09:19 AM EDT, 04/29/2024 (MT Newswires) -- Blackstone's (BX) Crown Resorts will slash up to 1,000 jobs across its three casinos in Australia in a bid to overcome weakened economic conditions and compete against Asian rivals, according to media reports Monday.

"The challenges at Crown reflect greatly reduced foreign tourism, a sharp decline in local workers in the city centers, and restrictions on gaming play in Sydney and Melbourne," Carruthers was quoted as saying by the Sydney Morning Herald.

The Australian Financial Review reported that 500 jobs would be cut from the corporate division and another 500 employed at casinos. Teams in food and beverage; finance, crime and design; and development and property services would be consolidated, the reported added.

Australia's tourism sector has yet to recover from the drastic travel restrictions imposed by authorities during the Coronavirus pandemic, the Financial Review reported. The company has also struggled to surmount a series of financial scandals and increasing regulatory restrictions on gambling. Blackstone purchased it for 8.9 billion Australian dollars ($5.84 billion) in 2022.

Crown did not immediately reply to MT Newswires' request for comment.

Price: 122.97, Change: +0.48, Percent Change: +0.39