Crown Resorts’ net profit decreases 70 pct

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

Australia.- Crown Resorts has released its latest financial results, which indicate that full-year net profit has dropped 70 per cent to US$558.9 million after the company’s results normalised following the sale of its Macau business the previous year.

While not surprising, the results come after a turbulent year for the company, including the departure of James Packer, board member of the company, and the arrest of 19 company executives in China.

Even though the operator reported a 70 per cent decrease in net profit, it also generated a 12.7 per cent increase in normalized 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.”