Crown Resorts has fallen to a $261 million full-year statutory net loss after the COVID-19 pandemic forced the beleaguered casino giant to close or restrict operations at its Melbourne and Perth properties for much of the past 12 months.

The heavy loss at the James Packer-backed group compares to a $79.5 million profit last year and a $402 million profit in its pre-pandemic result in 2019. Revenue collapsed to $1.5 billion in the year to June 30 - down from $2.2 billion in 2020 and $2.9 billion in 2019.

Crown will not pay a dividend. Theoretical earnings - a measure used in the casino industry to adjust for lucky and unlucky streaks - before pandemic closure costs and significant items was $242 million. That is towards the bottom of $240 million to $250 million guidance Crown gave on June 5.

The group is currently awaiting the outcome of Victoria’s royal commission into its Melbourne casino licence, while a separate royal commission into its Perth licence is ongoing.

The licence for Crown’s new Sydney casino - which was set to open in December last year - is suspended after an independent inquiry in NSW ruled Crown was unfit to operate a casino.

Crown said it had agreed with its banks not to pay a dividend for the first half of this year, or if a review event is triggered because one of its casino licences is suspended or cancelled, in return for extending $560 million of near-term debt maturities out of October 2023.

Crown wrote to the Victorian government in July warning it could default on its loans if its Melbourne casino licence was suspended as a result of Victoria’s royal commission.

Crown revealed that during the year it received $79.6 million in JobKeeper payments to subsidise the wages of employees who were working either full-time or part-time, bringing the financial boost to its bottom line since the pandemic started to $123 million.

Another $100 million ($168 million over the past two years) was paid directly to employees who were stood down from work, it said.