Crown Resorts profits hit by VIP revenue fall after China arrests

Paterniano Del Favero
Agosto 4, 2017

Billionaire James Packer's Crown Resorts Ltd said high-roller casino revenue halved last fiscal year after Chinese authorities clamped down on the promotion of gambling on the mainland. Below is a summary of the results with comparisons to the prior corresponding year.

Normalised profit was $343.1 million, down 15.5%.

The logo of Australian casino giant Crown Resorts Ltd adorns the hotel and casino complex in Melbourne, June 13, 2017.

Crown's VIP program revenue fell from $1 billion in 2016 to about $605 million.

Statutory net profit after tax was up 96.7% to $1.86 billion but this included $1.55 billion in one-off gains including the sale of shares in the group's troubled Macau holdings.

A Shanghai court in June convicted 19 current and former Crown staff of illegally promoting gambling on the mainland and handed out jail terms of as long as 10 months.

Crown is also investing heavily for the future as the casino and luxury tourism industry is competitive where big -spending customers expect the best and latest properties.

Crown also completed a $500 million on-market share buyback in June 2017 and intends to buy back up to another 29.3 million shares now on issue, which have a current market value around $370 million. Crown's "six-star " Crown Sydney resort on Sydney Harbour is due for completion by 2021, with other heavy investments being made in existing or new Melbourne, Perth, and overseas properties.

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