fees paid to Non-executive Directors are inclusive of superannuation.

Non-executive Directors’ fees which applied during the financial year ended 30 June 2020 were as follows:

From 1 July 20191

 From 18 February 20202

Chairman Fee:

Deputy Chairman Fee:

Base Board Fees:

Active Board Committees:

 - Chair

 - Member

Subsidiary Board:

 - Chair

 - Member

1  Fees exclusive of superannuation.

2  Fees inclusive of superannuation.

3  Chairman Fee applicable from 24 January 2020.

4  Deputy Chairman Fee applicable from 24 January 2020.

N/A

N/A

$150,000 

$25,000 

$15,000 

$700,0003

$350,0004

$170,000 

$25,000 

$15,000 

$60,000 – 80,000

$60,000 – 80,000

$115,000

$60,000 – 80,000

The Board established a special purpose Committee in August 2019 to oversee, among other things, matters which relate 
or respond to allegations made against Crown.  The Board determined that a fee be paid to the Chair and Members of 
that Committee.  The fee payable to the Chair of the special purpose Committee was $85,000 for the period 1 October 
2019 to 30 June 2020 and the fee payable to the members of special purpose Committee was $50,000 for the period 1 
October 2019 to 30 June 2020.  The Committee met 21 times during financial year 2020.  On 30 January 2020, shortly 
after the Board and Senior Management changes which were announced on 24 January 2020, the special purpose 
Committee ceased to be an active Committee and the fee ceased to be payable with effect from that date.

In accordance with Crown’s constitution, Non-executive Directors’ fees in financial year 2020 were within the aggregate 
Non-executive Directors’ Fee cap of $2,500,000 per annum.

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Set out below is a table showing Non-executive Director remuneration for financial years 2020 and 2019.

Remuneration table – Non-executive Directors

Short Term Benefits

Long Term 
Incentives

Financial 
Year1

Salary & 
Fees

Non 
Monetary

Other

Post-employment 
Benefit - 
Superannuation

Cash 
Based

Equity 
Based

Ter-
mination 
Benefits

Helen Coonan2
Chairman

Andrew Demetriou3
Non-executive Director

Geoffrey Dixon4
Non-executive Director

Jane Halton Ao PSm5
Non-executive Director

John Horvath Ao6
Deputy Chairman

Guy Jalland7
Non-executive Director

michael Johnston7
Non-executive Director

Antonia Korsanos8
Non-executive Director

Harold mitchell AC9
Non-executive Director

John Poynton Ao10
Non-executive Director

2020 TOTALS

2019 TOTALS

2020
2019

2020
2019

2020
2019

2020
2019

2020
2019

2020
2019

2020
2019

2020
2019

2020
2019

2020
2019

 416,932 
 200,000 

 209,560 
 165,000 

 66,667 
 200,000 

 231,622 
 180,000 

 315,458 
 290,000 

 -   
 -   

 -   
 -   

 241,351 
 230,000 

 179,321 
 180,000 

 238,012 
 172,391 

1,898,923 

 1,617,391 

 -   
 -   

 -   
 -   

 -   
 -   

 -   
 -   

 -   
 -   

 -   
 -   

 -   
 -   

 -   
 -   

 -   
 -   

 -   
 -   

 -   

 -   

 -   
 -   

 -   
 -   

 -   
 -   

 -   
 -   

 -   
 -   

 -   
 -   

 -   
 -   

 -   
 -   

 -   
 -   

 -   
 -   

 -   

 -   

 20,502 
 19,000 

 19,908 
 15,675 

 6,333 
 19,000 

 18,295 
 17,100 

 21,003 
20,531 

 -   
 -   

 -   
 -   

 22,451 
 20,531 

 16,651 
 17,100 

 14,243 
 8,777 

 139,386 

 137,714 

 -   
 -   

 -   
 -   

 -   
 -   

 -   
 -   

 -   
 -   

 -   
 -   

 -   
 -   

 -   
 -   

 -   
 -   

 -   
 -   

 -   

 -   

 -   
 -   

 -   
 -   

 -   
 -   

 -   
 -   

 -   
 -   

 -   
 -   

 -   
 -   

 -   
 -   

 -   
 -   

 -   
 -   

 -   

 -   

Total

 437,434 
 219,000 

 229,468 
 180,675 

 73,000 
 219,000 

 249,917 
 197,100 

 336,461 
 310,531 

 -   
 -   

 -   
 -   

 263,802 
 250,531 

 195,972 
 197,100 

 252,255 
 181,168 

 -   
 -   

 -   
 -   

 -   
 -   

 -   
 -   

 -   
 -   

 -   
 -   

 -   
 -   

 -   
 -   

 -   
 -   

 -   
 -   

 -     2,038,309 

 -   

 1,755,105 

1  With effect from 24 January 2020, the Chairman and Deputy Chairman fees were changed to an all-inclusive fee as set out below: 

- Chairman: $700,000 per annum (inclusive of superannuation). 
- Deputy Chairman: $350,000 per annum (inclusive of superannuation).  
With effect from 18 February 2020, the Non-executive Director fees (other than the Chairman and Deputy Chairman) were changed to $170,000 per 
annum (inclusive of superannuation). 
In response to the COVID-19 pandemic, from 16 April 2020 to 30 June 2020 (inclusive), all Non-executive Director fees (including the fees of the 
Chairman and Deputy Chairman) were reduced by 20%. 

2  Ms Coonan was appointed as Chairman of Crown on 24 January 2020. Ms Coonan ceased as Chair and Member of the Audit and Corporate 

Governance Committee and as Chair of the Corporate Responsibility Committee on 18 February 2020. Ms Coonan was appointed as Chair of a special 
purpose Committee and received a fee for her participation as Chair of that Committee. Refer to page 71 for further details.   

3  Mr Demetriou was appointed as Chair and Member of the People, Remuneration and Nomination Committee on 24 October 2019 and as a Member of 
the Responsible Gaming Committee on 18 February 2020 and ceased as Chair and Member of the People, Remuneration and Nomination Committee 
on 18 February 2020. Mr Demetriou was appointed as Chair and a Director of Crown Melbourne Limited on 30 January 2020 and received a fee for his 
participation on the Crown Melbourne Limited Board. Refer to page 71 for further details.

4  Mr Dixon retired as a Director of Crown on 24 October 2019.

5  Ms Halton ceased as a Member of the Occupational Health and Safety Committee and was appointed as a Member of the Audit and Corporate 

Governance Committee on 18 February 2020. Ms Halton was appointed as Chair and a Director of Crown Sydney Gaming Pty Ltd on 3 March 2020 
and received a fee for her participation on the Crown Sydney Gaming Pty Ltd Board. Ms Halton was appointed as a Member of a special purpose 
Committee and received a fee for her participation on that Committee. Refer to page 71 for further details.

6  Professor Horvath was appointed as Deputy Chairman of Crown on 24 January 2020. Professor Horvath received a fee for his participation on the 

Crown Melbourne Limited Board. Professor Horvath was appointed as a Member of a special purpose Committee and received a fee for his 
participation on that Committee. Refer to page 71 for further details.

7  Messrs Jalland and Johnston did not receive remuneration from Crown for their participation as Non-executive Directors of Crown.

8  Mrs Korsanos was appointed as a Member of the Risk Management Committee on 24 October 2019 and as Chair of the Audit and Corporate 
Governance Committee on 18 February 2020. Mrs Korsanos received a fee for her participation on the Crown Melbourne Limited Board.

9  Mr Mitchell was appointed as Chair of the Corporate Responsibility Committee and the People, Remuneration and Nomination Committee on 18 

February 2020. 

10 Mr Poynton was appointed as a Member of the Occupational Health and Safety Committee on 18 February 2020. Mr Poynton was appointed as Chair 
of Burswood Limited on 24 January 2020. Mr Poynton received a fee for his participation on the Burswood Limited Board for which no superannuation 
was applicable.

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Remuneration details for Senior Executives
Senior Executives are employed under employment agreements with Crown or a subsidiary of Crown. Common features to 
these service agreements include (unless noted otherwise):

•  an annual review of the Senior Executive’s fixed remuneration, with any increases requiring approval of the Chief 

Executive Officer (except in relation to the Chief Executive Officer) and the People, Remuneration and Nomination 
Committee and dependent on Crown’s financial performance, the individual’s KPO performance and market changes;

•  competitive performance based incentive payments annually and in the long term, dependent upon Crown achieving its 

objectives and the Senior Executive achieving his or her KPOs;

•  a provision that Crown may ask the Senior Executive to act as a Director of a member or associate of the Crown group 

for no additional remuneration;

•  a prohibition from gambling at any property within the Crown group during the term of employment and for a period 
following termination and a requirement that the Senior Executive maintains licences required and issued by relevant 
regulatory authorities (such as the Victorian Commission for Gambling and Liquor Regulation, Western Australian 
Gaming and Wagering Commission and the New South Wales Independent Liquor and Gaming Authority); 

•  where post-employment restraints apply, a restraint covering, amongst other things, competitive activities to those of the 

Crown group. Restraint periods vary and have been noted in each instance;

•  where an employment agreement is terminated by Crown, a provision that notice may be given in writing or payment 

may be made (wholly or partly) in lieu of notice;

•  a provision that all contracts may be terminated without notice by Crown for serious misconduct; and
•  all Senior Executives are entitled to complimentary privileges at Crown Melbourne and Crown Perth facilities.

Specific details of each Senior Executive’s contract of employment which applied at the end of the 2020 financial year are 
summarised in the tables on the following pages.

John Alexander

On 24 January 2020, John Alexander stepped down as Executive Chairman of Crown and, to assist with the transition of 
the Chair and CEO roles, agreed to remain an Executive Director of Crown.

This resulted in the termination of Mr Alexander’s employment contract for the Executive Chairman role and entry into a 
new employment contract for the role of Executive Director.  

No payments were received by Mr Alexander on termination of his employment contract as Executive Chairman.  
Mr Alexander’s key roles and responsibilities as Executive Director include to assist with the transition of his prior roles and 
responsibilities to the Chair and CEO.

The key terms of Mr Alexander’s new employment contract are summarised in the tables on page 74 of this Report.

Ken Barton

On 24 January 2020, Ken Barton was appointed as the Chief Executive Officer of Crown. Mr Barton was also appointed as 
the Managing Director of Crown subject to the receipt of any necessary regulatory approvals.  Mr Barton’s appointment as 
Managing Director of Crown became effective on 3 March 2020.

This appointment resulted in the entry into a new employment contract on 24 January 2020 for the role of Chief Executive 
Officer.

The key terms of Mr Barton’s new employment contract are summarised in the tables on page 75 of this Report.

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73

Crown Resorts Limited Annual Report 2019 
REmuNERAtioN REPoRt CONTINUED

Remuneration Report

Summary of Senior Executive Contracts of Employment Applicable at 30 June 2020

John H Alexander

Current Position

Executive Director (commenced 24 January 2020) (previously Executive Chairman from  
1 February 2017 and, prior to that, Executive Deputy Chairman)

Mr Alexander’s current employment contract with Crown has a fixed term of 12 months 
from 24 January 2020 (unless terminated earlier).

Fixed Remuneration

Base salary:

Superannuation:

$3,543,930 per annum, inclusive of superannuation, with effect from 24 January 2020. 

Compulsory Superannuation Guarantee Contributions up to the maximum contribution 
base, equating to $21,003 per annum.

Non-monetary benefits  
and other:

Complimentary privileges at Crown Melbourne and Crown Perth facilities, mobile 
telephones and salary sacrifice arrangements for motor vehicle and superannuation.

Performance based remuneration

STI:

LTI:

No eligibility for an STI payment.

Mr Alexander continued to participate in the 2017 Incentive Plan.  Refer to pages 65 to 69.

2020 Percentage 
breakdown of  
remuneration

Fixed remuneration 
(Includes voluntary and 
compulsory superannuation)

Sti

2017 incentive Plan

Crown Digital 
incentive Plan

81% 

0% 

19%

N/A

Post-employment benefits Nil

Post-employment restraint Crown may impose a restraint for various periods up to 12 months.

Termination

By Senior Executive:

4 weeks’ notice.

By Crown:

Without cause at any time by making a payment equal to the remuneration that would have 
been received for the remaining period of the term of the Employment Contract.

Without notice or payment for serious breach or misconduct.

termination benefits

Nil

Payments made prior to 
commencement

No sign-on payments were made in connection with Mr Alexander’s new employment 
contract.

Directors’ Fees

Nil

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Current Position

Fixed Remuneration

Base salary:

Superannuation:

Non-monetary benefits  
and other:

Kenneth m Barton

Chief Executive Officer and Managing Director (commenced as Chief Executive Officer on 
24 January 2020 and as Managing Director on 3 March 2020. Formerly, Chief Financial 
Officer and CEO Crown Digital (from 9 March 2010 and 1 February 2017 respectively))

$3,000,000 per annum, inclusive of superannuation, with effect from 24 January 2020 and 
fixed for three years from the date of commencement.

Compulsory Superannuation Guarantee Contributions up to the maximum contribution 
base, equating to $21,003 per annum.

Complimentary privileges at Crown Melbourne and Crown Perth facilities, mobile 
telephone and salary sacrifice arrangements for motor vehicle and superannuation. Mr 
Barton is entitled to weekly travel costs for commuting between Sydney and Melbourne 
and hotel accommodation while in Melbourne.

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Performance based remuneration

STI:

LTI:

Discretionary STI based on the performance of Crown and the achievement of personal 
KPOs. Mr Barton’s annual target STI is 60% of his TEC.

Mr Barton continued to participate in the 2017 Incentive Plan and the Crown Digital 
Incentive Plan. Refer to pages 65 to 69.

2020 Percentage 
breakdown of  
remuneration

Fixed remuneration 
(Includes voluntary and 
compulsory superannuation)

Sti

2017 incentive Plan

Crown Digital 
incentive Plan

77%

0%

15%

8%

Post-employment benefits Nil

Post-employment restraint Nil

Termination

By Senior Executive:

12 months’ notice.

By Crown:

12 months’ notice without cause; without notice for serious breach or misconduct.

termination benefits

Nil

Payments made prior to 
commencement

No sign-on payments were made in connection with Mr Barton’s new employment 
contract.

Directors’ Fees

Nil

75

Crown Resorts Limited Annual Report 2019 
 
REmuNERAtioN REPoRt CONTINUED

Remuneration Report

Current Position

Fixed Remuneration

Base salary:

Superannuation:

Barry Felstead

Chief Executive Officer – Australian Resorts (from 1 August 2013): Mr Felstead’s current 
employment agreement with Crown Resorts Limited has no fixed term.

$2,349,557 per annum, inclusive of superannuation.

Compulsory Superannuation Guarantee Contributions up to the maximum contribution 
base, equating to $21,003 per annum.

Non-monetary benefits  
and other:

Complimentary privileges at Crown Melbourne and Crown Perth facilities, mobile 
telephone and salary sacrifice arrangements for motor vehicle and superannuation. 

Mr Felstead is entitled to a travel allowance of $50,000 per annum.

Performance based remuneration

STI:

LTI:

Discretionary STI based on the performance of Crown and the achievement of personal 
KPOs. Mr Felstead’s annual target STI is 40% of his TEC.

Mr Felstead continued to participate in the 2017 Incentive Plan. Refer to pages 65 to 69.

2020 Percentage 
breakdown of  
remuneration

Fixed remuneration 
(Includes voluntary and 
compulsory superannuation)

Sti

2017 incentive Plan

Crown Digital 
incentive Plan

83%

0%

17%

N/A

Post-employment benefits Nil

Post-employment restraint Crown may impose various restraint periods up to a period of 12 months 

post-employment.

Termination

By Senior Executive:

12 months’ notice.

By Crown:

12 months’ notice without cause; one month’s notice for performance issues; three 
months’ notice due to incapacity.

termination benefits

Payments made prior to 
commencement

Directors’ Fees

Nil

Nil

Nil

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Current Position

Fixed Remuneration

Base salary:

Superannuation:

Non-monetary benefits  
and other:

W todd Nisbet

Executive Vice President – Strategy and Development (from 9 August 2010): Mr Nisbet’s 
fixed term employment agreement with Crown Resorts Limited expired on 31 December 
2015 and is continuing on the same terms and conditions except as to term, which is now 
no longer fixed.

$2,349,557 per annum, inclusive of superannuation

Compulsory Superannuation Guarantee Contributions up to the maximum contribution 
base, equating to $21,003 per annum.

Complimentary privileges at Crown Melbourne and Crown Perth facilities, mobile 
telephone and salary sacrifice arrangements for motor vehicle and superannuation. During 
Mr Nisbet’s employment with Crown, he is also entitled to additional customary expatriate 
benefits for himself and his family. Upon cessation of employment, Mr Nisbet will be 
entitled to relocation benefits for him and his family to Las Vegas.

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Performance based remuneration

STI:

LTI:

Discretionary STI based on the performance of Crown and the achievement of personal 
KPOs. Mr Nisbet’s annual target STI is 50% of his base salary.

Mr Nisbet continued to participate in the 2017 Incentive Plan. Refer to pages 65 to 69.

2020 Percentage 
breakdown of  
remuneration

Fixed remuneration 
(Includes voluntary and 
compulsory superannuation)

Sti

2017 incentive Plan

Crown Digital 
incentive Plan

86%

0%

14%

N/A

Post-employment benefits Nil

Post-employment restraint Crown may impose various restraint periods up to a period of 12 months 

post-employment.

Termination

By Senior Executive:

12 months’ notice.

By Crown:

12 months’ notice without cause; one month’s notice for performance issues; three 
months’ notice due to incapacity.

termination benefits

Payments made prior to 
commencement

Directors’ Fees

Nil

Nil

Nil

77

Crown Resorts Limited Annual Report 2019 
REmuNERAtioN REPoRt CONTINUED

Remuneration Report

Remuneration table for Senior Executives

Commentary

The structure of Senior Executive remuneration has been described in detail in this Report, both generically and specifically 
in relation to each named Senior Executive. In addition, a table summarising all remuneration to be attributed to each 
Senior Executive for the financial years ended 30 June 2020 and 30 June 2019 is set out on the following pages.

Accounting Standards are prescriptive in relation to the required presentation of remuneration tables. Accordingly, as an 
aid to understanding, the following additional information should be read in conjunction with the tables set out on the 
following pages.

In addition, a separate table has been provided which details the remuneration that was received, or vested by each Senior 
Executive during the year.

Fixed Remuneration

Messrs Alexander, Barton, Felstead and Nisbet did not receive an increase to their fixed remuneration for the 2020 financial 
year in respect of the positions they held on that date.  

As detailed above, on 24 January 2020, Mr Alexander and Mr Barton entered into new contracts of employment in respect 
of the change in their positions which resulted in an adjustment to their fixed remuneration with effect from that date.

From 16 April 2020 to 30 June 2020, the Senior Executives, other than John Alexander, received a 20% reduction in fixed 
remuneration in response to the impacts of the COVID-19 pandemic on Crown.

The Senior Executives did not receive an increase in fixed remuneration for the 2021 financial year.

Short Term Incentives (STI)

Senior Executives, other than John Alexander, have a potential or target STI bonus, which is subject to Crown group’s 
performance and the achievement of the Senior Executive’s KPOs established at the beginning of each financial year. In 
the 2020 financial year, the Group’s financial performance objectives were not met.

The performance of each Senior Executive (other than the Chief Executive Officer) against the non-financial KPOs 
(described earlier) was reviewed by the Chief Executive Officer, having regard to the operational performance of the 
business and the function in which the Senior Executive is involved.

The Chief Executive Officer’s non-financial KPOs were reviewed by the Chairman, the People, Remuneration and 
Nomination Committee and the Board.

As the financial targets were not achieved in the 2020 financial year, STI bonuses at Crown Melbourne, Crown Perth and 
Crown Resorts were generally not paid.  The Senior Executives did not receive an STI bonus entitlement for the 2020 
financial year.

Long Term Incentives (LTI)

As summarised earlier, the Senior Executives also continued their participation in the 2017 Incentive Plan and Mr Barton 
also participated in the Crown Digital Incentive Plan.

In accordance with relevant accounting standards, the 2017 Incentive Plan and the Crown Digital Incentive Plan are 
included in the remuneration for each Senior Executive to the extent that it is considered more likely than not at the date of 
this Report that the vesting conditions will occur.

An amount has been attributed to each participant in the 2017 Incentive Plan and the Crown Digital Incentive Plan based 
on the methodology noted earlier in this Report.

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79

Crown Resorts Limited Annual Report 2019 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
 
 
 
 
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
 
 
 
 
 
   
 
   
 
 
 
 
 
 
 
 
 
   
 
 
 
 
 
 
 
 
 
 
 
 
   
 
   
 
 
 
   
 
 
 
 
 
 
 
   
 
 
 
 
 
 
 
 
   
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
 
 
 
 
 
 
 
 
 
   
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
 
 
 
 
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
 
 
 
 
 
 
   
 
 
 
   
 
 
 
 
 
 
 
   
 
 
 
 
 
 
 
 
   
 
 
 
   
 
 
 
 
 
 
 
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
REmuNERAtioN REPoRt CONTINUED

Remuneration Table – Remuneration Received / Vested 

The statutory table on page 79 is prepared in accordance with the requirements of the Corporations Act and the Australian 
Accounting Standards and does not reflect amounts actually received by the Senior Executives during the financial year. 
The following table sets out the remuneration which was received by, or vested during, the relevant financial year for each 
Senior Executive. This is comprised of salary and fees and the STI referable to the previous financial year, but which was 
received after the end of the financial year. The value of the 2017 Incentive Plan and the Crown Digital Incentive Plan has 
not been included in the following table. This information is provided as it is considered to be of interest to the users of this 
Report.

Financial 
Year

Salary & 
Fees

Non 
monetary1

other1

 3,559,988 

 2,560 

 4,785 

 3,589,391 

 12,939 

 24,335 

 500,000 

 2,489,587 

 2,167,920 

 78,650 

 82,945 

Sti

 -   

 -   

 750,000 

Super-
annuation

termination 
Benefits

total

 21,003 

 20,531 

 21,003 

 25,000 

 -   

 -   

 -   

 -   

 3,588,336 

 4,147,196 

 2,589,240 

 3,025,865 

2020

2019

 2,231,531 

 126,012 

 2,329,026 

 145,334 

 -   

 916,900 

 21,003 

 20,531 

 -   

 -   

 2,378,546 

 3,411,791 

 -   

 -   

 -   

 -   

2020

2019

 2,231,531 

 321,590 

 392,995 

 -   

 2,329,026 

 350,507 

 351,406 

 1,146,126 

 21,003 

 20,531 

 -   

 -   

 2,967,119 

 4,197,596 

 10,512,637 

 528,812 

 397,780 

 -   

 84,012 

 10,415,363 

 591,725 

 375,741  3,313,026 

 86,593 

 -     11,523,241 

 -    14,782,448 

1.  Refer to the summaries of contracts of employment for each Senior Executive for a description of the short term benefits to which each individual is 

entitled to receive.

John Alexander

Executive Director

Ken Barton

Chief Executive 
Officer and 
Managing Director

2020

2019

2020

2019

Barry Felstead

Chief Executive 
Officer  
- Australian 
Resorts

todd Nisbet

Executive Vice 
President  
- Strategy & 
Development

2020 TOTALS

2019 TOTALS

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80

 
 
Key Management Personnel Disclosures

Shareholdings of Key management Personnel

Set out below is a summary of equity instruments held directly, indirectly or beneficially by KMPs, close family or controlled 
entities. 

30 June 2020 
Crown Directors

Directors

John Alexander

Ken Barton1

Jane Halton AO PSM

Helen A Coonan

Antonia Korsanos

Harold Mitchell AC

John Poynton AO

Balance 1 July 2019

other net change

Balance 30 June 2020

399,557

143,128

948

-

10,000

114,887

1,000

-

-

-

10,0002

-

-

-

399,557

143,128

948

10,000

10,000

114,887

1,000

1   Mr Barton was appointed Managing Director of Crown with effect from 3 March 2020.  

2  As required by the ASX Listing Rules, Ms Coonan provided Crown with an Appendix 3Y detailing her change in interests in Crown shares on 2 March 2020.

Crown Executives

Executives

Barry Felstead

Todd Nisbet

Balance 1 July 2019

other net change1

Balance 30 June 2020

178,374

229,531

-

15,000

178,374

244,531

1   Other net change represents the acquisition or sale of Crown Shares by Crown Executives. 

30 June 2019 
Crown Directors

Directors

John Alexander

Jane Halton AO PSM

Antonia Korsanos

Harold Mitchell AC

John Poynton AO

Balance 1 July 2018

other net change

Balance 30 June 2019

399,557

948

-

114,887

-

-

-

10,0001

-

1,0002

399,557

948

10,000

114,887

1,000

1  As required by the ASX Listing Rules, Mrs Korsanos provided Crown with an Appendix 3Y detailing her change in interests in Crown shares on 8 

November 2018.

2  Mr Poynton was appointed as a director on 20 November 2018. As required by the ASX Listing Rules, Mr Poynton provided Crown with an Appendix 3X 
detailing his interests in Crown shares on the date of his appointment. The interests in respect of Mr Poynton are therefore as at 20 November 2018.

Crown Executives

Executives

Ken Barton

Barry Felstead

Todd Nisbet

Balance 1 July 2018

other net change

Balance 30 June 2019

143,128

178,374

229,531

-

-

-

143,128

178,374

229,531

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81

Crown Resorts Limited Annual Report 2019 
REmuNERAtioN REPoRt CONTINUED

Senior Executive option Holdings

Set out below is a summary of Options held directly, indirectly or beneficially by KMPs, close family or controlled entities.

Senior 
Executives

Balance 1 July 
2019

options  
granted

options 
exercised

other net 
change

Balance 
30 June 2020 

options vested 
during year

John Alexander

5,000,000

Ken Barton

Barry Felstead

Todd Nisbet

11,513,9801

3,000,000

3,000,000

-

-

-

-

-

-

-

-

-

-

-

-

5,000,000

11,513,9801

3,000,000

3,000,000

-

-

-

-

1   Includes 3,000,000 options over Crown Shares issued to Mr Barton under the 2017 Incentive Plan and 8,513,980 options over Crown Digital shares 

issued to Mr Barton under the Crown Digital Incentive Plan.

Loans to Key management Personnel

As noted above, Options under the 2017 Incentive Plan and the Crown Digital Incentive Plan were issued to the Senior 
Executives for a Fee equal to the market value at the date they were originally agreed to be issued (ie 22 February 2017 
($0.71 per Option (Fee)) in relation to the 2017 Incentive Plan and 19 December 2018 ($0.09 per Option (Fee)) in relation to 
the Crown Digital Incentive Plan).  Each relevant Senior Executive paid the Fee for the issue of the Options through an 
Acquisition Loan advanced by Crown. 

The Acquisition Loan is repayable on the exercise, lapse, cancellation or forfeiture of the Options financed by the 
Acquisition Loan.  No interest is payable on the Loan.  

The repayment amount of the Acquisition Loan is the lesser of the outstanding amount of the loan and:

•  the market value of the Crown shares to be delivered on exercise; or
•  in the case of a buy-back, the market value of the Option; or
•  in the case of lapse, cancellation or forfeiture, nil.

The Senior Executives who have been granted an Acquisition Loan and the value of that Acquisition Loan are as follows:

Senior Executives

John Alexander

Ken Barton

Barry Felstead

Todd Nisbet

2017 incentive Plan  
Acquisition Loan Value

Crown Digital incentive Plan 
Acquisition Loan Value

$3,543,300

$2,125,980

$2,125,980

$2,125,980

-

$765,407

-

-

There have been no other loans made, guaranteed or secured, directly or indirectly by the Company or any of its 
subsidiaries in the reporting period in relation to KMPs, close family or controlled entities.

transactions Entered into with Key management Personnel

Other than as has been disclosed in Note 28 of the Financial Report, there have been no transactions entered into during 
the reporting period between the Company or any of its subsidiaries and KMPs, close family and controlled entities.

Signed in accordance with a resolution of the Directors.

Ken Barton 
Director

9 September 2020

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82

 
Auditor’s Independence Declaration

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83

Crown Resorts Limited Annual Report 2019 
 
Independent Auditor’s Report

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84

 
 
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85

Crown Resorts Limited Annual Report 2019 
 
iNDEPENDENt AuDitoR’S REPoRt CONTINUED

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87

Crown Resorts Limited Annual Report 2019 
 
iNDEPENDENt AuDitoR’S REPoRt CONTINUED

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88

 
 
Independent Auditor’s Report

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89

Crown Resorts Limited Annual Report 2020 
 
FINANCIAL REPORT 2020

Financial Report

91 
Statement of  
Profit or Loss

93 
Statement of  
Financial Position

95 
Statement of  
Changes in Equity

92 
Statement of 
Comprehensive Income

94 
Cash Flow Statement 

96 
Notes to the  
Financial Statements

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90

 
Statement of Profit or Loss

For the year ended 30 June 2020

Revenues 

Other income

Expenses 

Share of profits of associates and joint venture entities

Profit before income tax and finance costs

Finance costs

Profit before income tax

Income tax expense

Net profit after tax 

Attributable to:

Equity holders of the Parent

Non-controlling interests

Note

3

3

3

2,8

3

2,5

2020
$m

2019
$m

 2,237.2 

 2,929.2 

 0.1 

 0.2 

(2,074.2) 

 (2,326.8)

 0.3 

 163.4 

(10.2) 

 153.2 

(71.3) 

 81.9 

 79.5 

 2.4 

 81.9 

 13.3 

 615.9 

 (36.6)

 579.3 

 (176.4)

 402.9 

 401.8 

 1.1 

 402.9 

The above Statement of Profit or Loss should be read in conjunction with the accompanying notes.

Earnings per share (EPS)

Basic EPS

Diluted EPS

EPS calculation is based on the weighted average number of shares on issue  
throughout the period

Dividends per share

Current year final dividend declared

Current year interim dividend paid 

2020
Cents 
per share 

2019
Cents 
per share 

 11.74 

 11.74 

 59.07 

 59.00 

Note

26

26

4

4

 - 

 30.00 

 30.00 

 30.00

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91

Crown Resorts Limited Annual Report 2020 
 
 
 
Statement of Comprehensive Income

For the year ended 30 June 2020

Net profit after tax

Other Comprehensive Income

Items that may be reclassified subsequently to profit or loss:

Foreign currency translation

Movement in cash flow hedge reserve

Other comprehensive income / (loss) for the period, net of income tax

Total comprehensive income / (loss) for the period

Attributable to:

Equity holders of the Parent

Non-controlling interests

2020
$m

 81.9 

2019
$m

 402.9 

 5.3 

(6.6) 

(1.3) 

 80.6 

 78.1 

 2.5 

 80.6 

 14.0 

 4.1 

 18.1 

 421.0 

 419.6 

 1.4 

 421.0 

The above Statement of Comprehensive Income should be read in conjunction with the accompanying notes.

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FINANCIAL REPORT 2020  CONTINUED 
 
 
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Statement of Financial Position

As at 30 June 2020

Current assets

Cash and cash equivalents

Trade and other receivables

Inventories

Prepayments

Other financial assets

Total current assets

Non-current assets

Receivables

Other financial assets

Investments in associates

Property, plant and equipment

Intangible assets - licences

Other intangible assets

Deferred tax assets

Other assets

Total non-current assets

Total assets

Current liabilities

Trade and other payables

Interest-bearing loans and borrowings

Income tax payable

Provisions

Other financial liabilities

Total current liabilities

Non-current liabilities

Other payables

Interest-bearing loans and borrowings

Deferred tax liabilities

Provisions

Other financial liabilities

Total non-current liabilities

Total liabilities

Net assets

Equity

Contributed equity

Reserves

Retained earnings

Total equity

Note

21

6

7

6

7

8

9

11

12

5

14

15

16

17

15

16

5

17

18

19

19

2020
$m

 286.9 

 111.2 

 17.2 

 41.6 

 - 

2019
$m

 1,126.0 

 98.7 

 16.7 

 38.1 

 5.5 

 456.9 

 1,285.0 

                       - 

 29.3 

 186.0 

 4,871.2 

 1,047.3 

 355.6 

 170.7 

 48.8 

 6,708.9 

 7,165.8 

 426.5 

 8.2 

 32.5 

 200.3 

 2.4 

 157.8 

 37.5 

 206.9 

 4,259.0 

 1,064.0 

 415.3 

 159.5 

 48.8 

 6,348.8 

 7,633.8 

 433.1 

 287.6 

 153.9 

 186.0 

 - 

 669.9 

 1,060.6 

 172.3 

 1,121.8 

 420.5 

 27.0 

                       - 

 1,741.6 

 2,411.5 

 4,754.3 

(203.3) 

 3.1 

 4,954.5 

 4,754.3 

 255.1 

 791.0 

 401.5 

 24.2 

 4.5 

 1,476.3 

 2,536.9 

 5,096.9 

(203.3) 

 1.4 

 5,298.8 

 5,096.9  

The above Statement of Financial Position should be read in conjunction with the accompanying notes.

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Crown Resorts Limited Annual Report 2020 
 
 
Cash Flow Statement

For the year ended 30 June 2020

Cash flows from operating activities

Receipts from customers

Payments to suppliers and employees

Dividends received

Interest received

Borrowing costs paid

Income tax paid

Note

2020
$m

2019
$m

 2,258.3 

(1,847.5) 

 3,070.1 

(2,177.4) 

 5.9 

 12.2 

(66.0) 

(36.0) 

 8.9 

 28.6 

(76.6) 

(75.5) 

Net cash flows from/(used in) operating activities

21b

 326.9 

 778.1 

Cash flows from investing activities

Purchase of property, plant and equipment

Proceeds from sale of property, plant and equipment

Investment in equity accounted associates

Proceeds from disposal of investments

Other (net)

(746.3) 

(538.7) 

 0.1 

(3.9) 

 - 

 - 

 0.2 

(5.5) 

 7.6 

 4.4 

Net cash flows from/(used in) investing activities

(750.1) 

(532.0) 

Cash flows from financing activities

Proceeds from borrowings

Repayment of borrowings

Dividends paid 

Payments for share buy-back

Net cash flows from/(used in) financing activities

Net increase/(decrease) in cash and cash equivalents

Cash and cash equivalents at the beginning of the financial year

Effect of exchange rate changes on cash

 315.1 

(328.8) 

(406.2) 

 - 

(419.9) 

(843.1) 

 1,126.0 

 4.0 

 56.1 

(481.1) 

(409.0) 

(131.4) 

(965.4) 

(719.3) 

 1,844.6 

 0.7 

Cash and cash equivalents at the end of the financial year

21a

 286.9 

 1,126.0 

The above Cash Flow Statement should be read in conjunction with the accompanying notes.

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FINANCIAL REPORT 2020  CONTINUED 
 
Statement of Changes in Equity

For the year ended 30 June 2020

Ordinary 
Shares 
$m

Shares 
Held in 
Trust
$m

Retained 
Earnings Reserves
$m

$m

Total
$m

Non-
Controlling 
Interest
$m

Total   
Equity  
$m

Year ended 30 June 2020

Balance at 1 July 2019

Adoption impact of AASB 16

(203.3) 

 - 

Adjusted balance at 1 July 2019

(203.3) 

Profit for the period

Other comprehensive income/(loss)

Total comprehensive income for the 
period

Dividends paid

Movement in non-controlling interest 
put option

Share based payments

 - 

 - 

 - 

 - 

 - 

 - 

Balance at 30 June 2020

(203.3) 

Year ended 30 June 2019

 - 

 - 

 - 

 - 

 - 

 - 

 - 

 - 

 - 

 - 

 5,298.8 

 1.4 

 5,096.9 

(17.6) 

 - 

(17.6) 

 5,281.2 

 1.4 

 5,079.3 

 - 

 - 

 - 

 5,096.9 

(17.6) 

 5,079.3 

 79.5 

 - 

 - 

(1.4) 

 79.5 

(1.4) 

 2.4 

 0.1 

 81.9 

(1.3) 

 79.5 

(1.4) 

 78.1 

 2.5 

 80.6 

(406.2) 

 - 

(406.2) 

 - 

(406.2) 

 - 

 - 

(0.3) 

 3.4 

(0.3) 

 3.4 

 4,954.5 

 3.1 

 4,754.3 

(2.5) 

 - 

 - 

(2.8) 

 3.4 

 4,754.3 

Balance at 1 July 2018

 (71.9)

 (15.7)

 5,306.0 

 (60.5)

 5,157.9 

 - 

 5,157.9 

Profit for the period

Other comprehensive income

Total comprehensive income for the 
period

Dividends paid

Transactions with non-controlling 
interests

 - 

 - 

 - 

 - 

 - 

Share buy-back

 (131.4)

Movement in non-controlling interest 
put option

Share based payments

 - 

 - 

 - 

 - 

 - 

 401.8 

 - 

 401.8 

 - 

 17.8 

 17.8 

 1.1 

 0.3 

 402.9 

 18.1 

 401.8 

 17.8 

 419.6 

 1.4 

 421.0 

 - 

 (409.0)

 - 

 (409.0)

 - 

 (409.0)

 - 

 - 

 - 

 15.7 

 -   

 -   

 -   

 -   

 - 

 - 

 -   

 (0.6)

 (0.6)

 (131.4)

 - 

 (131.4)

 40.8 

 3.3 

 40.8 

 19.0 

 (0.8)

 - 

 - 

 40.0 

 19.0 

 5,096.9 

Balance at 30 June 2019

 (203.3)

 - 

 5,298.8 

 1.4 

 5,096.9 

The above Statement of Changes in Equity should be read in conjunction with the accompanying notes.

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95

Crown Resorts Limited Annual Report 2020 
 
 
 
Notes to Financial Statements 

For the year ended 30 June 2020

1.  Significant Accounting Policies 

1.1  Basis of preparation
This financial report is a general-purpose financial report, 
which has been prepared in accordance with the 
requirements of the Corporations Act 2001, Australian 
Accounting Standards and other authoritative 
pronouncements of the Australian Accounting Standards 
Board. The financial report has also been prepared on a 
historical cost basis, except for derivative financial 
instruments, contingent consideration and investments that 
have been measured at fair value and investments in 
associates accounted for using the equity method. 
The amounts contained in the financial report have been 
rounded to the nearest hundred thousand dollars unless 
otherwise stated under the option available to Crown 
Resorts Limited (Crown or the Company) under ASIC 
Corporations (Rounding in Financial/Directors’ Reports) 
Instrument 2016/191. Crown is an entity to which this 
Instrument applies.
The financial report of Crown Resorts Limited and its 
controlled entities (the Group) for the year ended 30 June 
2020 was authorised for issue in accordance with a 
resolution of the directors on 9 September 2020 subject to 
final approval by a subcommittee. Crown is a for profit 
company limited by shares incorporated in Australia whose 
shares are publicly traded on the Australian Securities 
Exchange.

Statement of Compliance
The financial report complies with Australian Accounting 
Standards as issued by the Australian Accounting 
Standards Board and International Financial Reporting 
Standards (IFRS) as issued by the International Accounting 
Standards Board.

Going concern
At 30 June 2020, the Group is in a net current liability 
position of $213.0 million (2019: net current asset position 
of $224.4 million). The financial statements have been 
prepared on a going concern basis. In determining the 
appropriateness of the basis of preparation, the Group have 
considered the impact of the COVID-19 pandemic on the 
Group’s financial position at 30 June 2020 and its 
operations in future periods. 
During the financial year, Crown was directed by relevant 
State and Federal Governments to suspend its gaming 
activities and other non-essential services in response to 
the COVID-19 pandemic. The Government mandated 
closures were effective from 20 March 2020 for Crown 
Aspinalls and 23 March 2020 for Crown Melbourne and 
Crown Perth. The Group re-commenced gaming activities 
at Crown Perth on 27 June 2020 and at Crown Aspinalls on 
15 August 2020. Restrictions remain in place around the 
number of patrons allowed onsite and strict adherence to 
health and safety standards. It remains uncertain for how 
long these restrictions will remain in place. Gaming 

activities at Crown Melbourne remained closed at the date 
of this report.
COVID-19 has had a significant impact on the current year 
financial results and financial position and has created 
significant uncertainty in relation to the Group’s cash flow 
forecasts. The matters which the Group have taken into 
consideration in forming a view that the Group is a going 
concern, include, but are not limited to, the following:
•  In April 2020, the Group entered into new bilateral facilities 
with relationship banks for a total of $560 million, with a 
mix of two and four year maturities. $280 million was 
drawn on these facilities at 30 June 2020 (refer note 16).  

•  Given the uncertainty surrounding the ongoing closure 

of Crown Melbourne, the Group has obtained waivers of 
financial covenants for its banking facilities in relation to 
the 31 December 2020 testing date. No waiver was 
required for the 30 June 2020 testing date.

•  At 30 June 2020, the Group had $238.5 million in 

available cash and cash equivalents (excluding working 
capital cash) (refer note 21) and $401.3 million in 
committed un-drawn bank facilities (refer note 16).

•  At 30 June 2020, the Group had $447.7 million in capital 
commitments (refer note 20), primarily related to the 
construction of Crown Sydney. Subsequent to 30 June 
2020, the Group executed a $450 million project finance 
facility to support the continuation of the construction of 
Crown Sydney. This facility is expected to be retired by 
the proceeds of the apartment sales.

•  The Group has undertaken scenario modelling which 
consider varying levels of unfavourable impacts of the 
COVID-19 pandemic on its cash flow forecasts, including 
varying timing of re-commencement of gaming activities 
at Crown Melbourne and duration for which restricted 
operating conditions and border restrictions continue.  

Based on the above, the Group is satisfied that it will be 
able to continue to meet its liabilities as and when they fall 
due, over the next twelve months. 

1.2 Changes in accounting policies
The Group has adopted, for the first time, AASB 16 Leases 
(AASB 16) effective as of 1 July 2019.
Several other amendments and interpretations apply for the 
first time from July 2019, but do not have a material impact 
on the financial position or performance of the Group 
during the period. 

AASB 16 Leases
AASB 16 supersedes AASB 117 Leases (AASB 117) and 
related interpretations. The standard sets out the principles 
for the recognition, measurement, presentation and 
disclosure of leases and requires lessees to account for 
most leases under a single on-balance sheet model. 
Lessor accounting under AASB 16 is substantially 
unchanged from AASB 117, other than in respect of 
subleases. Lessors will continue to classify leases as either 
operating or finance leases using similar principles as in 
AASB 117. Therefore, AASB 16 did not have an impact for 
leases where the Group is the lessor. 

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FINANCIAL REPORT 2020  CONTINUED 
 
 
The Group adopted AASB 16 using the modified 
retrospective method of adoption with the date of initial 
application of 1 July 2019. Under this method, the 
standard is applied retrospectively with the cumulative 
effect of initially applying the standard recognised at the 
date of initial application, being 1 July 2019, and 
comparatives are not restated. The Group elected to use 
the transition practical expedient allowing the standard to 
be applied only to contracts that were previously identified 
as leases applying AASB 117 and AASB Interpretation 4 at 
the date of initial application. The Group also elected to 
use the recognition exemptions for lease contracts that, at 
the commencement date, have a lease term of 12 months 
or less and do not contain a purchase option (‘short-term 
leases’), and lease contracts for which the underlying 
asset is of low value (‘low-value assets’).
The effect of adoption of AASB 16 as at 1 July 2019 
(increase/(decrease)) is as follows:

Assets

Property, plant and equipment

Prepayments

Deferred tax assets

Total assets

Liabilities

Interest-bearing loans and borrowings

Total liabilities

Equity

Retained earnings

Total adjustment on equity

$m

 32.0 

(1.7) 

 6.6 

 36.9 

 54.5 

 54.5 

(17.6) 

(17.6) 

Nature of the effect of adoption of AASB 16
The Group has lease contracts for various items of 
property (including the Crown Melbourne main site), 
offices, warehouses, vehicles and other equipment. Before 
the adoption of AASB 16, the Group classified each of its 
leases (as lessee) at the inception date as either a finance 
lease or an operating lease. A lease was classified as a 
finance lease if it transferred substantially all of the risks 
and rewards incidental to ownership of the leased asset to 
the Group; otherwise it was classified as an operating 
lease. Finance leases were capitalised at the 
commencement of the lease at the inception date fair 
value of the leased property or, if lower, at the present 
value of the minimum lease payments. Lease payments 
were apportioned between interest (recognised as finance 
costs) and reduction of the lease liability. In an operating 
lease, the leased property was not capitalised and the 
lease payments were recognised as rent expense in profit 
or loss on a straight-line basis over the lease term. Any 
prepaid rent and accrued rent were recognised under 
Prepayments and Trade and other payables, respectively.

Upon adoption of AASB 16, the Group applied a single 
recognition and measurement approach for all leases, 
except for short-term leases and leases of low-value 
assets. The standard provides specific transition 
requirements and practical expedients, which has been 
applied by the Group.

Leases previously accounted for as operating leases
The Group recognised right-of-use assets and lease 
liabilities for those leases previously classified as operating 
leases, except for short-term leases and leases of 
low-value assets. The right-of-use assets for leases were 
recognised based on the carrying amount as if the 
standard had always been applied, apart from the use of 
incremental borrowing rate which applied the rate at the 
date of initial application. Lease liabilities were recognised 
based on the present value of the remaining lease 
payments, discounted using the incremental borrowing 
rate at the date of initial application. 
The Group also applied the available practical expedients 
wherein it: 

•  Used a single discount rate to a portfolio of leases with 

reasonably similar characteristics

•  Relied on its assessment of whether leases are onerous 
immediately before the date of initial application as an 
alternative to performing an impairment review

•  Applied the short-term leases exemptions to leases 
with a lease term that ends within 12 months at the 
date of initial application

•  Excluded the initial direct costs from the measurement 
of the right-of-use asset at the date of initial application
•  Used hindsight in determining the lease term where the 
contract contains options to extend or terminate the 
lease

The lease liabilities as at 1 July 2019 can be reconciled to the 
operating lease commitments as of 30 June 2019 as follows:

Operating lease commitments as at  
30 June 2019

Weighted average incremental 
borrowing rate as at 1 July 2019

Discounted operating lease 
commitments at 1 July 2019

Less:

Commitments relating to short-term 
leases

Add:

Crown Melbourne main site lease (1)

Lease liabilities as at 1 July 2019

  (1)  Refer note 1.5.

$m

 32.5 

5.06%

 25.0 

(0.1) 

 29.6 

 54.5 

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97

Crown Resorts Limited Annual Report 2020 
 
 
Notes to Financial Statements continued

For the year ended 30 June 2020

1.  Significant Accounting Policies continued 

1.2 Changes in accounting policies continued

AASB Interpretation 23 Uncertainty over Income Tax 
Treatment 
The Interpretation addresses the accounting for income 
taxes when tax treatments involve uncertainty that affects 
the application of AASB 112 Income Taxes. It does not 
apply to taxes or levies outside the scope of AASB 112, 
nor does it specifically include requirements relating to 
interest and penalties associated with uncertain tax 
treatments. The Interpretation specifically addresses the 
following: 
•  Whether an entity considers uncertain tax treatments 

separately 

•  The assumptions an entity makes about the 

examination of tax treatments by taxation authorities 
•  How an entity determines taxable profit (tax loss), tax 
bases, unused tax losses, unused tax credits and tax 
rates 

•  How an entity considers changes in facts and 

circumstances 

An entity has to determine whether to consider each 
uncertain tax treatment separately or together with one or 
more other uncertain tax treatments. The approach that 
better predicts the resolution of the uncertainty needs to 
be followed.
The Group has applied AASB Interpretation 23 from 1 July 
2019. In the past, the Group has only recognised claims 
against tax authorities when considered virtually certain. 
Following transition, claims are recognised when probable. 
This interpretation did not have an impact on the 
consolidated financial statements of the Group.

1.3 Standards issued but not yet effective

Standards and Interpretations not expected to be 
material
Certain other new Accounting Standards and 
Interpretations have been published that are not 
mandatory for the 30 June 2020 reporting period. The 
Group has assessed the impact of these new Accounting 
Standards and Interpretations that are relevant to the 
Group, and does not expect any material impact on net 
assets, net profit, presentation or disclosures when these 
standards become effective and are adopted.

1.4 Basis of consolidation
The consolidated financial statements are those of the 
consolidated entity, comprising Crown Resorts Limited 
(the parent entity) and all entities that Crown Resorts 
Limited controlled from time to time during the year and at 
reporting date (the Group).  Control is achieved when the 
Group is exposed, or has rights, to variable returns from 
its involvement with the investee and has the ability to 
affect those returns through its power over the investee.

The Group re-assesses whether or not it controls an 
investee if facts and circumstances indicate that there are 
changes to one or more of the three elements of control. 
Information from the financial statements of subsidiaries is 
included from the date the parent entity obtains control 
until such time as control ceases.  Where there is loss of 
control of a subsidiary, the consolidated financial 
statements include the results for the part of the reporting 
period during which the parent entity has control. Change 
of ownership interest of a subsidiary without the loss of 
control is accounted for as an equity transaction.
Subsidiary acquisitions are accounted for using the 
acquisition method of accounting. The financial 
statements of subsidiaries are prepared for the same 
reporting period as the parent entity, using consistent 
accounting policies.  Adjustments are made to bring into 
line any dissimilar accounting policies that may exist.
All inter-company balances and transactions, including 
unrealised profits arising from intra-group transactions, 
have been eliminated in full. 
The accounting policies adopted have been applied 
consistently throughout the two reporting periods with the 
exception of the adoption of AASB 16 and AASB 
Interpretation 23.

1.5 Significant accounting judgements, 
estimates and assumptions
The carrying amounts of certain assets and liabilities are 
often determined based on judgements, estimates and 
assumptions of future events. The key judgements, 
estimates and assumptions that have a significant risk of 
causing a material adjustment to the carrying amounts of 
certain assets and liabilities within the next annual 
reporting period are:

Impairment of non-financial assets
Impairment exists when the carrying value of an asset or 
cash generating unit exceeds its recoverable amount, 
which is the higher of its fair value less costs of disposal 
and its value in use. The Group determines whether 
goodwill and intangibles with indefinite useful lives are 
impaired at least on an annual basis. This requires an 
estimation of the recoverable amount of the cash-
generating units to which the goodwill and intangibles with 
indefinite useful lives are allocated.
At 30 June 2020 there is significant uncertainty arising 
from the COVID-19 pandemic and the response of 
Governments to it. This means that cash flow assumptions 
and forecasts may change significantly and unexpectedly 
over a relatively short period of time. The COVID-19 
pandemic resulted in the mandated closure of a number of 
the Group’s operations during the year. Upon reopening, 
certain operating restrictions will be observed and 
international border closures are likely to remain in place. 
The duration of these restrictions and the constraint they 
provide to the operations of the Group are uncertain.

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FINANCIAL REPORT 2020  CONTINUED 
 
 
 
The assumptions used in this estimation of recoverable 
amount and the carrying amount of non-financial assets 
are discussed in note 13.

Fair value of financial instruments
In accordance with accounting standards the Group uses 
the Level Three method in estimating the fair value of 
certain financial assets. Accordingly, the fair value is 
estimated using inputs for the asset that are not based on 
observable market data.
Contingent consideration resulting from business 
combinations is valued at fair value at the acquisition date 
as part of the business combination. When contingent 
consideration meets the definition of a financial liability, it is 
subsequently remeasured to fair value at each reporting 
date.  Refer note 15 for further details.

Taxes
Deferred tax assets are recognised for all unused tax 
losses to the extent that it is probable that taxable profit 
will be available against which the losses can be utilised. 
Management judgement is required to determine the 
amount of deferred tax assets that can be recognised, 
based upon the likely timing and the level of future taxable 
profits.
Management periodically evaluates positions taken in the 
tax returns with respect to situations in which applicable 
tax regulations are subject to interpretation and 
establishes provisions where appropriate.

Expected credit losses
An allowance is recognised based on the expected credit 
loss from the time the financial instrument is initially 
recognised.
An impairment analysis is performed at each reporting 
date to measure allowance for expected credit losses. The 
allowance for expected credit losses is based on a 
provision matrix that reflects the Group’s historical credit 
loss experience, adjusted for management’s knowledge of 
specific customers’ circumstances, including changes in 
financial circumstances, significant delay in payments and 
gambling activity, as well as current collection trends and 
business conditions.
The estimates and assumptions associated with the 
Group’s expected credit loss model were revised as a 
result of prevailing economic conditions at 30 June 2020, 
reflecting the uncertainty regarding the duration of 
restricted operating conditions and border closures. 
Extended periods of restricted operations and border 
closures create uncertainty regarding the collectability of 
those debts.
The assumptions used in the estimation of the allowance 
for expected credit losses are discussed further in note 6.
Trade receivables are written off when there is no 
reasonable expectation of recovery.

Put option liability
Crown entered into an agreement with the DGN minority 
shareholders, which contained put options and call 
options over the remaining non-controlling interest. Crown 
has recognised a financial liability to reflect the carrying 
amount of the put option.  In arriving at the carrying value 
of the put option liability, management estimated the 
future expected cash outflow upon exercise of the put 
option by the counterparty, discounted to present value 
using an appropriate discount rate. 

Market value rent for Crown Melbourne Main Site
In 1993 Crown Melbourne entered into a ninety-nine year 
lease agreement for the site upon which the Crown 
Melbourne Entertainment Complex is located. For years 
one to forty inclusive, the annual rent payable is one dollar 
per annum. For years forty-one to ninety-nine inclusive, 
the annual rent payable will be the then current market 
rent for the site. On adoption of AASB 16, this lease was 
recognised as a right-of-use asset and lease liability. The 
carrying value of the right-of-use asset has been 
determined as if the standard had always applied, based 
on the payments in years forty-one to ninety-nine using 
the estimated market rent at commencement date of the 
lease, applying the incremental borrowing rate at date of 
initial application of the standard. In estimating the market 
rent at commencement date, the Group engaged an 
independent property valuer. The lease liability is 
measured at the present value of the lease payments to 
be made in years forty-one to ninety-nine using the 
estimated market rent at commencement date of the 
lease.

Lease – Estimating the incremental borrowing rate
If the Group cannot readily determine the interest rate 
implicit in the lease, it uses its incremental borrowing rate 
(IBR) to measure lease liabilities. The IBR is the rate of 
interest that the lessee would have to pay to borrow over a 
similar term, and with a similar security, the funds 
necessary to obtain an asset of a similar value to the 
right-of-use asset in a similar economic environment. The 
IBR therefore reflects what the lessee ‘would have to pay’, 
which requires estimation when no observable rates are 
available (such as for subsidiaries that do not enter into 
financing transactions) or when they need to be adjusted 
to reflect the terms and conditions of the lease. The Group 
estimates the IBR using observable inputs (such as market 
interest rates) when available and is required to make 
certain entity-specific estimates.

Significant items
Significant items are transactions or events that fall outside 
the ordinary course of business. Information relating to 
Significant items is presented within note 2 Segment 
Information and is disclosed to allow users of the financial 

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99

Crown Resorts Limited Annual Report 2020 
 
 
Notes to Financial Statements continued

For the year ended 30 June 2020

1.  Significant Accounting Policies continued

1.5  Significant accounting judgements, estimates 
and assumptions continued

report to see the performance of the Group in a 
comparable form to that of the comparative period.

Closure Costs
Crown’s businesses ordinarily operate each day of the 
year and, apart from minor exceptions, 24 hours each day. 
Due to the unprecedented nature of the Government 
mandated closures during the period, the circumstances 
surrounding Crown’s closure are exceptional. Given these 
circumstances, Crown has provided information relating to 
the costs incurred during closure within note 2 Segment 
Information, on the basis this is consistent with information 
used by the Chief Operating Decision Makers during the 
period. 

1.6 Summary of significant accounting policies

(a)  Income tax
Current tax assets and liabilities for the current and prior 
periods are measured at the amount expected to be 
recovered from or paid to the taxation authorities based 
on the current period’s taxable income.  The tax rates and 
tax laws used to compute the amount are those that are 
enacted or substantively enacted by the reporting date.
Deferred tax is provided on most temporary differences at 
the reporting date between the tax bases of assets and 
liabilities and their carrying amounts for financial reporting 
purposes.
Deferred tax liabilities are recognised for all taxable 
temporary differences except:
•  where the deferred tax liability arises from the initial 

recognition of an asset or liability in a transaction that is 
not a business combination and, at the time of the 
transaction, affects neither the accounting profit nor 
taxable profit or loss; or

•  in respect of taxable temporary differences associated 

with investments in subsidiaries, associates and 
interests in joint ventures, when the timing of the 
reversal of the temporary differences can be controlled 
and it is probable that the temporary differences will not 
reverse in the foreseeable future.

Deferred tax assets are recognised for all deductible 
temporary differences, carry-forward of unused tax assets 
and unused tax losses, to the extent that it is probable 
that taxable profit will be available against which the 
deductible temporary differences, and the carry-forward 
of unused tax assets and unused tax losses can be 
utilised except:

•  when the deferred tax asset relating to the deductible 
temporary difference arises from the initial recognition 
of an asset or liability in a transaction that is not a 
business combination and, at the time of the 
transaction, affects neither the accounting profit nor 
taxable profit or loss; or

•  in respect of deductible temporary differences 

associated with investments in subsidiaries, associates 
and interests in joint ventures, deferred tax assets are 
recognised only to the extent that it is probable that the 
temporary differences will reverse in the foreseeable 
future and taxable profit will be available against which 
the temporary differences can be utilised.

The carrying amount of deferred tax assets is reviewed at 
each reporting date and reduced to the extent that it is no 
longer probable that sufficient taxable profit will be 
available to allow all or part of the deferred tax asset to be 
utilised.
Deferred tax assets and liabilities are measured at the tax 
rates that are expected to apply to the year when the 
asset is realised or the liability is settled, based on tax 
rates (and tax laws) that have been enacted or 
substantively enacted at the reporting date.
Income taxes relating to items recognised directly in equity 
are recognised in equity and not the Statement of Profit or 
Loss.

(b)  Other taxes
Revenues, expenses and assets are recognised net of the 
amount of GST except:
•  where the GST incurred on a purchase of goods and 

services is not recoverable from the taxation authority, 
in which case the GST is recognised as part of the cost 
of acquisition of the asset or as part of the expense 
item as applicable;
•  gaming revenues; and
•  receivables and payables are stated with the amount of 

GST included.

The net amount of GST recoverable from, or payable to, 
the taxation authority is included as part of receivables or 
payables in the Statement of Financial Position. 
Cash flows are included in the Cash Flow Statement on a 
gross basis and the GST component of cash flows arising 
from investing and financing activities, which is 
recoverable from, or payable to, the taxation authority, are 
classified as operating cash flows.
Commitments and contingencies are disclosed net of the 
amount of GST recoverable from, or payable to, the 
taxation authority.

(c)  Foreign currency translation
Both the functional and presentation currency of Crown 
Resorts Limited and its Australian subsidiaries is Australian 
dollars. 

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FINANCIAL REPORT 2020  CONTINUED 
 
 
Each foreign entity in the Group determines its own 
functional currency and items included in the financial 
statements of each foreign entity are measured using that 
functional currency, which is translated to the presentation 
currency for Group reporting purposes.
Transactions in foreign currencies are initially recorded in 
the functional currency at the exchange rates ruling at the 
date of the transaction. Monetary assets and liabilities 
denominated in foreign currencies are retranslated at the 
rate of exchange ruling at the reporting date.  
Non-monetary items that are measured in terms of 
historical cost in a foreign currency are translated using 
the exchange rate as at the date of the initial transaction. 
Non-monetary items measured at fair value in a foreign 
currency are translated using the exchange rates at the 
date when the fair value was determined.
As at the reporting date the assets and liabilities of 
overseas subsidiaries are translated into the presentation 
currency of Crown Resorts Limited at the rate of exchange 
ruling at the reporting date and the profit or loss is 
translated at the weighted average exchange rates for the 
period. The exchange differences arising on the 
retranslation are recognised through Other 
Comprehensive Income (OCI) and accumulated in the 
foreign currency translation reserve in equity.
On disposal of a foreign entity, the deferred cumulative 
amount recognised in the foreign currency translation 
reserve relating to that particular foreign operation is 
recognised in the Statement of Profit or Loss.

(d)  Cash and cash equivalents
Cash and cash equivalents in the Statement of Financial 
Position comprises of cash at bank and on hand, and 
short term deposits with an original maturity of three 
months or less that are readily convertible to known 
amounts of cash and which are subject to an insignificant 
risk of changes in future value.
For the purposes of the Cash Flow Statement, cash and 
cash equivalents consist of cash and cash equivalents as 
defined above, net of outstanding bank overdrafts.

(e)  Trade and other receivables
Trade receivables are recognised and carried at original 
invoice amount less an allowance for any expected credit 
losses.
An allowance for expected credit losses is recognised 
based on the expected credit loss from the time the 
financial instrument is initially recognised. Trade 
receivables are written off when there is no reasonable 
expectation of recovery. 
Receivables from associates and other related parties are 
carried at amortised cost less an allowance for 
impairment. Interest, when charged, is taken up as income 
on an accrual basis.

(f)  Inventories
Inventories are valued at the lower of cost and net 
realisable value.  
Costs incurred in bringing each product to its present 
location and condition are accounted for as follows:
•  Inventories which include food, beverages and other 

consumables are costed on a weighted average basis; 
and

•  net realisable value is the estimated selling price in the 
ordinary course of business, less estimated costs of 
completion and the estimated costs necessary to make 
the sale.

(g)  Investments in associates
The financial statements of the associates are used by the 
Group to apply the equity method. Where associates 
apply different accounting policies to the Group, 
adjustments are made upon application of the equity 
method.
Investments in associates are carried in the Statement of 
Financial Position at cost plus post-acquisition changes in 
the Group’s share of net assets of the associates, less any 
impairment in value. The Statement of Profit or Loss 
reflects the Group’s share of the results of operations of 
the associates.
Where there has been a change in the associates’ OCI or 
equity, the Group recognises its share of any changes and 
discloses this, when applicable, in the Statement of 
Comprehensive Income.
When the Group’s share of losses in an associate equals 
or exceeds its interest in the associate, including any 
unsecured long term receivables and loans, the Group 
does not recognise further losses unless it has incurred 
obligations or made payments on behalf of the associate.    

(h)  Investments and other financial assets
Financial assets are classified based on:
(i)     The objective of the entity’s business model for 

managing the financial assets; and

(ii)  The characteristics of the contractual cash flow.
The classification depends on the purpose for which the 
financial assets were acquired. Management determines 
the classification of its financial assets at initial recognition. 
An irrevocable election is made by instrument to determine 
if the instrument is measured at fair value either through 
OCI or in the Statement of Profit or Loss. 
When financial assets are recognised initially, they are 
measured at fair value, plus, in the case of assets at fair 
value through OCI, directly attributable transaction costs.
The best evidence of fair value is quoted prices in an 
active market. The fair value of the investments and other 
financial assets that do not have a price quoted in an 
active market have been estimated using valuation 
techniques based on assumptions that are not supported 

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Crown Resorts Limited Annual Report 2020 
 
 
Notes to Financial Statements continued

For the year ended 30 June 2020

1.  Significant Accounting Policies continued 

1.6  Summary of significant accounting policies 

continued

by observable market prices or rates. The fair value is 
reassessed each reporting period. 
If the fair value through Statement of Profit or Loss 
approach is adopted, increments and decrements on the 
fair value of the financial asset at each reporting date are 
recognised in the Statement of Profit or Loss.  
If the fair value through OCI approach is adopted, 
increments and decrements on the fair value are 
recognised in OCI, without recycling of gains and losses 
between the Statement of Profit or Loss and OCI, even on 
disposal of the investment.  Dividends in respect of these 
investments that are a return on investment are 
recognised in the Statement of Profit or Loss. 
Purchases or sales of financial assets that require delivery 
of assets within a time frame established by regulation or 
convention in the market place (regular way trades) are 
recognised on the trade date, i.e., the date that the Group 
commits to purchase or sell the asset.

(i)  Property, plant and equipment
Property, plant and equipment is stated at cost less 
accumulated depreciation and any impairment in value.  
Depreciation and amortisation is calculated on a straight-
line basis over the estimated useful life of the asset as 
follows:  
•  Buildings - 40 to 75 years;
•  Fixtures and fittings in buildings - 4 to 20 years; and 
•  Plant and equipment - 2 to 20 years.
The asset’s residual values, useful lives and amortisation 
methods are reviewed, and adjusted if appropriate, at 
each financial year end. 
Cost for construction work in progress includes any costs 
directly attributable to bringing the asset to the location 
and condition necessary for it to be capable of operating 
in the manner intended by management.

Impairment
The carrying values of property, plant and equipment are 
reviewed for impairment when events or changes in 
circumstances indicate the carrying value may not be 
recoverable. For an asset that does not generate largely 
independent cash inflows, the recoverable amount is 
determined for the cash-generating unit to which the asset 
belongs. If any such indication exists and where the 
carrying values exceed the estimated recoverable amount, 
the assets or cash-generating units are written down to 
their recoverable amount.
The recoverable amount of property, plant and equipment 
is the greater of fair value less costs of disposal and value 
in use. In assessing value in use, the estimated future cash 

flows are discounted to their present value using a 
post-tax discount rate that reflects current market 
assessments of the time value of money and the risks 
specific to the asset.

Derecognition
An item of property, plant and equipment is derecognised 
upon disposal or when no future economic benefits are 
expected to arise from the continued use of the asset.
Any gain or loss arising on derecognition of the asset 
(calculated as the difference between the net disposal 
proceeds and the carrying amount of the item) is included 
in the Statement of Profit or Loss in the period the item is 
derecognised.

(j)  Intangible assets

Licences
Licences are carried at cost less any accumulated 
amortisation and any accumulated impairment losses.
The directors regularly assess the carrying value of casino 
licences so as to ensure they are not carried at a value 
greater than their recoverable amount.
The casino licences are carried at cost of acquisition. The 
Crown Melbourne licence is being amortised on a 
straight-line basis over the remaining life of the licence to 
2050. The Crown Perth licence is assessed as having an 
indefinite useful life and, as such, no amortisation is 
charged. The Crown Perth licence is subject to an annual 
impairment assessment.  Amortisation will commence on 
the Crown Sydney licence once the property is 
operational.

Goodwill
Goodwill on acquisition is initially measured at cost, being 
the excess of the aggregate of the consideration 
transferred and the amount recognised for non-controlling 
interest and any previous interest held over the net 
identifiable assets acquired and liabilities assumed. 
Following initial recognition, goodwill is measured at cost 
less any accumulated impairment losses. Goodwill is not 
amortised.
As at the acquisition date, any goodwill acquired is 
allocated to each of the cash-generating units expected to 
benefit from the combination’s synergies.
Goodwill is reviewed for impairment, annually or more 
frequently if events or changes in circumstances indicate 
that the carrying value may be impaired. Impairment is 
determined by assessing the recoverable amount of the 
cash generating unit to which the goodwill relates. Where 
the recoverable amount of the cash-generating unit is less 
than the carrying amount, an impairment loss is 
recognised.
Where goodwill forms part of a cash-generating unit and 
part of the operation within that unit is disposed of, the 
goodwill associated with the operation disposed of is 

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FINANCIAL REPORT 2020  CONTINUED 
 
 
 
included in the carrying amount of the operation when 
determining the gain or loss on disposal of the operation. 
Goodwill disposed of in this circumstance is measured on 
the basis of the relative values of the operation disposed of 
and the portion of the cash-generating unit retained.

Other intangible assets - Acquired both separately and 
from a business combination
Intangible assets acquired separately are capitalised at 
cost and from a business combination are capitalised at 
fair value as at the date of acquisition. Following initial 
recognition, the cost model is applied to the class of 
intangible assets.
The useful lives of these intangible assets are assessed to 
be either finite or indefinite. Where amortisation is charged 
on assets with finite lives, this expense is taken to the 
Statement of Profit or Loss.
Intangible assets created within the business are not 
capitalised and expenditure is charged against profits in 
the period in which the expenditure is incurred.
Intangible assets are tested for impairment where an 
indicator of impairment exists, and annually in the case of 
intangible assets with indefinite lives, either individually or 
at the cash generating unit level. Useful lives are also 
examined on an annual basis and adjustments, where 
applicable, are made on a prospective basis.
Gains or losses arising from derecognition of an intangible 
asset are measured as the difference between the net 
disposal proceeds and the carrying amount of the asset 
and are recognised in the Statement of Profit or Loss 
when the asset is derecognised.

(k)  Recoverable amount of non-financial assets
At each reporting date, the Group assesses whether there 
is any indication that an asset may be impaired. Where an 
indicator of impairment exists, the Group makes a formal 
estimate of recoverable amount. Where the carrying 
amount of an asset exceeds its recoverable amount the 
asset is considered impaired and is written down to its 
recoverable amount. 
Recoverable amount is the greater of fair value less costs 
of disposal and value in use. For the purposes of 
assessing impairment, assets are grouped at the lowest 
levels for which there are separately identifiable cash flows 
that are largely independent of the cash inflows from other 
assets or groups of assets (cash-generating units). In 
assessing value in use, the estimated future cash flows are 
discounted to their present value using a post-tax discount 
rate that reflects current market assessments of the time 
value of money and the risks specific to the asset.

(l)  Trade and other payables
Trade and other payables are recognised for amounts 
payable in relation to goods received and services 
rendered, whether or not billed to the Group at reporting 

date. The Group operates in a number of diverse markets, 
and accordingly the terms of trade vary by business.

(m) Interest-bearing loans and borrowings
All loans and borrowings are initially recognised at the fair 
value of the consideration received less directly 
attributable transaction costs.
After initial recognition, interest-bearing loans and 
borrowings are subsequently measured at amortised cost 
using the effective interest method.
Borrowings are classified as current liabilities unless the 
Group has an unconditional right to defer settlement of the 
liability for at least 12 months after the reporting date.

Borrowing costs
Borrowing costs directly associated with qualifying assets 
are capitalised, including any other associated costs 
directly attributable to the borrowing. The capitalisation 
rate to determine the amount of borrowing costs to be 
capitalised is the weighted average interest rate applicable 
to the Group’s outstanding borrowings during the year, in 
this case 5.4% (2019: 5.8%).
All other borrowing costs are expensed in the period they 
are incurred. 

(n)  Provisions
Provisions are recognised when the Group has a present 
obligation (legal or constructive) to make a future sacrifice 
of economic benefits to other entities as a result of past 
transactions or other events, it is probable that a future 
sacrifice of economic benefit will be required and a reliable 
estimate can be made of the amount of the obligation.
Where the Group expects some or all of a provision to be 
reimbursed, the reimbursement is recognised as a 
separate asset. The expense relating to any provision is 
presented in the Statement of Profit or Loss net of any 
reimbursement.
If the effect of the time value of money is material, 
provisions are discounted using a current pre-tax rate that 
reflects the risks specific to the liability. When discounting 
is used, the increase in the provision due to the passage 
of time is recognised as a finance cost.
A provision for dividends is not recognised as a liability 
unless the dividends are declared, or publicly 
recommended on or before the reporting date.

(o)  Employee benefits
Provision is made for employee benefits accumulated as a 
result of employees rendering services up to reporting 
date including related on-costs. The benefits include 
wages and salaries, incentives, compensated absences 
and other benefits, which are charged against profits in 
their respective expense categories when services are 
provided or benefits vest with the employee.

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103

Crown Resorts Limited Annual Report 2020 
 
 
Notes to Financial Statements continued

For the year ended 30 June 2020

1.  Significant Accounting Policies continued 

1.6  Summary of significant accounting policies 

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(o)  Employee benefits continued

The provision for employee benefits is measured at the 
remuneration rates expected to be paid when the liability 
is settled. Benefits expected to be settled after twelve 
months from the reporting date are measured at the 
present value of the estimated future cash outflows to be 
made in respect of services provided by employees up to 
the reporting date.
The liability for long service leave is recognised in the 
provision for employee benefits and measured as the 
present value of expected future payments to be made in 
respect of services provided by employees up to the 
reporting date using the projected unit credit method. 
Consideration is given to expected future wage and salary 
levels, experience of employee departures, and periods of 
service. Expected future payments are discounted using 
market yields at the reporting date on bonds with terms to 
maturity and currencies that match, as closely as possible, 
the estimated future cash outflows.

(p)  Leases

Group as lessee

(i) Right-of-use assets

The Group recognises right-of-use assets at the 
commencement date of the lease (i.e., the date the 
underlying asset is available for use). Right-of-use assets 
are measured at cost, less any accumulated depreciation 
and impairment losses, and adjusted for any 
remeasurement of lease liabilities. The cost of right-of-use 
assets includes the amount of lease liabilities recognised, 
initial direct costs incurred, and lease payments made at 
or before the commencement date less any lease 
incentives received. Unless the Group is reasonably 
certain to obtain ownership of the leased asset at the end 
of the lease term, the recognised right-of-use assets are 
depreciated on a straight-line basis over the shorter of its 
estimated useful life and the lease term. Right-of-use 
assets are tested for impairment. 
Right-of-use assets are included in the heading Property, 
plant and equipment on the Statement of Financial 
Position.

(ii) Lease liabilities

At the commencement date of the lease, the Group 
recognises lease liabilities measured at the present value 
of lease payments to be made over the lease term. The 
lease payments include fixed payments (including in-
substance fixed payments) less any lease incentives 
receivable, variable lease payments that depend on an 
index or a rate initially measured using the index or rate as 

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at commencement date, and amounts expected to be 
paid under residual value guarantees. The lease payments 
also include the exercise price of a purchase option 
reasonably certain to be exercised by the Group and 
payments of penalties for terminating a lease, if the lease 
term reflects the Group exercising the option to terminate. 
The variable lease payments that do not depend on an 
index or a rate are recognised as an expense in the period 
on which the event or condition that triggers the payment 
occurs.
In calculating the present value of lease payments, the 
Group uses the incremental borrowing rate at the lease 
commencement date if the interest rate implicit in the 
lease is not readily determinable. After the 
commencement date, the amount of lease liabilities is 
increased to reflect the accretion of interest and reduced 
for the lease payments made. In addition, the carrying 
amount of lease liabilities is remeasured if there is a 
modification, a change in the lease term, a change in the 
in-substance fixed lease payments or a change in the 
assessment to purchase the underlying asset. 
Lease liabilities are included in the headings current and 
non-current Interest-bearing loans and borrowings on the 
Statement of Financial Position.

(iii)  Short-term leases and leases of low-value assets

The Group applies the short-term lease recognition 
exemption to its short-term leases of property, plant and 
equipment (i.e., those leases that have a lease term of 12 
months or less from the commencement date and do not 
contain a purchase option). It also applies the lease of 
low-value assets recognition exemption to leases that are 
considered of low value. Lease payments on short-term 
leases and leases of low-value assets are recognised as 
an expense on a straight-line basis over the lease term.

Group as lessor
Leases in which the Group does not transfer substantially 
all the risks and rewards of ownership of an asset are 
classified as operating leases. Initial direct costs incurred 
in negotiating and arranging an operating lease are added 
to the carrying amount of the leased asset and recognised 
over the lease term on the same basis as rental income. 
Variable lease payments are recognised as revenue in the 
period in which the event or condition that triggers those 
payments occurs.

(q)  Derecognition of financial instruments
The derecognition of a financial asset takes place when 
the Group no longer controls the contractual rights that 
comprise the financial asset, which is normally the case 
when the instrument is sold, or all the cash flows 
attributable to the instrument are passed through to an 
independent third party.
A financial liability is derecognised when the obligation 
under the liability is discharged, cancelled or expires. 

FINANCIAL REPORT 2020  CONTINUED 
 
 
(r)  Derivative financial instruments and hedging
Derivatives are carried as assets when their fair value is 
positive and as liabilities when their fair value is negative. 
Any gains or losses arising from changes in the fair value 
of derivatives, except for those that qualify as cash flow 
hedges, are taken directly to profit or loss for the year.
The fair value of forward exchange contracts are 
calculated by reference to current forward exchange rates 
for contracts with similar maturity profiles. The fair values 
of interest rate swaps are determined by reference to 
market values for similar instruments.
Hedges that meet the strict criteria for hedge accounting 
are accounted for as follows:

(i)  Fair value hedges
Fair value hedges are hedges of the Group’s exposure to 
changes in the fair value of a recognised asset or liability 
or an unrecognised firm commitment, or an identified 
portion of such an asset, liability or firm commitment that 
is attributable to a particular risk and could affect profit or 
loss. For fair value hedges, the carrying amount of the 
hedged item is adjusted for gains and losses attributable 
to the risk being hedged and the derivative is remeasured 
to fair value. Gains and losses from both are taken to profit 
or loss. 
The Group discontinues fair value hedge accounting if the 
hedging instrument expires or is sold, terminated or 
exercised, the hedge no longer meets the criteria for 
hedge accounting or the Group revokes the designation. 
Any adjustment to the carrying amount of a hedged 
financial instrument for which the effective interest method 
is used is amortised to profit or loss. Amortisation may 
begin as soon as an adjustment exists and shall begin no 
later than when the hedged item ceases to be adjusted for 
changes in its fair value attributable to the risk being 
hedged.

(ii)  Cash flow hedges 
Cash flow hedges are hedges of the Group’s exposure to 
variability in cash flows that is attributable to a particular 
risk associated with a recognised asset or liability that is a 
firm commitment and that could affect profit or loss. The 
effective portion of the gain or loss on the hedging 
instrument is recognised directly in equity, while the 
ineffective portion is recognised in the Statement of Profit 
or Loss.
Amounts taken to OCI are accumulated in the cash flow 
hedge reserve in equity and are transferred out of equity 
and included in the measurement of the hedged 
transaction (finance costs or inventory purchases) when 
the forecast transaction occurs. If the hedging instrument 
expires or is sold, terminated or exercised without 
replacement or rollover, or if the hedging relationship is 
discontinued, amounts previously recognised in equity 
remain in equity until the forecast transaction occurs.

(s)  Put options over non-controlling interests
Put options granted to holders of non-controlling interests 
(‘NCI puts’) at the date of acquiring control of a subsidiary 
(or after gaining control) gives rise to a financial liability.
When the Group does not have a present ownership 
interest in the shares subject to the NCI put, the Group 
applies the partial recognition of NCI approach. Under this 
approach, the following accounting method is applied at 
the end of each reporting period:
•  The Group determines the amount that would have 
been recognised for the NCI, including an update to 
reflect allocations of profit or loss, allocations of 
changes in other comprehensive income and dividends 
declared for the reporting period;

•  The Group derecognises the NCI as if it was acquired 

at that date;

•  The Group recognises a financial liability and continues 
to re-assess the liability at the present value of the 
amount payable on exercise of the NCI put; and

•  The Group accounts for the difference between the NCI 
derecognised and the financial liability recognised as 
an equity transaction.

If the NCI put is exercised, the same treatment is applied 
up to the date of exercise. The amount recognised as the 
financial liability at that date is extinguished by the 
payment of the exercise price.
If the NCI put expires unexercised, the position is 
unwound so that the NCI is recognised at the amount it 
would have been, as if the NCI put had never been 
granted. The financial liability is derecognised as an equity 
transaction.

(t)  Contributed equity
Ordinary shares are classified as equity. Issued capital is 
recognised at the fair value of the consideration received, 
less transaction costs and share buy-backs.

(u)  Revenue from contracts with customers

Crown Melbourne, Crown Perth and Crown Aspinalls

Gaming Revenue
Gaming revenue is the net difference between gaming 
wins and losses, and is recognised upon the outcome of 
the game. Commissions rebated to customers or 
promoters are recorded as a reduction of revenue. 

Food and beverage revenue
Food and beverage revenue is recognised as the goods 
are provided.

Hotel, entertainment and other operating revenues
Hotel, entertainment and other operating revenues are 
recognised as services are performed, which for hotels is 
over the term of the customer’s stay and for entertainment 
is when the event is held. Advance deposits for hotels and 
advance ticket sales for entertainment are recorded as 
customer deposits (i.e. contract liability) until services are 
provided to the customer.

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105

Crown Resorts Limited Annual Report 2020 
 
 
Notes to Financial Statements continued

For the year ended 30 June 2020

1.  Significant Accounting Policies continued 

(v)  Other revenue

1.6  Summary of significant accounting policies 

continued

(u)   Revenue from contracts with customers 

continued

Complimentary goods or services
For gaming transactions that include complimentary 
goods or services being provided to customers, the Group 
allocates revenue from the gaming transaction to the good 
or service provided based on the standalone selling price 
which is the arm’s length price for that good or service 
available to the public.

Contract and contract-related liabilities
In providing goods and services to its customers, there 
may be a timing difference between cash receipts from 
customers and recognition of revenues, resulting in a 
contract or contract-related liability.
The Group primarily has liabilities related to contracts with 
customers as follows: 
•   Unredeemed casino chips, which represent the 
amounts owed to customers for chips in their 
possession.

•   Loyalty program liabilities, which represent the deferral 

of revenue until loyalty points are redeemed.

•  Advance customer deposits, which represent casino 
front money deposits that are funds deposited by 
customers before gaming play occurs, gift vouchers 
and advance payments on goods and services yet to 
be provided such as deposits on hotel rooms and 
convention space. 

These liabilities are generally expected to be recognised 
as revenues within one year of being purchased, earned, 
or deposited and are recorded within current trade and 
other payables on the Statement of Financial Position. 
Decreases in these balances generally represent the 
recognition of revenues and increases in the balances 
represent additional chips held by customers, increases in 
customer loyalty program balances and additional 
deposits made by customers.
Wagering and Online

Revenue from exchange betting
Revenue from exchange betting represents commission 
and other charges earned on betting activity. Revenue is 
recognised as the performance obligations are satisfied, 
which is considered to be upon the outcome of the bet 
being determined.

Interest
Revenue is recognised as the interest accrues (using the 
effective interest method, which is the rate that exactly 
discounts estimated future cash receipts through the 
expected life of the financial instrument) to the net carrying 
amount of the financial asset.

Dividends
Revenue is recognised when the shareholders’ right to 
receive the payment is established.

(w) Government Grants
Government grants are recognised where there is 
reasonable assurance that the grant will be received and 
all attached conditions will be complied with. When the 
grant relates to an expense item, it is deducted against the 
relevant expense on a systematic basis over the periods 
that the related costs, for which it is intended to 
compensate, are expensed. 

(x)  Share-based payments
Employees (including senior executives) of the Group 
receive remuneration in the form of share-based 
payments, whereby employees render services as 
consideration for equity instruments.
The cost of equity-settled transactions is determined by 
the fair value at the date when the grant is made using an 
appropriate valuation model.
That cost is recognised in employee benefits expense, 
together with a corresponding increase in equity 
(reserves), over the period in which the service is fulfilled 
(the vesting period). The cumulative expense recognised 
for equity-settled transactions at each reporting date until 
the vesting date reflects the extent to which the vesting 
period has expired. 
If the terms of an equity-settled award are modified, the 
minimum expense recognised is the grant date fair value 
of the unmodified award, provided the original terms of the 
award are met. An additional expense, measured as at the 
date of modification, is recognised for any modification 
that increases the total fair value of the share-based 
payment transaction, or is otherwise beneficial to the 
employee. Where an award is cancelled by the entity or by 
the counterparty, any remaining element of the fair value of 
the award is expensed immediately through profit or loss.
The dilutive effect of outstanding options is reflected as 
additional share dilution in the computation of diluted 
earnings per share.

Social gaming revenue
Social gaming revenue is derived from the purchase of 
credits.  Revenue is recognised in the accounting periods 
in which the transactions occur on a gross basis and 
commission costs are expensed as incurred. 

(y)  Earnings per share (EPS)
Basic EPS is calculated as net profit after tax, adjusted to 
exclude any costs of servicing equity (other than 
dividends), divided by the weighted average number of 
ordinary shares, adjusted for any bonus element.

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106

FINANCIAL REPORT 2020  CONTINUED 
 
 
Diluted EPS is calculated as net profit after tax, adjusted 
for:
•  costs of servicing equity (other than dividends);
•  the after tax effect of dividends and interest associated 
with dilutive potential ordinary shares that have been 
recognised as expenses; and

•  other non-discretionary changes in revenues or 

expenses during the period that would result from the 
dilution of potential ordinary shares;

divided by the weighted average number of ordinary 
shares and dilutive potential ordinary shares, adjusted for 
any bonus element.

(z)  Segment Information
The Group’s operating segments have been determined 
based on geographic location, management reporting 
structure and the nature of the products and services 
offered by the Group. Crown has identified the Board of 
Directors as its Chief Operating Decision Maker that 
allocates resources and assesses the performance of the 
operating segments. The segment information presented 
below is consistent with internal management reporting. 
The Group has four operating segments being Crown 
Melbourne, Crown Perth, Crown Aspinalls and Wagering & 
Online.

(aa)   Business Combinations
Business combinations are accounted for using the 
acquisition method. The consideration transferred in a 
business combination shall be measured at fair value, 
which shall be calculated as the sum of the acquisition 
date fair values of the assets transferred by the acquirer, 
the liabilities incurred by the acquirer to former owners of 
the acquiree and the equity issued by the acquirer, and 
the amount of any non-controlling interest in the acquiree. 
Acquisition-related costs are expensed as incurred.
For each business combination the group elects whether 
to measure the non-controlling interest in the acquiree at 
the fair value or at the proportionate share of the 
acquiree’s identifiable net assets.
When the Group acquires a business, it assesses the 
financial assets and liabilities assumed for appropriate 
classification and designation in accordance with the 
contractual terms, economic conditions, the Group’s 
operating or accounting policies and other pertinent 
conditions as at the acquisition date. This includes the 
separation of embedded derivatives in host contracts by 
the acquiree. 
If the business combination is achieved in stages, the 
acquisition date fair value of the acquirer’s previously held 
equity interest in the acquiree is remeasured to fair value 
at the acquisition date through profit or loss.
Any contingent consideration to be transferred by the 
acquirer will be recognised at fair value at the acquisition 

date. Subsequent changes to the fair value of the 
contingent consideration which is deemed to be an asset 
or liability will be recognised in accordance with AASB 9 in 
the Statement of Profit or Loss. If the contingent 
consideration is classified as equity, it should not be 
remeasured until it is finally settled within equity.

2.  Segment Information

Closure of Crown’s Operations
During the financial year, Crown was directed by relevant 
State and Federal Governments to suspend its gaming 
activities and other non-essential services in response to 
the COVID-19 pandemic. The Government mandated 
closures were effective from 20 March 2020 for Crown 
Aspinalls and 23 March 2020 for Crown Melbourne and 
Crown Perth. Gaming activities at Crown Melbourne and 
Crown Aspinalls remained closed at 30 June 2020. With 
effect from 27 June 2020, Crown Perth re-commenced 
gaming activities and the operation of the majority of its 
food and beverage venues under temporary restrictions 
agreed with the Western Australian Government. During 
the mandated closure period, Crown Melbourne and 
Crown Perth hotels remained open largely to provide the 
State Government with hotel quarantine services for 
returning overseas travellers. All other operations were 
closed or severely limited during this period in accordance 
with the Government direction. 
Crown’s businesses ordinarily operate each day of the 
year and, apart from minor exceptions, 24 hours each day. 
Due to the unprecedented nature of the Government 
mandated closures during the period, the circumstances 
surrounding Crown’s closure are exceptional. During the 
closure period, whilst Crown did not generate any gaming 
revenues, Crown continued to incur expenses to maintain 
its operations and corporate responsibilities (including 
meeting certain financial and legal requirements). Given 
these exceptional circumstances, Crown has separately 
disclosed all costs incurred during the mandated closure 
period. The closure costs exclude costs in relation to hotel 
quarantine services provided during the closure period but 
include the impact of the JobKeeper program and other 
similar reimbursements, such as the Government support 
scheme in the UK. There were no closure costs 
associated with Crown’s Wagering and Online businesses 
as their operations were not suspended during the 
reporting period.
This is consistent with the information provided to and 
used by the Chief Operating Decision Makers to evaluate 
the performance of the Group during this period.

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107

Crown Resorts Limited Annual Report 2020 
 
 
Notes to Financial Statements continued

For the year ended 30 June 2020

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109

Crown Resorts Limited Annual Report 2020 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Notes to Financial Statements continued

For the year ended 30 June 2020

 3.  Revenue and Expenses

Profit before income tax expense includes the following revenues and expenses:

(a)  Revenue 

Crown Melbourne

Crown Perth

Crown Aspinalls

Wagering & Online

Other

Less Commissions

Total Revenue from Contracts with Customers

Tenancy revenue

Interest

Dividends

Total Revenue

(b)  Other income

Profit on disposal of non-current assets

(c)  Expenses

Cost of sales

Operating activities

Crown Sydney pre-opening costs

Goodwill impairment - Crown Aspinalls (1)

Goodwill impairment - DGN

Impairment of associate - Nobu (2)

Reassessment of contingent consideration - DGN (3)

Other expenses

Depreciation of non-current assets (included in expenses above)

Buildings

Plant and equipment

Right-of-use assets

Amortisation of non-current assets (included in expenses above)

Casino licence fee and management agreement

Other assets

2020
$m

2019
$m

1,580.9

2,133.7

607.5

42.7

134.7

0.2

(165.0)

2,201.0

26.0

10.2

-

808.8

56.3

129.1

-

(261.3)

2,866.6

34.6

26.5

1.5

2,237.2

2,929.2

0.1

0.1

124.1

1,799.4

3.5

52.8

-

21.7

1.7

71.0

0.2

0.2

157.6

2,122.4

-

-

48.9

-

(48.9)

46.8

2,074.2

2,326.8

92.5

151.4

5.9

249.8

20.4

5.3

25.7

94.9

154.0

-

248.9

20.4

4.3

24.7

Total depreciation and amortisation expense

275.5

273.6

(1)  Refer note 13 for further information.  
(2)  Refer note 8 for further information.
(3)  Refer note 15 for further information.

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110

FINANCIAL REPORT 2020  CONTINUED 
 
 
(d)  Other income and expense disclosures 

Finance costs expensed:

Debt facilities

Lease liabilities

Capitalised interest

Superannuation expense

Other employee benefits expense (4)

Net foreign currency (gains)/losses

(e)  Significant items - income / (expense)

Crown Sydney pre-opening costs

Goodwill impairment - Crown Aspinalls (1)

Goodwill impairment - DGN

Impairment of associate - Nobu (2)

Reassessment of contingent consideration - DGN (3)

Tax amounts in significant items

(1)  Refer note 13 for further information.  
(2)  Refer note 8 for further information.
(3)  Refer note 15 for further information.
(4)  Net of government grants, refer note 25 for further information. 

2020
$m

66.8

2.4

(59.0)

10.2

59.1

777.2

(0.2)

(3.5)

(52.8)

-

(21.7)

(1.7)

1.0

(78.7)

2019
$m

81.5

-

(44.9)

36.6

65.8

925.1

(1.3)

-

-

(48.9)

-

48.9

-

- 

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N

111

Crown Resorts Limited Annual Report 2020 
 
 
 
Notes to Financial Statements continued

For the year ended 30 June 2020

4.  Dividends Paid and Declared

2020
$m

2019
$m

(a)  Dividends declared and paid during the financial year

Prior year final dividend (paid 4 October 2019)

Paid at 30.0 cents (2018: 30.0 cents) per share franked at 25% (2018: 60% franked) at the 
Australian tax rate of 30% (2018: 30%)

203.1

205.9

Current year interim dividend (paid 17 April 2020)

Paid at 30.0 cents (2019: 30.0 cents) per share franked at 0% (2019: 60% franked) at the 
Australian tax rate of 30% (2019: 30%)

Total dividends appropriated

203.1

406.2

203.1

409.0

(b)  Dividends declared and not recognised as a liability

Current year final dividend

No final dividend declared (2019: 30.0 cents per share franked at 25% at the Australian tax 
rate of 30%)

-

203.1

(c)  Franking credits

The amount of franking credits available for the subsequent financial year:

Franking account balance as at the end of the financial year at 30% (2019: 30%)

Franking credits/(debits) that will arise from the payment/(receipt) of income taxes payable/
(refundable) as at the end of the financial year

The amount of franking credits available for future reporting periods:

Impact on the franking account of dividends announced before the financial report was 
authorised for issue but not recognised as a distribution to equity holders during the 
financial year

Total franking credits available for future reporting periods

0.1

33.1

33.2

-

33.2

2.9

(4.4)

(1.5)

(21.8)

(23.3) 

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112

FINANCIAL REPORT 2020  CONTINUED 
 
 
 
5.  Income Tax

(a)  Income tax expense

The prima facie tax expense, using the Australian tax rate multiplied by profit differs from 
income tax provided in the financial statements as follows:

Profit before income tax

Prima facie income tax expense on profit at the Australian rate of 30% (2019: 30%)

Tax effect of:

Non deductible depreciation and amortisation

Share of associates’ net losses/(profits)

Differences in foreign tax rates

Deferred tax balances not previously brought to account

Income tax (over)/under provided in prior years

Non-deductible/(non-assessable) significant items (1)

Revenue losses not brought to account

Other items - net

Income tax expense

Income tax expense comprises: 

Current expense

Deferred expense

Adjustments for current income tax of prior periods

Tax on significant items

(b)  Deferred income taxes

Deferred income tax assets

Deferred income tax liabilities

Net deferred income tax assets/(liabilities)

2020
$m

2019
$m

153.2

46.0

1.7

(0.1)

0.3

4.1

(8.9)

22.8

0.2

5.2

71.3

63.9

17.3

(8.9)

(1.0)

71.3

579.3

173.8

1.7

(4.0)

(0.9)

1.5

(0.6)

-

(2.1)

7.0

176.4

50.9

126.1

(0.6)

-

176.4

170.7

(420.5)

(249.8)

159.5

(401.5)

(242.0)

(1)  Non-deductible/(non-assessable) significant items includes asset impairments and reassessment of contingent consideration.

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N

113

Crown Resorts Limited Annual Report 2020 
 
 
 
Notes to Financial Statements continued

For the year ended 30 June 2020

5. 

Income Tax continued

N
o
t
e
s

Statement of  
Financial Position

Statement of  
Profit or Loss

2020
$m

2019
$m

2020
$m

2019
$m

(c)   Deferred income tax assets and liabilities at the 

end of the financial year 

The balance comprises temporary differences 
attributable to:

Allowance for expected credit losses

Employee benefits provision

Losses available for offsetting against future taxable income

Other receivables

Other provisions

Prepaid casino tax

Licences and intangibles

Land and buildings

Property, plant & equipment

Revaluation of investment to fair value

Other

Deferred income tax expense/(income)

 25.5 

 46.1 

 1.7 

 0.3 

 36.7 

(13.6) 

(205.1) 

(206.0) 

 50.8 

 - 

 13.8 

 18.2 

 41.0 

 25.6 

 0.5 

 40.9 

(14.0) 

(225.6) 

(166.1) 

 25.6 

 - 

 11.9 

Net deferred income tax assets/(liabilities)

(249.8) 

(242.0) 

(d)   Movements in deferred income tax assets and liabilities during the  

financial year

Carrying amount at the beginning of the year

Tax income / (expense) during the period recognised in profit or loss

Adjustment on adoption of AASB 16 Leases

Exchange differences

Tax income / (expense) - derivatives

Carrying amount at the end of the year

(e)   Tax losses not brought to account, as the realisation of the benefits 
represented by these balances is not considered to be probable

Tax losses arising in Australia for offset against future capital gains

Foreign income tax losses for offset against future foreign profits

Total tax losses not brought to account

Potential tax benefit at respective tax rates

(7.3) 

(5.1) 

 23.9 

 0.2 

 4.2 

(0.4) 

(20.5) 

 39.9 

(18.5) 

 - 

 0.9 

 17.3 

 95.1 

(2.3) 

 0.4 

 1.2 

 13.6 

(0.4) 

(1.0) 

 26.3 

(6.7) 

 18.4 

(18.5) 

 126.1 

2020
$m

2019
$m

(242.0) 

(17.3) 

 6.6 

 0.1 

 2.8 

(114.0) 

(126.1) 

 - 

(0.1) 

(1.8) 

(249.8) 

(242.0) 

 548.9 

 885.7 

 540.9 

 753.0 

 1,434.6 

 1,293.9 

 350.7 

 320.4

(f)  Unrecognised temporary differences
At 30 June 2020, there is no recognised or unrecognised deferred income tax liability (2019: $nil) for taxes that would be 
payable on the unremitted earnings of certain of the Group’s subsidiaries, associates or joint ventures, as the Group has no 
liability for additional taxation should such amounts be remitted.

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s

114

FINANCIAL REPORT 2020  CONTINUED 
 
 
(g)  Tax consolidation
Crown Resorts Limited and its 100% owned Australian resident subsidiaries have formed a tax consolidated group with 
effect from 1 July 2007. Crown Resorts Limited is the head entity of the tax consolidated group. Members of the group 
have entered into a tax sharing arrangement with Crown Resorts Limited in order to allocate income tax expense between 
Crown Resorts Limited and the wholly owned subsidiaries.  In addition, the agreement provides for the allocation of income 
tax liabilities between the entities should the head entity default on its tax payment obligations.  At the balance date the 
possibility of default is remote.

(h)  Tax effect accounting by members of the tax consolidated group
Members of the tax consolidated group have entered into a tax funding agreement. The tax funding agreement provides 
for the allocation of current and deferred taxes to members of the tax consolidated group in accordance with their taxable 
income for the period.  The allocation of taxes under the tax funding agreement is recognised as an increase / decrease in 
the subsidiaries inter-company accounts with the tax consolidated group head company, Crown Resorts Limited.

6.  Trade and Other Receivables

Current

Trade receivables

Allowance for expected credit losses (a)

Other receivables (1)

Non-current

Other receivables

2020
$m

 193.5 

(139.0) 

 54.5 

 56.7 

 111.2 

 - 

 - 

2019
$m

 189.7 

(108.0) 

 81.7 

 17.0 

 98.7 

 157.8 

 157.8 

(1)  Includes JobKeeper receivable, refer note 25 for further information.

(a)  Allowance for expected credit losses
Trade receivables are non-interest bearing and are generally 30 day terms. An allowance for expected credit losses is 
recognised based on the expected credit loss model from the time the financial instrument is initially recognised. The 
estimates and assumptions applied by the Group in determining the allowance for expected credit losses at 30 June 2020 
were updated to incorporate the uncertainty around the duration for which restricted operating conditions and border 
restrictions continue.

Movements in the allowance for expected credit losses

Allowance for expected credit losses at the beginning of the year

Net credit loss expense (1)

Net amounts written off/(recovered)

Exchange differences

(1)   Amounts are included in other expenses.

2020
$m

(108.0) 

(27.0) 

(4.3) 

 0.3 

2019
$m

(425.7) 

(12.7) 

 339.1 

(8.7) 

(139.0) 

(108.0) 

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a
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a
n
F
o
t

i

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o
N

115

Crown Resorts Limited Annual Report 2020 
 
 
Notes to Financial Statements continued

For the year ended 30 June 2020

6.  Trade and Other Receivables continued 

(a)  Allowance for expected credit losses continued

Ageing analysis of trade receivables

N
o
t
e
s

i

t
o
F
n
a
n
c
a

i

l

S
t
a
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e
m
e
n
t
s

2020 - consolidated

Gross carrying amount

Allowance for expected credit losses

Net carrying amount

2019 - consolidated

Gross carrying amount

Allowance for expected credit losses

Net carrying amount

7.  Other Financial Assets

Current

Receivable on foreign exchange contracts

Non-current

Receivable on cross currency swaps

Other

0-30 days 

$m

 6.5 

 - 

 6.5 

 47.3 

(1.8) 

 45.5 

>30 days -  
<1 year

$m

>1 year 

$m

 101.3 

(66.9) 

 34.4 

 70.3 

(49.0) 

 21.3 

 85.7 

(72.1) 

 13.6 

 72.1 

(57.2) 

 14.9 

2020
$m

 - 

 - 

 29.3 

 - 

 29.3 

Details of the Group’s exposure to interest rate risk and foreign currency changes are provided in note 32.

8.  Investments in Associates

Investment details

Associated entities - unlisted shares

Total investments in associates

Share of profits of associates

Nobu Group

Aggregate share of profit from non material associates

116

2020
$m

 186.0 

 186.0 

2020
$m

 3.4 

(3.1) 

 0.3 

Total 

$m

 193.5 

(139.0) 

 54.5 

 189.7 

(108.0) 

 81.7

2019
$m

 5.5 

 5.5 

 35.2 

 2.3 

 37.5

2019
$m

 206.9 

 206.9 

2019
$m

 7.3 

 6.0 

 13.3

FINANCIAL REPORT 2020  CONTINUED 
 
 
 
 
 
Investments in Associates

Nobu Group

Reporting 
Date

31 Dec (1)

Principal  
Activity

Restaurants/Hotels

Aspers Holdings (Jersey) Ltd

30 June Casino and gaming machine operator

Principal  
Place of 
Business

USA

UK

Chill Gaming Pty Ltd

30 June

Gaming software developer

Australia

% Interest

30 June
2020

30 June
2019

20.0

50.0

50.0

20.0

50.0

50.0

(1)  The Group uses 30 June results to equity account the investments.

The associates outlined above are accounted for using the equity method in these consolidated financial statements.
Summarised financial information in respect of each of the Group’s material associates is set out below. 

Carrying amount of investment - Nobu Group:

Balance at the beginning of the financial year

Share of associates’ net profit/(loss) for the year

Impairment

Foreign exchange movements

Dividends received

2020
$m

2019
$m

 142.5 

 135.2 

 3.4 

(21.7) 

 2.9 

(5.9) 

 7.3 

 - 

 7.4 

(7.4) 

Carrying amount of investment in the Nobu Group at the end of the financial year

 121.2 

 142.5  

Impairment testing 
At each reporting date, the Group assesses for each associate whether there is any objective evidence of impairment as a result 
of one or more events that occurred after initial recognition of the net investment, and that event (or events) has an impact on the 
estimated future cash flows from the net investment that can be reliably estimated. Nobu, Aspers and Chill Gaming have all been 
adversely impacted by COVID-19, and therefore the Group determined that this could be considered as objective evidence of 
impairment. Therefore, the carrying amount of the investment in each associate was tested for impairment at 30 June 2020.
The recoverable amount of the Group’s investment in each associate has been determined based on a value in use calculation 
using a discounted cash flow methodology covering a five year period, with an appropriate terminal value at the end of that 
period. The methodology utilises cash flow and dividend forecasts that are based primarily on business plans presented to the 
Board. 
The recoverable amount of the Group’s investment in Nobu determined based on the impairment testing as at 30 June 2020 is 
$121.2 million. As a result of the carrying amount of the investment exceeding its recoverable amount, the Group has reduced 
the carrying amount of the investment in Nobu by $21.7 million. This impairment loss has been included in the Statement of Profit 
or Loss. The following describes key assumptions used to determine the recoverable amount of the Group’s investment in Nobu:
•  The cash flow and dividend forecasts were developed as part of the annual business plan presented to the Board in June 
2020. The forecasts are based on past performance and expectations for the future using a five year cash flow period, and 
considered the uncertainty around the duration for which restricted operating conditions and border restrictions continue.
•  Terminal value is calculated using a perpetuity growth formula based on cash flow and dividend forecasts using a discount 

rate (weighted average cost of capital and cost of equity) and forecast growth rate.

•  Forecast growth rate is based on past performance and the Group’s expectations of future performance as at 30 June 2020, 
based on the nature of the industries in which Nobu operates. The terminal growth rates beyond the five year period do not 
exceed the forecasted long term United States inflation rate of 2.0%.    

•  A weighted average cost of capital (before tax) of 10.5% (for value in use calculation based on cash flow forecasts) and cost of 
equity of 9.5% (for value in use calculation based on dividend forecasts) was used by the Group in the impairment testing. 

An adverse change in any of the assumptions utilised to determine the recoverable amount of Nobu would lead to a further 
impairment charge for the Group’s investment in Nobu.
The Group will continue to monitor the performance of all associates going forward and consider the impact on the carrying 
value.  

s
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e
t
a
t
S

l

i

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a
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F
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117

Crown Resorts Limited Annual Report 2020 
 
 
     
Notes to Financial Statements continued

For the year ended 30 June 2020

9.  Property, Plant and Equipment
Property, Plant and Equipment comprises owned and leased assets.

Property, Plant and Equipment - owned

Right-of-use assets - leased (refer note 10)

2020
$m

4,837.4

33.8

4,871.2

2019
$m

4,259.0

-

4,259.0

N
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s

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F
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Owned assets

l

S
t
a
t
e
m
e
n
t
s

Year ended 30 June 2020

At 1 July 2019, net of accumulated 
depreciation and impairment

Additions

Depreciation expense

Exchange differences

Reclassification/transfer

At 30 June 2020, net of 
accumulated depreciation and 
impairment

At 30 June 2020

Freehold  
land & 
buildings
$m

Buildings on  
leasehold  
land
$m

Plant & 
equipment
$m

Construction 
work in 
progress
$m

Total  
property,  
plant & 
equipment
$m

 1,705.9 

 93.8 

(43.4) 

 - 

 0.9 

 795.8 

 18.5 

(49.1) 

 - 

 - 

 611.3 

 92.6 

(151.4) 

 0.4 

 7.2 

 1,146.0 

 617.0 

 - 

 - 

(8.1) 

 4,259.0 

 821.9 

(243.9) 

 0.4 

 - 

 1,757.2 

 765.2 

 560.1 

 1,754.9 

 4,837.4 

Cost (gross carrying amount)

 2,283.1 

 1,616.9 

 2,568.8 

 1,754.9 

 8,223.7 

Accumulated depreciation and 
impairment

Net carrying amount

(525.9) 

 1,757.2 

(851.7) 

 765.2 

(2,008.7) 

 - 

 560.1 

 1,754.9 

(3,386.3) 

 4,837.4

As part of the refinancing undertaken in April 2020, Crown entered into new bilateral facilities totalling $560 million and 
provided security to the lenders in the form of first ranking mortgages over certain Property, Plant and Equipment.

118

FINANCIAL REPORT 2020  CONTINUED 
 
 
 
Freehold  
land & 
buildings
$m

Buildings on 
leasehold  
land
$m

Plant & 
equipment
$m

Construction 
work in 
progress
$m

Total  
property,  
plant & 
equipment
$m

 1,741.7 

 1.3 

 - 

(45.5) 

 - 

 8.4 

 829.7 

 16.0 

 - 

(49.4) 

 0.3 

(0.8) 

 664.3 

 92.2 

(0.9) 

(154.0) 

 1.3 

 8.4 

 645.0 

 517.0 

 - 

 - 

 - 

(16.0) 

 3,880.7 

 626.5 

(0.9) 

(248.9) 

 1.6 

 - 

 1,705.9 

 795.8 

 611.3 

 1,146.0 

 4,259.0 

Year ended 30 June 2019

At 1 July 2018, net of accumulated 
depreciation and impairment

Additions

Disposals

Depreciation expense

Exchange differences

Reclassification/transfer

At 30 June 2019, net of 
accumulated depreciation and 
impairment

At 30 June 2019

Cost (gross carrying amount)

 2,189.0 

 1,602.5 

 2,517.3 

 1,146.0 

 7,454.8 

Accumulated depreciation and 
impairment

Net carrying amount

(483.1) 

 1,705.9 

(806.7) 

 795.8 

(1,906.0) 

 - 

 611.3 

 1,146.0 

(3,195.8) 

 4,259.0

10.  Leases
Group as Lessee
The Group has lease contracts for various items of property, offices, warehouses, vehicles and other equipment.  Major 
property leases include the Crown Melbourne main site (discussed further below), a portion of the Crown Aspinalls 
property (lease expiring in 2031) and administration offices adjacent to the Crown Sydney complex (lease terms of 5 to 7 
years).

Crown Melbourne main site lease

In 1993 Crown Melbourne entered into a ninety-nine year lease agreement for the site upon which the Crown Melbourne 
Entertainment Complex is located. For years one to forty inclusive, the annual rent payable is one dollar per annum. For 
years forty-one to ninety-nine inclusive, the annual rent payable will be the then current market rent for the site. The 
carrying value of the right-of-use asset has been determined as if the standard had always applied, based on the payments 
in years forty-one to ninety-nine using the estimated market rent at commencement date of the lease, applying the 
incremental borrowing rate at date of initial application of the standard. In estimating the market rent at commencement 
date, the Group engaged an independent property valuer.
Set out below are the carrying amounts of Right-of-use assets (included under Property, Plant and Equipment):

Net carrying amount

30 June 2020

Depreciation expense for the year ended

30 June 2020

Additions to right-of-use assets during 2020 were $9.0 million.

Land & 
buildings
$m

30.2

3.9

Other
$m

3.6

2.0

Total
$m

33.8

5.9

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119

Crown Resorts Limited Annual Report 2020 
 
 
 
Notes to Financial Statements continued

For the year ended 30 June 2020

10.  Leases continued 

Group as Lessee continued

Set out below are the carrying amounts of lease liabilities (included under interest-bearing loans and borrowings) and the 
movements during the period:

Balance on adoption of AASB16 Leases

Additions

Accretion of interest

Payments

Exchange differences

Balance at the end of the financial year 

Current

Non-current

2020
$m

 54.5 

 9.0 

 2.4 

(7.1) 

(0.1) 

 58.7 

 7.2 

 51.5 

 58.7

The maturity analysis of lease liabilities is disclosed in note 32.
The Group also has certain leases with lease terms of 12 months or less. The Group applies the ‘short-term lease’ 
recognition exemptions for these leases. The group recognised rent expense from short-term leases of $1.3 million and 
variable lease payments of $1.0 million during the financial year.  In addition, Crown has adopted the COVID-19 Related 
Rent Concessions Amendment to AASB16 and applied the practical expedient, where conditions were met, to recognise 
all rent relief (total of $0.2 million) granted due to the impact of COVID-19 in the Statement of Profit & Loss. 
The Group had total cash outflows for leases of $9.2 million in 2020. The Group has lease contracts that have not yet 
commenced as at 30 June 2020. The future lease payments for these lease contracts are $1.4 million within one year, $5.8 
million within five years and $2.9 million thereafter. As at 30 June, undiscounted potential future cash outflows of $7.7 
million relating to leases with extension options have not been included in the lease liability because it is not reasonably 
certain that the options will be exercised.

Group as Lessor
The Group has entered into operating leases for retail tenancies within its Crown Melbourne and Crown Perth properties. 
The undiscounted lease payments to be received for the operating leases are shown in the table below. The leases have 
terms between 3 and 25 years.

Payable within one year

Payable after one year but not more than five years

Payable more than five years

2020
$m

 20.6 

 51.0 

 11.6 

 83.2 

2019
$m

 24.5 

 57.7 

 15.2 

 97.4

Crown granted rent relief to its tenants as a result of the closure of Crown’s properties.  The majority of Crown’s rental 
income is derived from Crown Melbourne which remained closed at balance date.  Crown intends to continue to not 
charge rent to tenants whilst the property remains closed.  The above amounts represent the lease payments, and will 
therefore be reduced by the rental relief provided to tenants.  The extent of rent relief to be provided depends on when 
Crown Melbourne is re-opened.
The total variable lease income recognised during the year is $4.6 million (2019: $5.7 million). Variable lease income which 
may become receivable in the future and separately invoiced amounts for recovery of property outgoings are excluded 
from the table above.

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FINANCIAL REPORT 2020  CONTINUED 
 
 
 
11.  Intangible Assets - Licences

Balance at the beginning of the financial year

Amortisation expense

Balance at the end of the financial year 

Cost (gross carrying amount)

Accumulated amortisation and impairment

Net carrying amount

2020
$m

2019
$m

 1,064.0 

 1,080.6 

(16.7) 

 1,047.3 

 1,297.0 

(249.7) 

 1,047.3 

(16.6) 

 1,064.0 

 1,297.0 

(233.0) 

 1,064.0

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The casino licences are carried at cost and amortised on a straight line basis over their useful lives. 
The Crown Melbourne licence ($506.9 million, 2019: $523.6 million) is being amortised until 2050. The Crown Perth licence 
($440.4 million) is assessed as having an indefinite useful life, as it does not expire, and therefore no amortisation is 
charged.  Amortisation will commence on the Crown Sydney licence ($100.0 million) once the property is operational.

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12.  Other Intangible Assets

Year ended 30 June 2020

At 1 July 2019, net of accumulated amortisation and 
impairment
Impairment (2)
Exchange differences

Amortisation expense

Casino 
Management 
Agreement (1)
$m

Goodwill (1)
$m

Other
$m

Total
$m

 295.4 
(52.8) 
 0.6 

 - 

 115.3 
 - 
 - 

(3.7) 

 4.6 
 - 
 - 

(3.8) 

 415.3 
(52.8) 
 0.6 

(7.5) 

At 30 June 2020, net of accumulated amortisation and 
impairment

 243.2 

 111.6 

 0.8 

 355.6 

At 30 June 2020

Cost (gross carrying amount)

Accumulated amortisation

Net carrying amount

Year ended 30 June 2019
At 1 July 2018, net of accumulated amortisation and 
impairment
Additions
Impairment (3)
Exchange differences
Amortisation expense

At 30 June 2019, net of accumulated amortisation and 
impairment
At 30 June 2019
Cost (gross carrying amount)
Accumulated amortisation

Net carrying amount

 243.2 

 - 

 243.2 

 338.4 
 - 
(48.9) 
 5.9 
 - 

 245.3 

(133.7) 

 111.6 

 119.0 
 - 
 - 
 - 
(3.7) 

 18.4 

(17.6) 

 0.8 

 5.4 
 2.0 
 - 
 - 
(2.8) 

 506.9 

(151.3) 

 355.6 

 462.8 
 2.0 
(48.9) 
 5.9 
(6.5) 

 295.4 

 115.3 

 4.6 

 415.3 

 295.4 
 - 

 295.4 

 245.3 
(130.0) 

 115.3 

 22.5 
(17.9) 

 4.6 

 563.2 
(147.9) 

 415.3

(1)  Purchased as part of business combinations. 
(2)  Impairment relates to the goodwill in Crown Aspinalls. Refer note 13 for further details.
(3)  Impairment relates to the goodwill in DGN. Refer note 13 for further details.

Goodwill is considered to have an indefinite life and is tested annually for impairment (see note 13). The goodwill balance at 30 
June 2020 is allocated to Crown Melbourne $26.9 million (2019: $26.9 million), Crown Perth $144.0m (2019: $144.0 million), 
Crown Aspinalls $Nil (2019: $53.1 million), DGN $52.4 million (2019: $51.5 million) and Betfair $19.9 million (2019: $19.9 million).
The useful life of the Crown Melbourne Casino Management Agreement is amortised on a straight line basis to 2050.

121

Crown Resorts Limited Annual Report 2020 
 
 
Notes to Financial Statements continued

For the year ended 30 June 2020

13.  Impairment Testing of Intangible Assets
Intangible assets deemed to have indefinite lives are 
allocated to the Group’s cash generating units (CGUs) 
identified according to the lowest levels for which there are 
separately identifiable cash flows that are largely 
independent of the cash flows from other assets or groups 
of assets.
The allocation of goodwill and other intangible assets with 
indefinite useful lives to the Group’s CGUs are outlined in 
note 11 and note 12.
The recoverable amount of a CGU is defined as the higher 
of the value in use and the fair value less cost of disposal.  
This implied value is then compared with the carrying 
value of the CGU to determine any impairment required.  
The recoverable amount of the Crown Melbourne, Crown 
Perth, Crown Aspinalls and Betfair CGUs has been 
determined based on a value in use calculation using a 
discounted cash flow methodology covering a five year 
period, with an appropriate terminal value at the end of 
that period.  The methodology utilises cash flow forecasts 
that are based primarily on business plans presented to 
the Board. The recoverable amount of Crown Aspinalls at 
30 June 2019 was determined based on a fair value less 
costs of disposal method. 
The recoverable amount of the DGN and Crown Sydney 
CGUs has been determined based on fair value less costs 
of disposal, utilising a combination of independent 
valuations undertaken by third parties, a discounted cash 
flow methodology, forecast earnings for the CGU as well as 
trading multiples of entities of a similar nature to each CGU.  

Value in use assessment
The following describes each key assumption on which 
the Group has based its cash flow projections to 
undertake impairment testing under the value in use 
method.
•  Cash flow forecasts are based on past performance 
and expectations for the future using a five year cash 
flow period, risk adjusted where applicable. COVID-19 
has had a major impact on Australian and international 
economies. A level of uncertainty previously unseen 
has resulted in increased difficulty in developing cash 
flow forecasts. Therefore the Group considered the 
uncertainty around the duration of restricted operating 
conditions and border restrictions in determining cash 
flow forecasts.

•  For the purposes of impairment testing, allowances 
have been made in order to reflect the estimated 
impact of COVID-19 on Crown’s businesses. Based on 
information available at 30 June 2020, with respect to 
Crown Melbourne, Crown Perth and Crown Aspinalls 
the impairment modelling assumed that the properties 
would re-commence gaming operations within the first 
year under social distancing restrictions, before a 
gradual recovery to pre COVID-19 trading over the 

medium to long term within the context of the 5 year 
forecast period. An impairment loss related to the 
Crown Aspinalls CGU was recorded on this basis (refer 
below for further information). In addition to the base 
impairment model, for Crown Melbourne and Crown 
Perth, the Group also analysed a range of scenarios 
with respect to recovery to pre COVID-19 trading. The 
worst case scenario considered a gradual recovery to 
pre COVID-19 trading over a 5 year period. The 
recoverable amount continued to exceed the carrying 
amount of Crown Melbourne and Crown Perth using 
the worst case scenario. The likelihood of this scenario 
is considered remote.

•  Impairment testing assumptions for Betfair anticipate 
continued trading with no adverse material impact on 
their operations as a result of COVID-19, which is 
consistent with the circumstances observed to 30 June 
2020.

•  Terminal value is calculated using a perpetuity growth 

formula based on cash flow forecasts using a weighted 
average cost of capital (after tax) and forecast growth 
rate.

•  Forecast growth rates are based on past performance 
and management’s expectations of future performance 
as at 30 June 2020, based on the current 
circumstances, nature of the products and industries in 
which each business operates.  The terminal growth 
rates for Crown Melbourne, Crown Perth and Betfair 
beyond the five year period do not exceed the 
forecasted long term Australian inflation rate of 2.50% 
(2019: 2.50%). The terminal growth rates for Crown 
Aspinalls beyond the five year period do not exceed the 
forecasted long term UK inflation rate of 2.00%.
•  A weighted average cost of capital (before tax) of 

between 9.1% and 14.7% (2019: 10.5% and 17.2%) was 
used by the Group in impairment testing, risk adjusted 
where applicable.

Fair value less costs of disposal assessment
The following describes each key assumption on which 
management has based its recoverable amount 
calculations under the fair value less costs of disposal 
method. The below assumptions are in addition to those 
assumptions utilised in the independent valuations 
undertaken by third parties with respect to the CGUs. The 
adopted recoverable amount has been determined based 
on a range of values calculated using the methods 
described below and the independent valuations 
undertaken.
For calculations using a discounted cash flow 
methodology the key assumptions are:
•  Earnings forecasts are based on the business plan as 
presented to the Board, which are based on past 
performance and expectations for the future using a five 
year cash flow period, risk adjusted where applicable. 

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122

FINANCIAL REPORT 2020  CONTINUED 
 
 
The Group also considered the impact of existing 
economic conditions in determining cash flow forecasts.

•  Terminal value is calculated using a perpetuity growth 

formula based on cash flow forecasts using a discount 
rate and earnings multiples.

•  A discount rate (before tax) of 14.6% was used (2019: 

11.9%), risk adjusted where applicable.

•  Cost of disposal of 2.0% has been utilised to discount 

the implied fair value.

For calculations using trading multiples of entities of a 
similar nature to each CGU the key assumptions are:
•  Trading multiples of publicly listed companies and 

entities of a similar nature to the CGU of between 8.0x 
and 10.5x next twelve months EBITDA (pre COVID-19) 
have been utilised. 

•  Cost of disposal of between 1.0% and 2.0% has been 

utilised to discount the implied fair value.

•  In determining the forecast EBITDA to which the trading 
multiples were applied, the Group considered earnings 
forecasts based on the business plan as presented to 
the Board using a five year cash flow period, risk 
adjusted where applicable. COVID-19 has had a major 
impact on Australian and international economies. A level 
of uncertainty previously unseen has resulted in 
increased difficulty in developing earnings forecasts. 
Therefore the Group considered the uncertainty around 
the duration of restricted operating conditions and 
border restrictions in determining earnings forecasts

The fair value measurement for the DGN and Crown 
Sydney CGUs are considered to be level 3 in the fair value 
hierarchy, as it is based on using inputs that are not based 
on observable market data. Where available, applicable 
level 2 information has been taken into account (refer to 
note 32 for explanation of the valuation hierarchy). 

Outcome of impairment tests
Based on the valuation techniques performed, an 
impairment loss of $52.8 million related to the Crown 
Aspinalls CGU has been recorded against the Group’s 
intangible assets during the year. At 30 June 2019 there 
were indicators of impairment for the DGN CGU, and 
based on the impairment testing, an impairment loss of 
$48.9 million was recorded against the goodwill of DGN in 
the prior year.
At 30 June 2020, indicators of impairment were identified 
for the Crown Aspinalls CGU. These indicators were 
considered in the re-forecast of cash flows of Crown 
Aspinalls, which were developed as part of the annual 
business plan presented to the Board in June 2020.  
Based on the impairment testing undertaken, the 
recoverable amount of the Crown Aspinalls CGU is  
$60.7 million (£33.8 million) as at 30 June 2020. As a  
result of the carrying amounts exceeding recoverable 
amount of the CGU, Crown has reduced goodwill relating 
to the acquisition of Crown Aspinalls by $52.8 million 
(£29.3 million).  This impairment loss has been included 
 in the Statement of Profit or Loss.

Sensitivity analysis
For CGUs where the recoverable amount was determined 
based on the value in use calculation, the key estimates  
and assumptions used to determine the value in use are 
based on management’s current expectations based on 
past experience, prevailing regulatory and licence 
conditions, current circumstances surrounding COVID-19, 
future plans and external market information. They are 
considered to be reasonably achievable, however 
significant changes in any of the key estimates and 
assumptions or regulatory environments may result in a 
CGUs carrying value exceeding its recoverable value, 
resulting in an impairment charge. 
For Crown Melbourne and Crown Perth, the Group 
analysed a range of scenarios with respect to recovery to 
pre COVID-19 trading. The worst case scenario considered 
a gradual recovery to pre COVID-19 trading over a 5 year 
period. The recoverable amount continued to exceed the 
carrying amount of Crown Melbourne and Crown Perth 
using the worst case scenario. The likelihood of this 
scenario is considered remote.
With respect to Crown Perth, based on the cash flows 
adopted in the calculation of recoverable amount, an 
increase in the discount rate (weighted average cost of 
capital after tax) of 1.0% or a decrease in terminal growth 
rate of 1.2%, in isolation and with all other assumptions held 
constant, could give rise to an impairment. It should be 
noted that Crown Perth has opened earlier than anticipated 
and traded stronger than the Board presented forecasts.  If 
these strong trading results post re-opening are reflected in 
the forecast cash flows, no impairment is anticipated under 
the aforementioned sensitivity scenarios.
In the case of Crown Aspinalls where an impairment 
charge was taken, an adverse change in any of the 
assumptions utilised to determine the recoverable amount 
would lead to a further impairment charge of the CGU.
For CGUs where the recoverable amount was determined 
based on fair value less costs of disposal, the key 
assumptions used to determine the fair value include 
management’s current expectations based on past 
experience, prevailing regulatory and licence conditions, 
current circumstances surrounding COVID-19, future plans 
and external market information, as well as trading 
multiples and assumptions used in the independent 
valuations undertaken (as applicable). They are considered 
to be reasonably achievable, however significant changes 
in any of the key estimates and assumptions or regulatory 
environments may result in a CGUs carrying value 
exceeding its recoverable value, resulting in an impairment 
charge.
The Group will continue to monitor the performance of all 
CGUs going forward, and consider the impact on the 
impairment testing assumptions and carrying value.

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123

Crown Resorts Limited Annual Report 2020 
 
 
 
Notes to Financial Statements continued

For the year ended 30 June 2020

14.  Other Assets

Non-current

Prepaid casino tax at cost

Accumulated amortisation

Other prepayments

15.  Trade and Other Payables

Current - unsecured

Trade and other payables

Contract and contract-related liabilities (1)

Contingent consideration

Other

Non-current - unsecured

Casino licence payable (2)

Contingent consideration

Other

2020
$m

2019
$m

 100.8 

 100.8 

(55.4) 

 45.4 

 3.4 

 48.8 

2020
$m

 190.1 

 137.8 

 2.4 

 96.2 

 426.5 

 172.3 

 - 

 - 

 172.3 

(53.9) 

 46.9 

 1.9 

 48.8

2019
$m

 278.3 

 152.5 

 - 

 2.3 

 433.1 

 167.6 

 0.7 

 86.8 

 255.1

(1)  Contract and contract related liabilities include unredeemed casino chips, loyalty program liabilities and advance customer deposits which 

decreased by $14.7 million during the year (2019: decreased by $24.5 million).

(2) Net present value of the $250.0 million payment due in 2033 relating to the Crown Melbourne Casino licence. 

Contingent Consideration
As part of the purchase agreement with the previous owners of Winners Club, there may be an additional contingent 
consideration payment due based on the 2020 earnings of the DGN Group. During the current period, following a re-
forecast of earnings of the DGN Group, Crown has increased the contingent consideration by $1.7 million, which has been 
included in the Statement of Profit or Loss (2019: a reduction of $48.9 million). The fair value measurement for contingent 
consideration is considered to be level 3 in the fair value hierarchy, based on using inputs that are not based on observable 
market data (refer to note 32 for explanation of the valuation hierarchy).  A significant increase (decrease) in the future 
earnings of the DGN Group would result in a higher (lower) fair value of the contingent consideration liability. 

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FINANCIAL REPORT 2020  CONTINUED 
 
 
 
16.  Interest-Bearing Loans and Borrowings

Current

Bank Loans

Capital Markets Debt

Lease Liabilities

Other loans

Non-current

Bank Loans

Capital Markets Debt

Lease Liabilities

Other loans

2020
$m

 - 

 - 

 7.2 

 1.0 

 8.2 

 280.0 

 790.3 

 51.5 

 - 

2019
$m

 28.5 

 259.1 

 - 

 - 

 287.6 

 - 

 790.0 

 - 

 1.0 

 1,121.8 

 791.0

Fair Value Disclosures
Details of the fair value disclosures of the Group’s interest bearing liabilities are set out in note 32.

Financial Risk Management
Information about the Group’s exposure to interest rate and foreign currency changes is provided in note 32.

Financing and Credit Facilities
Credit facilities are provided as part of the overall debt funding structure of the Crown Group as follows:

Facility Type

Bank Facilities

Bilateral Facilities

GBP Syndicated Facility

Letter of Credit Facilities

Debt Capital Markets

Euro Medium Term Notes

AUD Subordinated Notes

Other

Other Loans

Facility 
Amount
$m

Drawn 
Amount
$m

Letters of 
Credit 
Issued
$m

Available
$m

Expiry
Dates

 630.0 

 89.8 

 125.5 

 845.3 

 174.6 

 615.7 

 790.3 

 280.0 

 - 

 - 

 280.0 

 174.6 

 615.7 

 790.3 

 1.0 

 1.0 

 38.5 

 - 

 125.5 

 164.0 

 311.5 

 Apr 22 - Apr 24 

 89.8 

 Aug 20 

 - 

 Jan 22 - Jun 30 

 401.3 

 - 

 - 

 - 

 - 

 - 

 - 

 - 

 - 

 Jul 2036 

 Apr 2075 

 Jun 2021 

Total at 30 June 2020

 1,636.6 

 1,071.3 

 164.0 

 401.3 

Total at 30 June 2019

 1,561.0 

 1,078.6 

 282.0 

 200.4 

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Crown Resorts Limited Annual Report 2020 
 
 
Notes to Financial Statements continued

For the year ended 30 June 2020

16.  Interest-Bearing Loans and Borrowings continued 

Financing and Credit Facilities continued

As part of the refinancing undertaken in April 2020, Crown secured new bank financing facilities totalling $560 million.  
These bank facilities are secured by Property, Plant and Equipment as outlined in note 9.  The remainder of the bank 
facilities are provided on an unsecured basis by domestic and international banks. Refer note 32(a)(i) for further details 
regarding interest rates. 
The debt capital markets drawn amounts represent unsecured notes issued to domestic and international debt investors.
Crown is able to make advances and issue letters of credit under the letter of credit facility, syndicated facilities and the 
bilateral facilities.
Each of the above mentioned facilities are issued by or supported by a Group guarantee from Crown and certain 
subsidiaries and impose various affirmative covenants on Crown, which may include compliance with certain financial 
ratios and negative covenants, including restrictions on encumbrances, and customary events of default, including a 
payment default, breach of covenants, cross-default and insolvency events.
During the current and prior year, there were no defaults or breaches on any of the loans or borrowings. 
Subsequent to 30 June 2020, Crown executed a $450 million project finance facility to support the continuation of the 
construction of Crown Sydney. Post execution, Crown drew down $226.5 million from this facility. At the date of this report, 
the majority of this amount is held as cash and cash equivalents. The project finance facility is secured by certain Property, 
Plant and Equipment and will mature in December 2021. This facility is expected to be fully retired by the proceeds of the 
apartment sales. 
Refer to note 21(c) for a summary of Crown’s overdraft facilities.

17.  Provisions

At 1 July 2019

Arising during the year

Utilised during the year

At 30 June 2020

Current 2020

Non-current 2020

At 30 June 2020

Current 2019

Non-current 2019

At 30 June 2019

Employee  
Entitlements
$m

 172.9 

 100.9 

(81.3) 

 192.5 

 177.5 

 15.0 

 192.5 

 158.4 

 14.5 

 172.9 

Other
$m

 37.3 

 10.4 

(12.9) 

 34.8 

 22.8 

 12.0 

 34.8 

 27.6 

 9.7 

 37.3 

Total
$m

 210.2 

 111.3 

(94.2) 

 227.3 

 200.3 

 27.0 

 227.3 

 186.0 

 24.2 

 210.2

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FINANCIAL REPORT 2020  CONTINUED 
 
 
18.  Contributed Equity

Issued share capital

Ordinary shares fully paid

Movements in issued share capital

Carrying amount at the beginning of the financial year

Share buy-back, inclusive of costs

Carrying amount at the end of the financial year

Shares held in Trust

Balance at beginning of the financial year

Shares transferred under the Crown Long Term Incentive Plan

Balance at the end of the financial year

Issued share capital

Ordinary shares fully paid

Movements in issued share capital

Balance at the beginning of the financial year

Share buy-back

Balance at the end of the financial year

2020
$m

2019
$m

(203.3) 

(203.3) 

(203.3) 

 - 

(71.9) 

(131.4) 

(203.3) 

(203.3) 

 - 

 - 

 - 

2020
No. 

(15.7) 

 15.7 

 - 

2019
No. 

 677,158,271 

 677,158,271 

 677,158,271 

 687,421,194 

 - 

(10,262,923) 

 677,158,271 

 677,158,271

For the year ended 30 June 2019, the Group carried out an on-market share buy-back to a value of $131.4 million. There 
was no additional share buy-back undertaken in the current year.
Due to share buy-backs being undertaken at higher prices than the original subscription prices, the balance of contributed 
equity is reflected as a negative balance, which shows the excess value of shares bought over the original amount of 
subscribed capital.  Refer note 31 for details of the Parent Entity’s share capital, which has significant paid up capital.

Terms and Conditions of Contributed Equity
Ordinary shares entitle the holder to participate in dividends and the proceeds on winding-up of the Company in proportion 
to the number of shares held.
The voting rights attaching to ordinary shares provide that each ordinary shareholder present in person or by proxy or 
attorney or being a corporation present by representative at a meeting shall have:
(a) on a show of hands, one vote only;
(b) on a poll, one vote for every fully paid ordinary share held.

Capital Management
When managing capital, the Group’s objective is to maintain optimal returns to shareholders and benefits for other 
stakeholders. The Group also aims to maintain a capital structure that ensures the lowest cost of capital available to the 
entity.
During 2020, the Group paid dividends of $406.2 million (2019: $409.0 million). The Group’s dividend policy is to pay  
60 cents per share on a full year basis, subject to Crown’s financial position. Having regard to the impact on Crown’s 
businesses from the mandatory closures and the uncertainty surrounding the resumption of trading at Crown Melbourne, 
Crown has determined not to declare a final dividend on ordinary shares. Future dividends will be subject to the Board’s 
assessment of Crown’s financial position at the appropriate time.

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127

Crown Resorts Limited Annual Report 2020 
 
 
 
Notes to Financial Statements continued

For the year ended 30 June 2020

19.  Reserves and Retained Earnings

Foreign currency translation reserve

Employee equity benefits reserve

Net unrealised gains reserve

Cash flow hedge reserve

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Foreign Currency Translation Reserve

The foreign currency translation reserve is used to record exchange differences arising 
from the translation of the financial statements of foreign operations. It is also used to 
recognise gains and losses on hedges of the net investment in foreign operations.

Balance at the beginning of the financial year

Net foreign exchange translation

Non-controlling interest

Balance at the end of the financial year 

Employee Equity Benefits Reserve

The employee equity benefits reserve is used to record share based remuneration 
obligations to executives in relation to ordinary shares.

Balance at the beginning of the financial year 

Movement for the period

Balance at the end of the financial year 

Net Unrealised Gains Reserve

The net unrealised gains reserve records the movement from changes in ownership 
interests in a subsidiary, investments and associates equity, which do not impact control.

Balance at the beginning of the financial year 

Movement in non-controlling interest put option

Balance at the end of the financial year 

Cash Flow Hedge Reserve

The cash flow hedge reserve records the portion of the gain or loss on a hedging 
instrument in a cash flow hedge that is determined to be an effective hedge.

Balance at the beginning of the financial year

Movement in interest rate swaps

Movement in cross currency swaps

Movement in forward exchange contracts

Balance at the end of the financial year 

Retained Earnings

Balance at the beginning of the financial year

Adoption of AASB 16 Leases

Net profit after tax attributable to equity holders of the parent

Total available for appropriation

Dividends provided for or paid

Balance at the end of the financial year 

128

2020
$m

(23.6) 

 22.3 

(14.4) 

 18.8 

 3.1 

(28.8) 

 5.3 

(0.1) 

(23.6) 

 18.9 

 3.4 

 22.3 

(14.1) 

(0.3) 

(14.4) 

 25.4 

 1.4 

(4.2) 

(3.8) 

 18.8 

2019
$m

(28.8) 

 18.9 

(14.1) 

 25.4 

 1.4 

(42.5) 

 14.0 

(0.3) 

(28.8) 

 15.6 

 3.3 

 18.9 

(54.9) 

 40.8 

(14.1) 

 21.3 

(1.6) 

 8.3 

(2.6) 

 25.4 

 5,298.8 

 5,306.0 

(17.6) 

 79.5 

 5,360.7 

(406.2) 

 - 

 401.8 

 5,707.8 

(409.0) 

 4,954.5 

 5,298.8

FINANCIAL REPORT 2020  CONTINUED 
 
 
 
20.  Capital Commitments

Estimated capital expenditure contracted for at balance date, but not provided for:

Payable within one year

Payable after one year but not more than five years

21.  Cash Flow Statement Reconciliation

(a)  Cash balance represents:

Cash on hand and at bank

Deposits at call

2020
$m

447.7

-

 447.7 

2020
$m

 158.3 

 128.6 

 286.9 

2019
$m

 623.9 

 82.8 

 706.7

2019
$m

 412.5 

 713.5 

 1,126.0 

The above closing cash balances includes $48.4 million (2019: $133.9 million) of cash on the company’s premises and 
cash held in bank accounts to run the day to day operations of the businesses and cash (including deposits on call) of 
$238.5 million (2019: $992.1 million) for other purposes.  All deposits at call are with approved counterparties with 
investment grade ratings. Refer note 32(c) for further details.

(b)   Reconciliation of the profit/(loss) after tax to the net cash flows  

from operating activities

Profit after tax

Non cash items and items dealt with separately:

- Depreciation and amortisation

- Asset impairment

- Share of associates’ net (profit)/loss

- Net foreign exchange (gain)/loss

- Reassessment of contingent consideration - DGN

- Fair value movement of derivatives not in hedging relationships

Cash items not included in profit after tax:

- Dividends received from associates

Items classified as investing/financing activities:

- (Profit)/loss on sale of property, plant and equipment

- Net gain on disposal of subsidiaries and associates

Working Capital changes:

- (Increase) / decrease in trade receivables and other assets

- (Increase) / decrease in inventories

- (Decrease) / increase in tax provisions

-  (Decrease) / increase in trade and other payables, accruals, provisions and other 

liabilities

Net cash flows from operating activities

2020
$m

2019
$m

 81.9 

 402.9 

 275.5 

 74.5 

(0.3) 

(0.2) 

 1.7 

 2.3 

 5.9 

(0.1) 

 - 

 74.9 

(0.5) 

(113.7) 

(75.0) 

 326.9 

 273.6 

 48.9 

(13.3) 

(1.3) 

(48.9) 

(2.3) 

 7.4 

(0.2) 

(12.0) 

 53.6 

 0.6 

 116.6 

(47.5) 

 778.1  

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Crown Resorts Limited Annual Report 2020 
 
 
Notes to Financial Statements continued

For the year ended 30 June 2020

21.  Cash Flow Statement Reconciliation continued 

(c) Bank Overdraft Facilities

The Group has bank overdraft facilities available as follows:

Bank

ANZ Banking Group Limited
Citibank NA
Royal Bank of Scotland PLC

2020

2019

A$20 million

A$20 million
US$10 million US$10 million
£18 million

£18 million

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As at 30 June 2020 there were no drawn down amounts on the overdraft facilities (2019: nil).

22.  Events After the Reporting Period
On 27 July 2020, the inquiry established by the NSW Independent Liquor and Gaming Authority (ILGA) under section 143 of 
the Casino Control Act 1992 (NSW) (Inquiry) recommenced public hearings. Pursuant to a revised Instrument of Appointment, 
the Honourable Patricia Bergin SC (Commissioner) has been appointed to, among other things, consider (i) whether Crown 
remains suitable to hold a restricted gaming licence in New South Wales and (ii) the efficacy of the primary objects of the 
Casino Control Act 1992 (NSW). The Commissioner has been instructed to report her findings to ILGA by 1 February 2021. 

On 15 August 2020, gaming activities re-commenced at Crown Aspinalls.

Subsequent to 30 June 2020, Crown executed a $450 million project finance facility to support the continuation of the 
construction of Crown Sydney. Refer note 16 for further details.

23.  Contingent Liabilities and Related Matters
As announced by Crown on 4 December 2017, Maurice Blackburn Lawyers commenced a class action proceeding against 
Crown in the Federal Court of Australia.  The proceeding has been filed on behalf of persons who acquired an interest in 
Crown shares between 6 February 2015 and 16 October 2016.  Crown has announced that it intends to vigorously defend 
the proceeding.
In addition to the above matters, entities within the Group are defendants from time to time in legal proceedings and 
participate in regulatory inquiries arising from the conduct of their business. The Group does not consider that the outcome 
of any proceedings or inquiries ongoing at balance date, either individually or in aggregate, are likely to have a material 
effect on its financial position. Where appropriate, provisions have been made.
The Group has no other material contingent liabilities at 30 June 2020.

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FINANCIAL REPORT 2020  CONTINUED 
 
 
24.  Auditor’s Remuneration

Fees to Ernst & Young (Australia):
Fees for auditing the statutory financial report of the parent covering the group and 
auditing the statutory financial reports of any controlled entities 
Fees for other assurance and agreed-upon-procedures services under other legislation 
or contractual arrangements where there is discretion as to whether the service is 
provided by the auditor or another firm
Fees for other services:
- Taxation services
- Other

Total fees to Ernst & Young (Australia) 

Fees to other overseas member firms of Ernst & Young (Australia):
Fees for auditing the financial report of any controlled entities
Fees for other services:
- Taxation services

Total fees to overseas member firms of Ernst & Young (Australia) 

Total auditor’s remuneration 

2020
$

2019
$

 1,534,982 

 1,560,777 

 67,300 

 64,750 

 2,479,861 
 30,000 
 4,112,143 

 3,567,326 
 87,853 
 5,280,706 

 127,583 

 127,509 

 537,350 
 664,933 

 545,204 
 672,713 

 4,777,076 

 5,953,419

25.  Government Grants
During the year, Crown was entitled to government payments relating to employee retention schemes in Australia and the 
UK as a result of COVID-19 totalling $113.9 million, the accounting for which is detailed below.  Crown has presented grants 
related to payroll expenses as a deduction against the related expense in the Statement of Profit or Loss on a systematic 
basis over the periods that the related costs, for which it is intended to compensate, are expensed. 

Under the JobKeeper program, Crown recorded $43.4 million in payroll subsidies which related to the period through to  
30 June 2020 for employees that continued to work in either a full or partial capacity.  The subsidy amount has been 
recognised as a reduction in ‘Expenses-Operating activities’ in note 3(c) and in the ‘Costs incurred during mandated 
closure’ detailed in the Segment Note. 

Crown has recorded a further $67.9 million in JobKeeper payments relating to employees that were stood down during the 
year. These amounts were paid in their entirety to Crown’s employees and had no net impact on the Statement of Profit or 
Loss. In addition, Crown received a further $2.6 million in Coronavirus Job Retention Scheme (UK) payments relating to 
employees that were stood down at Crown Aspinalls.

At 30 June 2020, the amount receivable to Crown was $50.2 million.

There are no unfulfilled conditions or contingencies attached to these grants. 

26.  Earnings Per Share (EPS)

The following reflects the income and share data used in the calculations of 
basic and diluted EPS:

Net profit / (loss) after tax used in calculating basic and diluted EPS ($m)

Weighted average number of ordinary shares used in calculating basic EPS (‘m)

Weighted average number of ordinary shares used in calculating diluted EPS (‘m)

2020

2019

 79.5 

 677.2 

 677.2 

 401.8 

 680.2 

 681.0 

During the year ended 30 June 2019, Crown undertook an on-market share buy-back to a value of $131.4 million.  
Following the completion of the buy-back, Crown’s shares on issue reduced by approximately 10.3 million to approximately 
677.2 million.  

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Crown Resorts Limited Annual Report 2020 
 
 
Notes to Financial Statements continued

For the year ended 30 June 2020

27.  Key Management Personnel Disclosures

(a)  Details of key management personnel

(i)   Directors

The Hon. Helen A Coonan

Chairman (appointed as Chairman on 24 January 2020)

Professor John S Horvath AO Deputy Chairman (appointed as Deputy Chairman on 24 January 2020)

Kenneth M Barton

John H Alexander

Chief Executive Officer (appointed 24 January 2020) & Managing Director (from 3 March 2020)

Executive Director (Executive Chairman until 24 January 2020)

Andrew Demetriou

Non-Executive Director 

Geoffrey J Dixon

Non-Executive Director (retired 24 October 2019)

Jane Halton AO PSM

Non-Executive Director

Guy Jalland

Non-Executive Director

Michael R Johnston

Non-Executive Director 

Antonia Korsanos

Non-Executive Director

Harold C Mitchell AC

Non-Executive Director

John Poynton AO

Non-Executive Director

(ii)   Executives

Barry Felstead

W Todd Nisbet

Chief Executive Officer – Australian Resorts

Executive Vice President – Strategy and Development

Prior to 30 June 2020, Crown announced the appointment of Mr Alan McGregor as Crown’s Chief Financial Officer,  
subject to the receipt of any necessary regulatory approvals. On 20 August 2020, following receipt of the regulatory 
approvals, Mr McGregor’s appointment became effective.

(b)  Remuneration of key management personnel
Total remuneration for key management personnel for the Group and Parent Entity during the financial year are set out 
below:

Remuneration by category

Short term benefits

Post employment benefits

Long term incentives

2020
$m

13.3

 0.2 

 2.6 

 16.1 

2019
$m

 13.0 

 0.2 

 2.4 

 15.6 

Further details regarding key management personnel and detailed disclosures of share based payment arrangements are 
contained in the Remuneration Report.

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FINANCIAL REPORT 2020  CONTINUED 
 
 
 
28.  Related Party Disclosures

(a)   Parent entity
Crown Resorts Limited is the ultimate parent entity of the Group.

(b)   Controlled entities, associates and joint ventures
Interests in significant controlled entities are set out in note 29.
Investments in associates and joint ventures are set out in note 8.

(c)   Entity with significant influence over the Group
Based on a substantial shareholder notice dated 11 June 2019 lodged by the Consolidated Press Holdings Group (CPH), 
comprising Consolidated Press Holdings Pty Limited and its related corporations, a group related to Mr James Packer, 
CPH had a relevant interest in 249,253,302 of the Company’s fully paid ordinary shares at balance date. This equates to 
36.81% of the Company’s fully paid ordinary shares (2019: 36.81%) based on the total number of shares on issue at the 
relevant balance date.

(d)   Key management personnel
Disclosures relating to key management personnel are set out in note 27, and in the Remuneration Report.

(e)   Terms and conditions of transactions with related parties
Sales to and purchases from related parties are made in arm’s length transactions both at normal market prices and on 
normal commercial terms, unless otherwise stated. 

(f)   Transactions with related parties
The Group had the following transactions with related parties:

 (i)   Director related entities and entities with significant influence over the Group 

        CPH provided management services in accordance with a Services Agreement, in addition to corporate secretarial 
and administrative services of $1.2 million during the year (2019: $3.5 million). CPH paid costs on behalf of Crown to 
third parties totalling $0.7 million during the year (2019: $1.0 million). At 30 June 2020 there was $0.4 million owing to 
CPH (2019: $0.4 million). 

        Crown and its controlled entities provided CPH with hotel and banqueting services of $11,000 during the year (2019: 

$12,000).  At 30 June 2020 there were no amounts owing from CPH (2019: $nil).  

        In line with its commitment to the NSW Government, Crown has ongoing access rights to the golf course and other 

facilities at Ellerston (a property in the Hunter Valley owned by CPH and an entity associated with Ms Gretel Packer).  
During the period Crown paid $1.0 million for the access rights (2019: $1.0 million).

(ii)   Associates 

        During the period, Crown paid the Nobu Group $2.2 million (2019: $2.7 million) in license and management fees 

relating to restaurants at Crown Melbourne and Crown Perth. At 30 June 2020 there was $0.1 million owing to Nobu 
(2019: $0.2 million). 

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Crown Resorts Limited Annual Report 2020 
 
 
 
 
Notes to Financial Statements continued

For the year ended 30 June 2020

29.  Investment in Controlled Entities 
The consolidated financial statements include the financial statements of Crown Resorts Limited and its controlled entities.  
Significant controlled entities and those that are party to a Deed of Cross Guarantee with the parent entity are set out 
below:

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Footnote

Country of 
Incorporation

Beneficial Interest  
Held by the 
Consolidated Entity(1)

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2020

2019

Crown Resorts Limited
Artra Pty Ltd
Aspinall’s Club Limited
Betfair Pty Ltd
Betfair Australasia Pty Ltd
Burswood Limited
Burswood Nominees Ltd
Burswood Resort (Management) Ltd
Capital Club Pty Ltd
Club Gaming Pty Ltd
Crown Asia Investments Pty Ltd
Crown Australia Pty Ltd
Crown Capital Golf Pty Ltd
Crown Cyprus Pty Ltd
Crown CCR Group Holdings One Pty Ltd
Crown CCR Group Holdings Two Pty Ltd
Crown CCR Group Holdings General Partnership
Crown CCR Group Investments One LLC
Crown CCR Group Investments Two LLC
Crown CCR Holdings LLC
Crown CPS Holdings Pty Ltd
Crown Digital Holdings Pty Ltd
Crown Entertainment Group Holdings Pty Ltd
Crown (Gaming Technology) Holdings Pty Ltd
Crown Gateway Luxembourg Pty Ltd
Crown Group Finance Limited
Crown Group Securities Ltd
Crown Resorts International Holdings Ltd
Crown Investment Holdings LLC
Crown Management Holdings Pty Ltd
Crown Management Pty Ltd
Crown Melbourne Limited
Crown North America Holdings One Pty Ltd
Crown North America Investments LLC
Crown Overseas Investments Pty Ltd
Crown Queensbridge Development Pty Ltd
Crown Queensbridge Holdings Pty Ltd
Crown Queensbridge Property (Hotel) Pty Ltd
Crown Queensbridge Property (Residential) Pty Ltd
Crown Queensbridge Nominees One Pty Ltd
Crown Queensbridge Nominees Two Pty Ltd
Crown Sydney Pty Ltd
Crown Sydney Gaming Pty Ltd

A
A
A
A
A

A
A

A

A
A
A

A
A

A
A
A

A

A
A
A
A
A

A
A

A

A
A
A

A
A

A
A
A

A

Australia
Australia
United Kingdom
Australia
Australia
Australia
Australia
Australia
Australia
Australia
Australia
Australia
Australia
Australia
Australia
Australia
USA
USA
USA
USA
Australia
Australia
Australia
Australia
Australia
Australia
Australia
Bahamas
USA
Australia
Australia
Australia
Australia
USA
Australia
Australia
Australia
Australia
Australia
Australia
Australia
Australia
Australia

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2019 
%

2020 
%
            Parent Entity  
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100

100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
-
-
100
100

FINANCIAL REPORT 2020  CONTINUED 
 
 
 
 
 
 
 
 
Footnote

Country of 
Incorporation

Beneficial Interest  
Held by the 
Consolidated Entity(1)

2020
A
A

2019
A
A

A
A
A

A
A
A

Crown Sydney Holdings Pty Ltd
Crown Sydney Property Pty Ltd
Crown Training Pty Ltd
Crown US Investments LLC
Crown UK Investments Ltd
Crown (Western Australia) Pty Ltd
Crown (Western Australia) Finance Holdings Pty Ltd
Crown (Western Australia) Finance Pty Ltd
DGN Games LLC
Flienn Pty Ltd
Gender Fitness Pty Ltd
Jade West Entertainment Pty Ltd
Jemtex Pty Ltd
Melbourne Golf Academy Pty Ltd
PBL Overseas (CI)  Pty Ltd
PBL (CI) Finance Pty Ltd
Pennwin Pty Ltd
Publishing and Broadcasting (Finance) Ltd
Renga Pty Ltd
Royal Gaming Pty Ltd
Sociologic Games Limited
(1)  The proportion of ownership interest is equal to the proportion of voting power held.
A   These controlled entities have entered into a deed of cross guarantee dated 21 June 2017 with the parent entity under ASIC Instrument 

Australia
Australia
Australia
USA
United Kingdom
Australia
Australia
Australia
USA
Australia
Australia
Australia
Australia
Australia
Australia
Australia
Australia
Australia
Australia
Australia
Israel

A

A

A

A

A

A

2020 
%
100
100
100
100
100
100
100
100
85
100
100
100
100
100
100
100
100
100
100
100
85

2019 
%
100
100
100
100
100
100
100
100
85
100
100
100
100
100
100
100
100
100
100
100
85

2016/785 - the “Closed Group” (refer note 30).

30.  Deed of Cross Guarantee
Crown Resorts Limited and certain controlled entities, as detailed in note 29, are parties to a Deed of Cross Guarantee dated 
21 June 2017 under which each company in the Closed Group guarantees the payment in full of all debts of the other entities 
in the Closed Group in the event of their winding up.
By entering into the Deed, pursuant to ASIC Instrument 2016/785, certain controlled entities of Crown have been granted relief 
from the Corporations Act 2001 requirements for preparation, audit and reporting of financial reports and directors’ reports.
The consolidated Statement of Profit or Loss and Statement of Financial Position of the entities which are members of the 
Closed Group are detailed below.

Consolidated Statement of Profit or Loss 

Profit / (loss) before income tax

Income tax (expense) / benefit 

Net profit / (loss) after income tax

 Closed Group

2020
$m

 432.5 

(83.0) 

 349.5 

2019
$m

 544.0 

(174.0) 

 370.0 

Retained earnings / (accumulated losses) at the beginning of the financial year

 5,040.0 

 5,079.0 

Adoption of AASB 16 Leases

Dividends provided for or paid

(15.6) 

(406.2) 

 - 

(409.0) 

Retained earnings / (accumulated losses) at the end of the financial year

 4,967.7 

 5,040.0

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135

Crown Resorts Limited Annual Report 2020 
 
 
Notes to Financial Statements continued

For the year ended 30 June 2020

30.  Deed of Cross Guarantee continued 

N
o
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Consolidated Statement of Financial Position 

Current assets

Cash and cash equivalents

Trade and other receivables

Inventories

Prepayments

Other financial assets

Total current assets

Non-current assets

Receivables

Other financial assets

Investment in associates

Property, plant and equipment

Intangible assets - licences

Other intangible assets

Deferred tax assets

Other assets

Total non-current assets

Total assets

Current liabilities

Trade and other payables

Interest-bearing loans and borrowings

Income tax payable

Provisions

Other financial liabilities

Total current liabilities

Non-current liabilities

Other payables

Interest-bearing loans and borrowings

Deferred tax liability

Provisions

Other financial liabilities

Total non-current liabilities

Total liabilities

Net assets

Equity

Contributed equity

Reserves

Retained earnings

Total equity

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 Closed Group

2020
$m

2019
$m

 271.3 

 1,073.2 

 77.3 

 16.2 

 41.0 

 - 

 53.0 

 15.8 

 34.8 

 5.5 

 405.8 

 1,182.3 

 848.1 

 896.3 

 1,692.0 

 1,835.0 

 54.1 

 54.5 

 4,658.4 

 4,154.8 

 947.3 

 303.3 

 155.9 

 48.8 

 8,707.9 

 9,113.7 

 398.2 

 5.9 

 33.2 

 195.6 

 2.4 

 635.3 

 172.3 

 1,371.1 

 418.6 

 27.0 

 - 

 1,989.0 

 2,624.3 

 6,489.4 

 964.0 

 310.9 

 155.4 

 48.8 

 8,419.7 

 9,602.0 

 402.6 

 287.6 

 153.6 

 172.3 

 - 

 1,016.1 

 245.6 

 1,348.7 

 399.8 

 24.3 

 4.5 

 2,022.9 

 3,039.0 

 6,563.0 

 1,480.0 

 1,480.0 

 41.7 

 43.0 

 4,967.7 

 5,040.0 

 6,489.4 

 6,563.0

FINANCIAL REPORT 2020  CONTINUED 
 
 
31.  Parent Entity Disclosures

Results of the parent entity

Profit after tax for the period

Other comprehensive income/(loss)

Total comprehensive income for the period

Financial position of the parent entity

Current assets

Non-current assets

Total assets

Current liabilities

Non-current liabilities

Total liabilities

Total equity of the parent entity comprising of:

Issued capital

Employee equity benefits reserve

Accumulated profits/(losses)

Total equity

Crown Resorts Limited

2020
$m

 564.5 

 - 

 564.5 

2019
$m

 410.7 

 - 

 410.7 

 17.2 

 35.7 

 14,401.5 

 14,253.6 

 14,418.7 

 14,289.3 

 95.6 

 5,004.1 

 5,099.7 

 236.8 

 4,891.7 

 5,128.5 

 9,277.1 

 9,277.1 

 13.0 

 28.9 

 13.0 

(129.3) 

 9,319.0 

 9,160.8

Contingent liabilities
There are no other contingent liabilities for the parent entity at 30 June 2020 (2019: $nil), other than those disclosed in  
note 23.

Capital expenditure
The parent entity does not have any capital expenditure commitments for the acquisition of property, plant and equipment 
contracted but not provided for at 30 June 2020 (2019: $nil).

Parent entity guarantees in respect of debts of its subsidiaries
The parent entity has entered into a deed of cross guarantee as well as bank and capital market debt facilities with the 
effect that the Company guarantees debts in respect of its subsidiaries. Further details of the deed of cross guarantee and 
the subsidiaries subject to the deed, are set out in notes 29 and 30 and further details on bank and capital market debt 
facilities are set out in note 16.

32.  Financial Risk Management Objectives and Policies
The Group’s principal financial instruments comprise receivables, payables, bank loans, lease liabilities, capital market 
debt, cash and short term deposits and derivatives.
The Group’s business activities expose it to the following risks; market risks (interest rate, share price and foreign 
exchange), credit risk and liquidity risk.  For each of these risks, the Group considers the counterparties, geographical 
area, currency and markets as applicable to determine whether there are concentrations of risk.  Other than as described 
in this note, the Group is satisfied that there are no material concentrations of risk.
The Group has policies in place to manage different types of risks to which it is exposed.  Policies include monitoring the 
level of interest rate and foreign exchange risk and assessments of market forecasts for interest rates and foreign exchange 
rates.  Ageing analysis of and monitoring of exposures to counterparties is undertaken to manage credit risk.  Liquidity risk 
is monitored through the employment of rolling cash flow forecasts.

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Crown Resorts Limited Annual Report 2020 
 
 
Notes to Financial Statements continued

For the year ended 30 June 2020

32.  Financial Risk Management Objectives and Policies continued 

Financial risk management is carried out under policies approved by the Board of Directors.  The Group identifies, 
evaluates and hedges financial risks in accordance with approved polices.  The Board is informed on a regular basis of risk 
management activities.

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(a)  Market Risk

Interest rate risk – cash flow

(i) 
The Group’s exposure to market interest rates relates primarily to the Group’s cash and cash equivalents and long term 
debt obligations as outlined in note 16.
At balance date, the Group had the following mix of financial assets and liabilities exposed to variable interest rates that are 
not designated as cash flow hedges.

Financial assets

AUD cash on hand and at bank

AUD deposits at call

GBP cash on hand and at bank

USD cash on hand and at bank

USD deposits at call

Total financial assets

Financial liabilities

AUD bank loans

AUD capital market debt

HKD bank loans

Total financial liabilities

Net exposure

2020
$m

 96.8 

 126.7 

 4.9 

 8.2 

 1.9 

2019
$m

 206.6 

 711.6 

 33.5 

 38.5 

 1.9 

 238.5 

 992.1 

 280.0 

 415.7 

 - 

 695.7 

(457.2) 

 20.0 

 415.4 

 8.5 

 443.9 

 548.2

As at balance date, the Group maintained floating rate liabilities of $695.7 million (2019: $443.9 million) that were not 
hedged by interest rate swaps. The associated interest rate risk is partially mitigated by total financial assets of $238.5 
million (2019: $992.1 million).  Under the AUD financial liabilities outstanding the Group pays the Bank Bill Swap rate 
(BBSW) plus a margin of between 200 and 400 basis points.  
Of the AUD cash on hand and at bank $96.8 million is interest bearing and is invested at approximately BBSW. Deposits at 
call of $126.7 million are invested at BBSW plus a margin of between 30 and 90 basis points. The Group maintains cash 
and cash equivalents on hand of $48.4 million for operational purposes and is non interest bearing (2019: $133.9 million). 
As at balance date, the Group had GBP cash on hand and at bank of $4.9 million which is interest bearing and accrues at 
the UK daily cash rate (2019: $33.5 million). The Group had no floating rate borrowings in GBP (2019: nil).
As at balance date, the Group had no floating rate borrowings in HKD (2019: $8.5 million) and had minimal interest earning 
cash and cash equivalents (2019: minimal).
As at balance date, the Group had USD cash on hand and at bank of $8.2 million which is interest bearing and is invested at 
approximately US LIBOR (2019: $38.5 million). In addition, the Group had USD deposits at call of $1.9 million, which is invested 
at approximately US LIBOR (2019: $1.9 million).  The Group maintained no floating rate borrowings in USD (2019: $nil).

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138

FINANCIAL REPORT 2020  CONTINUED 
 
 
Group Sensitivity
As a result of an increase in interest rates of 50 basis points the Group’s post-tax-profit for the year would have decreased 
by $1.6 million (2019: increased by $1.9 million).  As a result of a decrease in interest rates to zero (between 10 basis points 
and 30 basis points) and the Group’s post-tax-profit for the year would have increased by $0.5 million (2019: a decrease in 
interest rates of 50 basis points resulting in an decrease in profit of $1.9 million).  
The Group, where appropriate, uses interest rate swaps to manage the risk of adverse movements in interest rates for its 
long term floating rate borrowings which are subject to variable rates.
The Group uses cross-currency interest rate swaps to manage the risk of adverse movements in interest rates for its long 
term foreign currency denominated borrowings which are subject to variable rates.
As at balance date the notional principal amounts and period of expiry of the interest rate swap contracts were as follows:

Cash flow hedge

Maturity under 1 year

Maturity 1-5 years

Maturity over 5 years

Closing Balance

As at balance date the key terms of the interest rate swap contracts were as follows:

2020
$m

 200.0 

 - 

 174.6 

 374.6 

2019
$m

 - 

 200.0 

 174.6 

 374.6

Maturity Date

Interest Rate
Received

Interest Rate
Paid

Fair Value of
Swap Contract
$m

Hedge Type

Year Ended 30 June 2020

Interest Rate Swap Contract

December 2020

BBSW

2.55%

Cross Currency Swap Contract

June 2036

USD 4.91%

AUD 7.05%

Year Ended 30 June 2019

Interest Rate Swap Contract

December 2020

BBSW

2.55%

Cross Currency Swap Contract

June 2036

USD 4.91%

AUD 7.05%

(2.4) 

 29.3 

(4.5) 

 35.3

The terms of each of the swap contracts are matched directly against the appropriate loan and interest expense and as 
such are highly effective. 

(ii)  Interest rate risk – fair value
Where appropriate, the Group enters into fixed rate debt to mitigate exposure to interest rate risk. As the Group holds fixed 
rate debt there is a risk that the fair value of financial instruments will fluctuate because of market movements in interest 
rates. The level of fixed rate debt at balance date was $375.7 million (2019: $634.8 million). The Group pays between 6.5% 
and 8.5% (2019: 4.5% and 8.5%) on fixed rate debt. As at balance date, the carrying amounts of the Group’s fixed rate debt 
were not materially different from the fair values (2019: not material).
As at balance date the Group had no interest rate swaps in place to hedge fixed rate debt issuances (2019: nil). 

(iii)  Foreign exchange risk 
The Group has currency exposure as a result of capital expenditure and investments/sales in currencies other than the 
functional currency of the relevant entity.  
The Group uses forward exchange contracts and cash flow hedges to minimise the currency exposure on any significant 
receivables or payables as is deemed appropriate.  

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139

Crown Resorts Limited Annual Report 2020 
 
 
Notes to Financial Statements continued

For the year ended 30 June 2020

32.  Financial Risk Management Objectives and Policies continued 

(a)  Market Risk continued

(iii)  Foreign exchange risk  continued

All forward exchange contracts must be in the same currency as the firm commitment and the Group negotiates the terms 
of the hedges to exactly match the underlying commitment to maximise hedge effectiveness.  As at balance date, the 
Group had the following material foreign exchange exposures that were not designated as cash flow hedges:

2020
$m

 4.2 

 4.2 

 4.2 

2020
$m

 5.7 

 5.7 

 5.1 

 5.1 

 0.6 

2020
$m

 4.4 

 2.4 

 6.8 

 1.4 

 - 

 1.4 

 5.4 

2019
$m

 13.4 

 13.4 

 13.4

2019
$m

 9.4 

 9.4 

 - 

 - 

 9.4

2019
$m

 14.3 

 27.6 

 41.9 

 23.0 

 8.5 

 31.5 

 10.4

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USD Exposure

Financial assets

Cash and cash equivalents

Total financial assets

Net exposure

GBP Exposure

Financial assets

Cash and cash equivalents

Total financial assets

Financial liabilities

Trade and other payables

Total financial liabilities

Net exposure

HKD Exposure

Financial assets

Cash and cash equivalents

Trade and other receivables

Total financial assets

Financial liabilities

Trade and other payables

HKD Debt Facilities

Total financial liabilities

Net exposure

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140

FINANCIAL REPORT 2020  CONTINUED 
 
 
Group sensitivity
Based on the financial instruments held at balance date, the sensitivity to fair value movements through profit and loss and 
other comprehensive income as a result of reasonably possible changes in exchange rates are as follows:

AUD/USD +10 cents (2019: +10 cents)

AUD/USD -10 cents (2019: -10 cents)

AUD/GBP +5 cents (2019: +5 cents)

AUD/GBP -5 cents (2019: -5 cents)

AUD/HKD +50 cents (2019: +50 cents)

AUD/HKD -50 cents (2019: -50 cents)

Net profit after tax  
higher/(lower)

Other comprehensive income 
higher/(lower)

2020
$m

(0.5) 

 0.7 

 - 

 0.1 

(0.5) 

 0.6 

2019
$m

(1.7) 

 2.2 

(0.8) 

 0.9 

(0.9) 

 1.0 

2020
$m

2019
$m

 - 

 - 

 - 

 - 

 - 

 - 

 - 

 - 

 - 

 - 

 - 

 - 

The Group uses derivative instruments such as forward exchange contracts to manage the currency risks arising from the 
Group’s operations and its sources of finance. 
Derivatives are exclusively used for hedging purposes and not as trading or other speculative instruments. These 
derivatives qualify for hedge accounting and are based on limits set by the Board.

Cash flow hedges
At balance date the Group had no cash flow hedges in relation to foreign exchange contracts.

Buy USD/Sell AUD

Maturity under 1 year

Closing Balance

(b)  Price Risk

Notional Amounts

Average Rate

2020
$m

 - 

 - 

2019
$m

 30.4 

 30.4 

2020

2019

 n/a 

 0.8290 

(i)  Equity Securities Price Risk
In December 2018, Crown entered into a derivative instrument to hedge its exposure under the 2017 Senior Executive 
Incentive Plan. This hedge does not qualify for hedge accounting and therefore has not been designated in a hedge 
accounting relationship. At inception the derivative asset was valued at $4.0 million, with the value of the instrument 
reduced to $2.3 million at 30 June 2019. At 30 June 2020 the value of the instrument was reduced to nil, a loss of $2.3 
million in the current period.  This unrealised loss in relation to the derivative instrument was included in the Statement of 
Profit or Loss.  
The fair value of the instrument is sensitive to movements in the current and forecast share price for Crown with any further 
movements in fair value to be included in the Statement of Profit or Loss in future periods.  

(ii)  Commodity Price Risk
Neither the Group nor the parent entity is exposed to commodity price risk.

(c)  Credit Risk
Credit risk arises from the financial assets of the Group, which comprise cash and cash equivalents, trade and other 
receivables and derivative instruments. The Group’s exposure to credit risk arises from the potential default of the 
counterparty, with a maximum exposure equal to the carrying amount of these instruments. Exposure at balance date is 
outlined under each applicable note. 
The Group does not hold any credit derivatives or collateral to offset its credit exposure.
All investment and financial instruments activity is with approved counterparties with investment grade ratings and is in 
accordance with approved policies. There are no significant concentrations of credit risk within the Group and the 
aggregate value of transactions is spread amongst a number of financial institutions to minimise the risk of default of 
counterparties.

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141

Crown Resorts Limited Annual Report 2020 
 
 
Notes to Financial Statements continued

For the year ended 30 June 2020

32.  Financial Risk Management Objectives and Policies continued

(c)  Credit Risk continued

Credit risk in trade receivables is managed in the following ways:
(i)   The provision of credit is covered by a risk assessment process for all customers.
(ii)   Concentrations of credit risk are minimised by undertaking transactions with a large number of customers.
(iii)   The provision of cheque-cashing facilities for gaming patrons is subject to detailed policies and procedures designed to 

minimise any potential loss, including the taking up of bank opinions and the use of a central credit agency which 
collates information from major casinos around the world.

In assessing the doubtful debts provisioning for trade receivables, the Group has measured credit risk using the ‘Simplified 
Approach’. The Simplified Approach requires the recognition of lifetime expected credit losses at all times. The Group has 
elected to use a provision matrix utilising historical default rates, as well as taking into account current conditions and 
forecasts of future economic conditions. If the Group becomes aware of circumstances relevant to an individual or group of 
debtors that results in the matrix not being an appropriate basis for provisioning, then management discretion will be 
applied.  

(d)  Liquidity Risk
It is the Group’s objective to maintain a balance between continuity of funding and flexibility through the use of cash 
reserves, committed bank lines and capital markets debt in order to meet its financial commitments in a timely manner.
At balance date 0.7% or $8.2 million of the Group’s interest bearing liabilities will mature in less than 12 months (2019: 
26.7% or $287.6 million).
As at balance date the Group had $401.3 million in undrawn committed bank lines and $286.9 million in cash and cash 
equivalents to mitigate the maturing liabilities (2019: $200.4 million and $1,126.0 million respectively).

Maturity analysis of financial assets and liabilities
The table below analyses the Group’s contractual undiscounted cash flows of financial assets and financial liabilities, net 
and gross settled derivative financial instruments into relevant maturity groupings based on the remaining period at balance 
date to the contractual maturity date.

Financial assets

Cash and cash equivalents 

Receivables - trade 

Receivables - other

Cross currency interest rate swaps 
receivable

Total financial assets 

Financial liabilities

Trade and other payables 

Other loan liabilities

Capital markets 

Bank loans

Lease liabilities

Interest rate swaps payable

1 year or less

1 to 5 years more than 5 years

Total 

2020
$m

2019
$m

2020
$m

2019
$m

2020
$m

2019
$m

2020
$m

2019
$m

 286.9 

 1,126.0 

 111.2 

 98.7 

 - 

 - 

 - 

 - 

 - 

 - 

 18.4 

 139.4 

 - 

 - 

 - 

 - 

 - 

 - 

 286.9 

 1,126.0 

 111.2 

 117.1 

 - 

 139.4 

 9.0 

 8.8 

 35.9 

 35.3 

 98.8 

 106.0 

 143.7 

 150.1 

 407.1   1,233.5 

 35.9 

 193.1 

 98.8 

 106.0 

 541.8   1,532.6 

 426.5 

 433.1 

 1.0 

 - 

 259.1 

 - 

 - 

 - 

 87.5 

 172.3 

 167.6 

 598.8 

 688.2 

 1.0 

 - 

 - 

 1.0 

 1.0 

 790.3 

 790.0 

 790.3   1,049.1 

 - 

 - 

 7.8 

 2.2 

 28.5 

 280.0 

 - 

 15.8 

 - 

 - 

 - 

 - 

 140.8 

 2.7 

 - 

 1.2 

 - 

 - 

 - 

 - 

 280.0 

 28.5 

 164.4 

 2.2 

 - 

 3.9 

Cross currency interest rate swaps payable

 12.3 

 12.3 

 49.2 

 49.2 

 135.4 

 147.7 

 196.9 

 209.2 

Total financial liabilities 

 449.8 

 735.7 

 345.0 

 138.9   1,238.8   1,105.3   2,033.6   1,979.9 

Net maturity

(42.7) 

 497.8 

(309.1) 

 54.2  (1,140.0) 

(999.3) (1,491.8) 

(447.3)

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142

FINANCIAL REPORT 2020  CONTINUED 
 
 
(e)  Fair Value of Financial Instruments
The fair value of the Group’s financial assets and financial liabilities approximates the carrying value as at balance date.   
The Group uses various methods in estimating the fair value of a financial instrument. The methods comprise:
Level One 
Level Two 

the fair value is calculated using quoted prices in active markets;
 the fair value is estimated using inputs other than quoted prices included in Level One that are observable 
for the asset or liability, either directly (as prices) or indirectly (derived from prices); and
Level Three  –     the fair value is estimated using inputs for the asset or liability that are not based on observable market 
data, including cash flow forecasts, implied growth rates and implied discount rates.  

–  
– 

The fair value of the financial instruments as well as the methods used to estimate the fair value are summarised in the table 
below.

Year ended 30 June 2020

Financial Assets 

Cross currency swap contracts

Financial Liabilities

Contingent consideration

Interest rate swap contracts

Year ended 30 June 2019

Financial Assets 

Foreign exchange contracts

2017 Senior Executive Incentive Plan Hedge

Cross currency swap contracts

Financial Liabilities

Contingent consideration

Interest rate swap contracts

Valuation Technique 

Quoted market 
price
Level One 
$m

Observable 
inputs
Level Two 
$m

Non market 
observable 
Level Three 
$m

 -   

 -   

 -   

 -   

 -   

 -   

 -   

 -   

 -   

 -   

 -   

 -   

 29.3 

 29.3 

 -   

 2.4 

 2.4 

 5.5 

 2.3 

 35.2 

 43.0 

 -   

 4.5 

 4.5 

 -   

 -   

 2.4 

 -   

 2.4 

 -   

 -   

 -   

 -   

 0.7 

 -   

 0.7 

There have been no transfers between fair value measurement levels during the financial year ended 30 June 2020.

Reconciliation of Level Three fair value movements

Financial Liabilities

Opening balance

Profit and Loss

Other Comprehensive Income

Closing Balance - Financial Liabilities

2020
$m

0.7

1.7

-

2.4

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$m

 29.3 

 29.3 

 2.4 

 2.4 

 4.8 

 5.5 

 2.3 

 35.2 

 43.0 

 0.7 

 4.5 

 5.2

2019
$m

47.0

(48.9)

2.6

0.7

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Crown Resorts Limited Annual Report 2020 
 
 
Notes to Financial Statements continued

For the year ended 30 June 2020

32.  Financial Risk Management Objectives and Policies continued

 (f)  Changes in liabilities arising from financing activities

Bank  
Loans 
$m

 28.5 

 -   

 251.9 

(0.4) 

 -   

 -   

 280.0 

 54.6 

(27.3) 

 1.2 

 -   

 -   

Capital  
Markets  
Debt 
$m

 1,049.1 

 -   

(259.1) 

 -   

 -   

 0.3 

 790.3 

 1,437.1 

(397.7) 

 -   

 -   

 9.7 

Year ended 30 June 2020

At 1 July 2019

Adoption of AASB16

Cash flows

Foreign exchange 
variations

Movement in fair value

Other

At 30 June 2020

Year ended 30 June 2019

At 1 July 2018

Cash flows

Foreign exchange 
variations

Movement in fair value

Other

At 30 June 2019

 28.5 

 1,049.1 

Lease 
Liabilities
$m

Other  
Loans
$m

Derivatives
$m

Total 
Liabilities 
from 
Financing 
Activities
$m

 -   

 54.5 

(6.5) 

(0.1) 

 -   

 10.8 

 58.7 

 -   

 -   

 -   

 -   

 -   

 -   

 1.0 

 4.5 

 1,083.1 

 -   

 -   

 -   

 -   

 -   

 1.0 

 -   

 -   

 -   

(2.1) 

 -   

 2.4 

 54.5 

(13.7) 

(0.5) 

(2.1) 

 11.1 

 1,132.4 

 1.0 

 2.1 

 1,494.8 

 -   

 -   

 -   

 -   

 1.0 

 -   

 -   

 2.4 

 -   

 4.5 

(425.0) 

 1.2 

 2.4 

 9.7 

 1,083.1

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144

FINANCIAL REPORT 2020  CONTINUED 
 
 
Directors’ Declaration

1.   In the opinion of the Directors:

a.    the financial statements and notes of the consolidated entity are in accordance with the Corporations Act 2001 

(Cth), including:

i.  giving a true and fair view of the consolidated entity’s financial position as at 30 June 2020 and of its performance 

for the year ended on that date; and

ii.  complying with Australian Accounting Standards (including the Australian Accounting Interpretations) and the 

Corporations Regulations 2001 (Cth);

b.  the financial statements and notes also comply with International Financial Reporting Standards issued by the 

International Accounting Standards Board as disclosed in Note 1 of the Financial Report; and

c.  there are reasonable grounds to believe that the Company will be able to pay its debts as and when they become 

due and payable.

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2.   This declaration has been made after receiving the declarations required to be made to the Directors in accordance 

with section 295A of the Corporations Act 2001 (Cth) for the financial year ended 30 June 2020.

3.   In the opinion of the Directors, as at the date of this declaration, there are reasonable grounds to believe that the 
members of the Closed Group identified in Note 29 of the Financial Report will be able to meet any obligations or 
liabilities to which they are or may become subject, by virtue of the Deed of Cross Guarantee.

Signed in accordance with a resolution of the Directors.

Ken Barton 
Director

9 September 2020

145

Crown Resorts Limited Annual Report 2020 
 
 
 
 
 
  
  
 
Shareholder Information

Substantial shareholders as at 31 August 2020

The following information is extracted from substantial shareholder notices received by Crown.

Shareholder

Consolidated Press Holdings Pty Limited

Midnight Acacia Holdings Pte. Limited

Perpetual Limited

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Date  
Received

Number of 
Ordinary  
Shares

11 June 2019

249,253,302

1 May 2020

6 April 2020

67,675,000

63,194,756

% of 
 Issued  
Capital

36.81%

9.99%

9.33%

Holders of each class of securities as at 31 August 2020

Crown has 677,158,271 ordinary shares on issue held by 47,957 shareholders.

Voting rights of ordinary shares

Crown’s Constitution sets out the information in relation to the voting rights attached to shares. In summary, at a general 
meeting:

(a)  on a show of hands, every member present has one vote; and

(b)  on a poll, every member present has:

(i) one vote for each fully paid share held by the member and in respect of which the member is entitled to vote; and

(ii)  a fraction of a vote for each partly paid share held by the member and in respect of which the member is entitled to 
vote, equivalent to the proportion which the amount paid on the share bears to the total amounts paid and payable 
on the share.

Distribution of shareholders as at 31 August 2020

Size of Holdings

1 – 1,000

1,001 – 5,000 

5,001 – 10,000 

10,001 – 100,000 

100,001 and over

Total

Number of 
Shareholders

33,689

12,553

1,141

523

51

47,957

% of  
Issued  
Capital

1.82

3.99

1.19

1.61

91.39

100.00

The number of shareholders holding less than a marketable parcel of ordinary shares is 3,828 (based on a closing market 
price of ordinary shares on 31 August 2020).

146

 
 
 
 
The 20 largest shareholders as at 31 August 2020

Name

1. CPH CROWN HOLDINGS PTY LTD

2. HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED

3. J P MORGAN NOMINEES AUSTRALIA PTY LIMITED

4. MERRILL LYNCH (AUSTRALIA) NOMINEES PTY LIMITED

5. CITICORP NOMINEES PTY LIMITED

6. UBS NOMINEES PTY LTD

7. BNP PARIBAS NOMINEES PTY LTD 

8. BNP PARIBAS NOMS PTY LTD 

9. CONSOLIDATED PRESS HOLDINGS PTY LIMITED

10. NATIONAL NOMINEES LIMITED

11. HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED - A/C 2

12. CITICORP NOMINEES PTY LIMITED  

13. ARGO INVESTMENTS LIMITED

14. HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED-GSCO ECA

15. AUSTRALIAN EXECUTOR TRUSTEES LIMITED 

16. NATIONAL NOMINEES LIMITED 

17. HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED

18. HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED 

19. SANDHURST TRUSTEES LTD 

20. NAVIGATOR AUSTRALIA LTD 

No. of 
Shares

237,025,000

146,246,329

74,788,412

67,683,253

35,425,150

7,486,002

7,111,402

6,558,841

6,000,000

5,686,492

4,134,716

3,535,550

2,609,184

1,501,569

1,363,625

1,187,000

796,067

715,648

630,000

581,346

% of 
Issued 
Capital

35.00

21.60

11.04

10.00

5.23

1.11

1.05

0.97

0.89

0.84

0.61

0.52

0.39

0.22

0.20

0.18

0.12

0.11

0.09

0.09

Total

611,065,586

90.24

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Crown Resorts Limited Annual Report 2020 
 
Additional Information

Shareholder enquiries

Shareholders may access their details by visiting the website of Crown’s Share Registry, Computershare, at  
www.investorcentre.com. For security reasons, shareholders will be required to enter their Securityholder Reference 
Number (SRN) or Holder Identification Number (HIN) and postcode to access personal information. Security holding 
information may be updated online at any time. Alternatively, shareholders can update their details by phone or by writing 
to the Share Registry. Shareholders with queries about their shareholdings should contact the Share Registry either online 
at www.investorcentre.com, by phone on 1300 659 795 (within Australia) or on +61 3 9415 4000 (outside Australia) or 
alternatively by writing to: Computershare Investor Services, GPO Box 2975, Melbourne, Victoria 3001.

Electronic shareholder communications

Crown encourages shareholders to elect to receive shareholder communications electronically instead of by post as it 
enables shareholders to:
•  receive important shareholder and company information faster;
•  reduce the impact on the environment;
•  securely store important shareholder documents online; and
•  access all documents conveniently 24/7.

Shareholders who wish to receive email alerts with copies of Crown’s Annual Reports, Notices of Meeting, Issuer Holding 
Statements, Payment Advices and other company related information may update their communication preference online 
at www.investorcentre.com or by contacting the Share Registry.

Change of address

Issuer sponsored shareholders should immediately update their details online at www.investorcentre.com or by contacting 
the Share Registry. Changes in addresses for broker sponsored holders should be directed to the sponsoring brokers with 
the appropriate HIN. 

Direct payment to shareholders’ accounts

Dividends may be paid directly to any bank, building society or credit union account in Australia. Payments are 
electronically credited on the dividend date with advisory confirmation containing payment details either mailed or sent 
electronically to shareholders. Shareholders who wish to have their dividends paid directly to their account should update 
their payment instructions online at www.investorcentre.com or by contacting the Share Registry prior to the dividend 
record date.

Tax File Numbers

Crown is obliged to deduct tax at the top marginal tax rate plus the Medicare levy from unfranked or partially franked 
dividends paid to Australian resident shareholders who have not supplied their Tax File Number (TFN) or exemption details. 
If you wish to provide your TFN or exemption details, please update your details online at www.investorcentre.com or by 
contacting the Share Registry.

Consolidation of multiple holdings

If you have multiple holdings that you wish to consolidate, please advise the Share Registry in writing. If your holdings are 
broker sponsored, please contact the sponsoring broker directly

Crown’s website
Crown has a dedicated corporate website at www.crownresorts.com.au which includes Crown’s Annual Reports, Notices 
of Meeting and other Explanatory Memoranda and disclosures made to the ASX.

Investment warning

All information provided in the Annual Report is provided as at the date stated or otherwise as at the date of this Report. 

This Report has not taken into account any particular investor’s investment objectives or other circumstances. Investors are 
encouraged to make an independent assessment of Crown or to seek independent professional advice.  

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Corporate Information

Directors

The Honourable Helen A Coonan, BA, LLB – Chairman

Professor John S Horvath AO, MB, BS (Syd), FRACP, FAAHMS, FRCPA (Hons) – Deputy Chairman

Kenneth M Barton, BEc, CA, F Fin – Chief Executive Officer and Managing Director

John H Alexander, BA

Andrew Demetriou, BA, Dip. Ed

Jane Halton AO PSM, BA (Hons) Psychology, FIML, FIPAA, NAM, Hon. FAAHMS, Hon. FACHSE, Hon. DLitt (UNSW)

Guy Jalland, LLB

Michael R Johnston, BEc, CA

Antonia Korsanos, BEc, CA, GAICD

Harold C Mitchell AC

John H Poynton AO, BCom, Hon DCom, FAICD, SF FIN (Life), FAIM

Company Secretary

Mary Manos, LLB (Hons), BCom, GAICD

Crown’s Registered Office and Principal Corporate Office

Level 3 
Crown Towers 
8 Whiteman Street 
Southbank VIC 3006 
Australia

Phone: +61 3 9292 8824

Share Registry

Computershare Investor Services Pty Limited 
Yarra Falls 
452 Johnston Street 
Abbotsford VIC 3067

Phone:   1300 659 795 (within Australia) 

+61 3 9415 4000 (outside Australia)

Fax:  

+61 3 9473 2500

Website: www.computershare.com.au

Securities Exchange Listing

Crown’s ordinary shares are listed on the Australian Securities Exchange under the code “CWN”. 
Crown’s Subordinated Notes II are listed on the Australian Securities Exchange under the code “CWNHB”. 
The home exchange is Melbourne.

Website

www.crownresorts.com.au

Auditor

Ernst & Young

 
w

crownresorts.com.au