Sunday, June 26, 2022

Crown reports "mixed" results for year as normalized NPAT falls 17.9 percent


Crown Resorts reported mixed results for the full year ending June 30, with normalized net profit after tax of $525.5 million, down 17.9 percent.

The company said its Crown Melbourne results were “pleasing while Crown Perth was more subdued.”

Normalized EBITDA for Crown Melbourne was $662.1 million, up 17.8 percent year-on-year, while Crown Perth’s was $254.4 million, up 5.3 percent.

For its Australian operations, Crown Resorts reported normalized revenue of $3.2 billion, up 14 percent year-on-year, with main gaming floor revenue of $664.7, up 4.7 percent. VIP program play turnover was 70.8 million, up 41.8 percent.

Crown Resorts CEO Rowan Craigie said the company has focused on VIP international marketing which has yielded positive results.

“We have put additional resources into VIP international marketing over the last year and that has helped deliver strong growth in VIP program play turnover of 41.8 percent."

"The removal of “Super Tax” on VIP program play at Crown Melbourne and the reduction in the tax rate applicable to VIP program play from 12% to 9% at Crown Perth, have also allowed Crown’s Australian resorts to be more competitive against international destinations which target VIP gaming players.”

In May, Crown finalized agreements with the Barangaroo Delivery Authority and Lend Lease to develop the Crown Sydney site, which will feature approximately 350 luxury hotel rooms and VIP gaming facilities.

Asia Gaming Brief is a news and intelligence service providing up to date market information for worldwide executives on relevant gaming issues in Asia.

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