The Crown Resorts Ltd (ASX: CWN) share price is down by 9.3% so far today, after releasing details of new social distancing measures that will be implemented in its Melbourne facility.
The S&P/ASX 200 Index (ASX: XJO) is down by 6% at the time of writing, as the extreme ASX share market volatility continues due to fears about the impact that the coronavirus will have on Australia's wider economy.
Social distancing measures to be undertaken
Crown Resorts has announced a social distancing policy that will be implemented at its Crown Melbourne entertainment complex from today.
This follows the Australian government's wider response to the growing coronavirus crisis, which has seen a ban on "non-essential" public gatherings of over 500 people.
The measures include a deactivation of every second gaming machine and electronic table game, along with distancing at seated table games between players.
A restriction of a maximum of 5 players at each stand-up table has been put in place, as well as restrictions on the number of patrons to only 450 persons within its food and drink areas as well as its banqueting, casino facilities and conference facilities.
Crown Resorts added that this social distancing policy has been approved by the Victorian Chief Health Officer.
Crown Resorts is one of the first companies to take proactive social distancing initiatives. Other precautionary measures implemented in both its Melbourne and Perth facilities include making alcohol-based hand sanitisers available to patrons and ramping up its cleaning procedures.
In its half year earnings release in February, Crown Resorts advised that it had been experiencing softer trading conditions as a result of travel restrictions and general uncertainty in response to the outbreak. No further market update was given in relation to this today.
Recap of half year results
For the 6 months ended December 31, Crown Resorts reported normalised earnings before interest, tax, depreciation and amortisation (EBITDA) of $381.3 million, which was a decline of 9% on the prior corresponding period. The company's normalised net profit after tax (NPAT) also declined, by 11% to $172.7 million. However, EBITDA for the company was up 14% to $446.8 million, while NPAT (pre-significant items) rose strongly by 25.1%.
