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NEWS 20 February 2019

Online and VIP drops hit Crown Resorts' half-year report

By Matthew Enderby

Crown Resorts has reported normalised earnings of AU$194.1m ($138.9m), a rise of 1% year-on-year, in its half-year report ending 31 December 2018.

The operator announced normalised EBITDA of AU$418.8m for the period, down 7%.

Following the sale of Crown Bet in February last year, EBITDA from Crown’s online operations was AU$7.5m, a decrease of 15%.

Normalised revenue at Australian resorts was AU$1.54bn, down 1% year-on-year.

Elsewhere, main floor gaming saw an increase of 1% to AU$867.7m but VIP turnover dropped 12% to AU$19.9bn.

Non-gaming revenue at Australian resorts was AU$400.9m, a 3% increase, with normalised EBITDA at AU$432.5m, down 5%.

John Alexander, Executive Chairman of Crown, said: "Crown’s Australian operations’ first half result reflected mixed trading conditions.

"Modest revenue growth in Melbourne was offset by continued softness in Perth. VIP program play turnover across Crown’s Australian resorts was down after a soft November and December."

RELATED TAGS: Financial | Industry
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