(Adds details about Australian ops, CEO comment)
SYDNEY, Aug 17 (Reuters) - Crown Resorts Ltd CWN.AX , Australia's No. 1 casino company, posted a 22.7 percent decline in full-year net profit due to subdued turnover at its resorts in the Asian gambling hub of Macau, while Australian operations reported small gains.
Crown, majority owned by billionaire James Packer, has benefited from a Chinese corruption crackdown as junket operators directed VIP gamblers to Australia to avoid scrutiny in Macau, a Chinese territory and global gaming capital.
But that traffic has slowed with the rise of cheaper gambling destinations like the Philippines and Vietnam, hurting Crown and its smaller Australian rival Star Entertainment Group Ltd SGR.AX .
"Macau continues to face challenges arising from softer gaming demand, which has adversely affected all casino operators," Crown said in a statement.
"However, Melco Crown believes that revenue trends, particularly in the mass market segments, will improve as Macau further evolves into a multi-faceted, mass-market-focused destination."
Normalised net profit for the company was A$406.2 million ($312.57 million) for the 12 months to June 30, from A$525.5 million a year ago and slightly below average analysts' forecast of A$404.71.
"Normalised" net profit is a measure used by casino companies to strip out irregularities in win rates. Actual net profit jumped 146.4 percent led by net gains of more than A$600 million from the sale of shares in Macau venture Melco Crown. gross gaming revenue across the Macau market in the year to June 30 fell 22.5 percent, Crown said.
At Crown's Australian resorts, main-floor gaming revenue rose 5.8 percent but VIP turnover slipped 8 percent, reflecting the depressed nature of VIP gaming activity across Asia, Crown CEO Rowen Craigie said in a statement.
In its flagship casino in Australia's second-biggest city Melbourne, Crown said normalised operating margin fell to 29.1 percent. ($1 = 1.2995 Australian dollars)