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Crown Resorts “solid performance” in full-year results

Crown Resorts hailed a “solid performance” inits full-year results, reporting net profit after tax of A$326.7m ($242m).

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Normalised EBITDA across Crown Resorts reached A$878.3m ($651m), up 6.1%, boosted by strong performances from the company’s Australian properties which recorded normalised revenue growth of 10.6% to A$3.12bn.

Crown's Executive Chairman, John Alexander, said: “Main floor gaming revenue increased by 1.5%, with modest growth in Melbourne offset by softness in Perth.

“VIP programme play turnover in Australia of A$51.5bn (up 54.5%) was a pleasing outcome, particularly at Crown Melbourne (up 73.9%), given the difficult trading conditions in the pcp.”

Despite subdued trading in Perth which only saw normalised revenue grow by 1% year-over-year to A$844.5m, Melbourne operations increased their revenue by 14.2% to A$1.21bn, helping the company’s revenue to grow by 5.8% before significant items.

After significant items, such as the sale of their 11.2% stake in Melco Crown Entertainment for $1.16bn last year, net profit after tax was actually down 70%.

However, Crown did complete the sale of Alon Las Vegas for $300m, a 62% interest in CrownBet along with advanced loans for A$150m, around 4.2 million shares in Caesars for A$53.3m, and a 50% interest in Ellerston for A$62.5m.

Crowns digital division is growing rapidly, up 81.8% as online social gaming operations generated A$26.9m.

The company is now also intending to buy-back around A$400m of shares, around 4.4% of issued capital or 30 million shares, which should begin on 30 August.

One key non-financial development to emerge from the company’s update to investors was the commencing of proceedings against the Barangaroo Delivery Authority in New South Wales.

Crown Resorts are looking for “injunctive relief and declarations against the BDA that, in substance, require the BDA to comply with a number of its contractual obligations under the Crown Development Agreement (CDA).”


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