Crown Resorts Limited (ASX:CWN) Annual Report Writing - Management Assignment Help

Assignment Task

Transformation and Remediation
As part of Crown’s response to matters raised throughout various regulatory processes, Crown has taken action and has focussed on driving transformation and remediation to ensure Crown is a more transparent and respected public company. As part of this process, Crown has developed a comprehensive Remediation Plan which is the cornerstone of many of the significant changes to the way Crown conducts business. Successful implementation of these reforms is intended to position Crown as a leader in the industry in its approach to governance, compliance, responsible gaming and the management of financial crime risk, supported by an organisational culture reflecting the importance and significance of these areas. We have already made significant progress in implementing reforms. We have revised organisational structures, enhanced capability and increased resourcing across a number of key areas, including Crown’s Financial Crime, Compliance and Responsible Gaming functions. In addition, we haveimplemented other changes to Crown’s business practices, such as the introduction of the Significant Player Review process, which has resulted in the exit of a number of customer relationships, ceased dealing with all junket operations, restructured the VIP international business (including closing all offshore offices) and terminated the information sharing agreements that were in place with CPH. There is also a substantial culture reform program underway. The significantly renewed Board and leadership team are committed to setting the standard expected across the organisation, and Crown’s employees have embraced the change with engagement, energy and commitment. We will continue to work hard to implement these reforms as we seek to repair Crown’s reputation and build the trust of our communities, regulators and governments, and investors as a responsible operator of outstanding quality integrated resorts. 2021 Performance Our financial results for the year ended 30 June 2021 reflect the severe impact on operations from theCOVID-19 pandemic. Revenue of approximately $1.5 billion was down over 30%, whilst Crown recorded a consolidated net loss after tax of over $260 million. No dividends were declared or paid in respect of the 2021 financial year. The protracted lockdown in Victoria meant that Crown Melbourne was closed for much of the first half, with gaming operations closed for a total of 160 days duringthe financial year. When open, gaming facilities were subject to ongoing restrictions, including overall capacity and density limits, restrictions on available product and physical distancing requirements, which adversely impacted performance.

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