Crown Resorts’ profits suffer massive dip

The company has reported its full-year results, which fell to US$558.9 million.

Crown Resorts, one of the biggest gaming and entertainment groups in Australia, reported a steep fall in its profits. According to the latest financial results, the company’s profits have decreased by 70 per cent to US$558.9 million. This is significant because the company sold its facilities and business ventures in Macau last year.

This has been a problem year for Crown Resorts. Its board member James Packer left the company and 19 of its executives were arrested in China. However, not everything is lost. Despite the 70 per cent dip in net profit, there is a 12.7 per cent increase in normalised profit to US$385.6 million. It also registered a 5.4 per cent increase in operating revenue to US$3.4 billion.

John Alexander, Executive Chairman of Crown: “Crown’s full-year result reflects a solid performance from our Melbourne operation and continued subdued trading in Perth. VIP program play turnover in Australia of US$51.5 billion (up 54.5 per cent) was a pleasing outcome, particularly at Crown Melbourne (up 73.9 per cent), given the difficult trading conditions.”