Published
OnlineLand-BasedCasinoFinancial

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).

crownressorts

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).”

Premium+ Connections
Premium

Sport Generate

 
Premium

Galaxsys

 
Premium

Imagine Live

 
Premium

Revsharks

 
Premium

Lynon

 
Premium

PIN-UP Partners

 
 
Premium

GammaStack

 
Premium

RISK

 
Premium

1xBet Partners

 
Premium

Digitain

 
Premium Connections
Consultancy

SCCG Management

Executive Profiles
Zeal Network SE

Stefan Tweraser

VIP Play

Les Ottolenghi

Scientific Games

Keshav Pitani

Social & App

Spribe CEO exclusive: Simplicity is the foundation

Spribe CEO David Natroshvili speaks to Gambling Insider abou...

Redefining iGaming: A history of crash games

Crash games is a growing vertical that has taken gambling by...

A certain something: What makes crash games special?

Crash games. They’re simple, they’re easy to learn and,...

Smarter innovation to shape the future

Spribe CCO Giorgi Tsutskiridze discusses the past, present a...

Facing Facts: The corner of quarterly contemplation

With Q1 reports out across the industry, Gambling Insider co...

Taking Stock: A guide to key stock prices across the industry

Gambling Insider tracks prices from some of the industry’s...

15 years of Gambling Insider: From the Founders

Over the last 15 years, Gambling Insider magazine has interv...

15 years of Gambling Insider: The Awards over time

Global Gaming Awards Event Manager Mariya Savova gives us he...