🧐 ProPicks AI October update is out now! See which stocks made the listPick Stocks with AI

Australia's Crown says VIP turnover from domestic casinos slides

Published 26/10/2017, 10:50 am
© Reuters.  Australia's Crown says VIP turnover from domestic casinos slides
CWN
-

Oct 26 (Reuters) - Australia's Crown Resorts Ltd CWN.AX said on Thursday that VIP turnover at domestic casinos had tumbled 17 percent in the current financial year - a slide that comes in the wake of a major setback which has discouraged wealthy Chinese punters.

In 2016, more than a dozen Crown staff were jailed in China for marketing casino holidays abroad, in violation of the country's strict anti-gambling laws.

"Crown Melbourne's VIP program play turnover exceeded expectations, which is encouraging given that most of the prior corresponding period preceded the detention of Crown's staff in China," Executive Chairman John Alexander in prepared remarks to for the company's annual general meeting.

Crown also said on Thursday that it would continue to invest in Australian properties to remain competitive.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.