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Australia's Crown Resorts 1st-half net profit up 75 pct on selldowns

Published 23/02/2017, 09:52 am
© Reuters.  Australia's Crown Resorts 1st-half net profit up 75 pct on selldowns
CWN
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SYDNEY, Feb 22 (Reuters) - Australian No. 1 casino operator Crown Resorts Ltd CWN.AX said first-half net profit rose 75 percent as sales of stakes in resorts in Macau and Las Vegas offset weaker turnover from Chinese gamblers in Australia.

Net profit was A$359.1 ($276.5) million for the six months to Dec. 31, the company said in a statement on Thursday. Excluding sale proceeds and adjusting for changes in the house win rate, "normalised" net profit fell 9.1 percent to A$191.3 million.

Total turnover from high-end tourists on casino package holidays to Australia - known as "VIPs" - fell 45.3 percent to A$19.6 billion. ($1 = 1.2989 Australian dollars)

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