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Australia's Crown Resorts profit drops 11% as VIP gamblers cut back on spending

Published 19/02/2020, 09:37 am
Australia's Crown Resorts profit drops 11% as VIP gamblers cut back on spending
CWN
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Feb 19 (Reuters) - Australia's Crown Resorts Ltd CWN.AX on Wednesday posted a 11% fall in half-year profit as Chinese high-rollers scaled back spending amid a slowdown in the world's second-largest economy.

Normalised net profit, which removes variance in win rates, fell to A$172.7 million ($115.47 million) for six months ending Dec. 31, from A$194.1 million reported a year ago.

Crown said 'VIP' program play turnover for its Australian resorts fell 34.2% to A$13.1 billion.

The company declared an interim dividend of 30 Australian cents per share on par with the dividend announced last year. ($1 = 1.4957 Australian dollars)

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