{"id":39070,"date":"2019-08-22T06:36:36","date_gmt":"2019-08-22T06:36:36","guid":{"rendered":"https:\/\/gaming-awards.com\/NEWS\/?p=39070"},"modified":"2019-08-22T06:36:36","modified_gmt":"2019-08-22T06:36:36","slug":"crowns-profits-fall-4-7","status":"publish","type":"post","link":"https:\/\/gaming-awards.com\/NEWS\/crowns-profits-fall-4-7\/","title":{"rendered":"Crown\u2019s profits fall 4.7%"},"content":{"rendered":"<p style=\"text-align: left;\"><span style=\"margin: 0px; color: black; font-family: 'Calibri Light',sans-serif;\"><img loading=\"lazy\" decoding=\"async\" class=\"alignleft size-medium wp-image-23426\" src=\"https:\/\/gaming-awards.com\/NEWS\/wp-content\/uploads\/2013\/11\/down-graph-1024x768-300x225.jpg\" alt=\"\" width=\"300\" height=\"225\" srcset=\"https:\/\/gaming-awards.com\/NEWS\/wp-content\/uploads\/2013\/11\/down-graph-1024x768-300x225.jpg 300w, https:\/\/gaming-awards.com\/NEWS\/wp-content\/uploads\/2013\/11\/down-graph-1024x768-250x187.jpg 250w, https:\/\/gaming-awards.com\/NEWS\/wp-content\/uploads\/2013\/11\/down-graph-1024x768-405x303.jpg 405w, https:\/\/gaming-awards.com\/NEWS\/wp-content\/uploads\/2013\/11\/down-graph-1024x768-120x90.jpg 120w, https:\/\/gaming-awards.com\/NEWS\/wp-content\/uploads\/2013\/11\/down-graph-1024x768-638x478.jpg 638w, https:\/\/gaming-awards.com\/NEWS\/wp-content\/uploads\/2013\/11\/down-graph-1024x768-619x464.jpg 619w, https:\/\/gaming-awards.com\/NEWS\/wp-content\/uploads\/2013\/11\/down-graph-1024x768.jpg 1024w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/>On Wednesday, the casino operator, Crown Resorts, announced that its annual profits had fallen 4.7 percent year-on-year, mainly due to a decline in VIP spending from Chinese tourists.<\/span><span style=\"background: white; margin: 0px; color: black; font-family: 'Calibri Light',sans-serif;\">\u00a0<\/span><\/p>\n<p style=\"text-align: left;\"><span style=\"margin: 0px; color: black; font-family: 'Calibri Light',sans-serif;\">The chairman of Crown stated that the \u201cAustralian operation\u2019s full-year results reflected subdued market conditions.\u201d <\/span><span style=\"background: white; margin: 0px; color: black; font-family: 'Calibri Light',sans-serif;\">\u00a0<\/span><\/p>\n<p style=\"text-align: left;\"><span style=\"background: white; margin: 0px; color: black; font-family: 'Calibri Light',sans-serif;\">The decline was mostly due to a reduction in its VIP programme play revenue in Australia, which fell 26.1% to $38billion. <\/span><\/p>\n<p style=\"text-align: left;\"><span style=\"background: white; margin: 0px; color: black; font-family: 'Calibri Light',sans-serif;\">JP Morgan analyst Don Carducci said the company also posted higher expenses across the board.\u00a0<\/span><\/p>\n<p style=\"text-align: left;\"><span style=\"margin: 0px; color: black; font-family: 'Calibri Light',sans-serif;\">This was offset slightly by main floor gamin revenue, which increased 0.5 percent to $1.7 billion in the year. Mr. Alexander noted modest revenue growth in Melbourne, offset by continued softness in Perth, particularly in the table games business.\u00a0<\/span><span style=\"margin: 0px; color: black; font-family: 'Calibri Light',sans-serif;\">\u00a0<\/span><\/p>\n<p style=\"text-align: left;\"><span style=\"margin: 0px; color: black; font-family: 'Calibri Light',sans-serif;\">This comes following an investigative report published last by The Age, 60 Minutes and the Sydney Morning Herland, which accused the company of liaising with immigration officials to fast-track visas for wealthy individuals, and for working with triad-linked junket organizations.\u00a0<\/span><\/p>\n<p style=\"text-align: left;\"><span style=\"background: white; margin: 0px; color: black; font-family: 'Calibri Light',sans-serif;\">\u201cDuring the 2019 financial year, Crown again made a major contribution to the Australian economy through its role in tourism, employment, training, and its corporate responsibility programs. Crown\u2019s contributions risk being overshadowed by recent media reporting which has unfairly sought to tarnish Crown\u2019s reputation,\u201d said Mr. Alexander.\u00a0<\/span><\/p>\n<p style=\"text-align: left;\"><span style=\"margin: 0px; color: black; font-family: 'Calibri Light',sans-serif;\">\u201cCrown operates in one of the most highly regulated industries in Australia with our business subject to ongoing review and monitoring by State gaming regulators and Government agencies such as AUSTRAC.\u201d<\/span><\/p>\n<p style=\"text-align: left;\"><span style=\"margin: 0px; color: black; font-family: 'Calibri Light',sans-serif;\">\u201cIt comes as no surprise that various regulator and other agencies have launched inquiries given recent media reports and the sensationalist nature of the allegations raised. Crown has zero-tolerance for criminal elements and we view these inquiries as an opportunity to continue our cooperation with regulators and other agencies.\u201d<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>On Wednesday, the casino operator, Crown Resorts, announced that its annual profits had fallen 4.7 percent year-on-year, mainly due to a decline in VIP spending from Chinese tourists.\u00a0 The chairman of Crown stated that the \u201cAustralian operation\u2019s full-year results reflected subdued market conditions.\u201d \u00a0 The decline was mostly due to a reduction in its VIP [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":25562,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[123,2,11,8],"tags":[],"class_list":["post-39070","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-australia","category-gaming","category-headlines","category-latest"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.3 - 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