27 Jul 2021

Victorian Casino Tax - Update

Crown Resorts Limited ABN 39 125 709 953 Level 3, Crown Towers, 8 Whiteman Street, Southbank VIC 3006 ASX/MEDIA RELEASE FOR IMMEDIATE RELEASE 27 July 2021 VICTORIAN CASINO TAX – UPDATE MELBOURNE: Crown Resorts Limited (ASX: CWN) (Crown) refers to previous announcements regarding its review of potential casino tax underpayments by Crown Melbourne Limited (Crown Melbourne) referred to in the Victorian Royal Commission. Crown has resolved to make a payment to the Victorian Commission for Gambling and Liquor Regulation (VCGLR), representing an underpayment of casino tax by Crown Melbourne of approximately $37 million over the period commencing in the 2012 financial year to date relating to the incorrect deduction of certain bonus rewards provided to patrons in connection with play on Crown Melbourne’s electronic gaming machines. Under the terms of Crown’s regulatory agreements with the State of Victoria, Crown is required to pay penalty interest on any underpayment of casino tax. The penalty interest component up to and including today (27 July 2021) is approximately $24 million. Crown has notified the VCGLR of the outcome of this component of its ongoing review and has now paid the State approximately $61 million, being the amount calculated by Crown as the underpayment of casino tax and applicable penalty interest as referred to above. Crown is continuing its review of other aspects of casino tax payments and will update the market once the review is complete. Crown's review includes a review of Matchplay, the loyalty promotion pursuant to which Crown Rewards Points are redeemed for credits for use in electronic gaming machines. Crown has been advised by the VCGLR that after the Victorian Royal Commission has delivered its final report, the VCGLR intends to finalise its consideration of Crown’s potential casino tax underpayments in order to form a view as to the quantum of Crown’s outstanding tax liability to the State. Crown will fully cooperate with the VCGLR's review. ENDS This announcement was authorised for release by the Crown Board. Investor and Analyst Enquiries – Matthew Young, Investor Relations, 03 9292 8848. Media Enquiries – Natasha Stipanov, Corporate Affairs, 03 9292 8671. COPIES OF RELEASES Copies of previous media and ASX announcements issued by Crown are available on Crown's website at www.crownresorts.com.au
Information on this Website is provided for general information purposes only and is not a substitute for professional advice. ASX Information (including company announcements and prices) is delayed by at least 20 minutes. JSE Information (including company announcements and prices) is delayed by at least 15 minutes. Reliance on the information you access on or from this Website is solely at your own risk. We make no representation or warranty in relation to the future performance of the companies that appear on this Website. Investment in securities involves risk and you should obtain independent professional legal, financial, investment or company advice before acting on any of the information you access on this Website. Using, browsing or otherwise accessing this Website is subject to our Terms and Conditions and our Privacy Policy.

© 2022 Listcorp. ABN 60 166 140 307

Never miss news from Crown Resorts Limited (ASX:CWN) when you join Listcorp.