Crown Resorts Limited six-month financials buoyed by VIP play

In Australia, domestic casino operator Crown Resorts Limited has released its financial results for the six months to the end of December showing that it posted a 1.4% increase year-on-year in overall revenues to US$1.4 billion although its net profit of US$186.9 million represented a decline of 33.6%.

Melbourne-based Crown Resorts Limited stated that it had experienced a 15.9% surge year-on-year in turnover from VIP gamblers for the six-month period to US$17.6 billion while its main floor takings of US$673.4 million signified an improvement of 0.7%.

Crown Resorts Limited is responsible for the Crown Perth facility in Western Australia as well as Victoria’s much larger Crown Melbourne venue and declared that it had received US$62.1 million in ‘significant items attributable to the parent’ during the six months to December 31 with a majority component being the ‘reversal of an impairment’ for the Nevada land on which it had hoped to build its Alon Las Vegas integrated casino resort.

John Alexander, Executive Chairman for Crown Resorts Limited, described the half-year financial results as reflective of ‘mixed trading conditions’ with ‘modest revenue growth in Melbourne’ being counterbalanced by ‘softness in Perth’.

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“VIP program play turnover in Australia of US$17.6 billion [was] up 15.9% [and] was a pleasing outcome, particularly at Crown Melbourne [with an improvement of] 37.5%, given the difficult trading conditions in the previous corresponding period,” read a statement (pdf) from Alexander.

Crown Resorts Limited moreover used its half-year financial statement to reveal that it intends to offload the entirety of its 62% stake in the CrownBet horseracing and sportsbetting brand by the end of the month for approximately US$117.4 million.

“The purchaser is an entity associated with other shareholders in CrownBet including the CrownBet management team led by Matthew Tripp or its nominee,” read a statement from Crown Resorts Limited.

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