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CWNHB - Crown Resorts News Story

A$91.5 -0.3  -0.3%

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Consumer Cyclicals
Large Cap
Market Cap £3.44bn
Enterprise Value £3.91bn
Revenue £1.26bn
Position in Universe 88th / 1827

UPDATE 1-Australia's Crown reports slide in VIP turnover at domestic casinos

Thu 26th October, 2017 1:49am
(Adds recent poker machine-fixing allegations, shares) 
    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. 
    Although VIP turnover fell, the slide was not as bad as 
expected, it said, adding that Australian main floor gaming 
revenue, which excludes VIP turnover, was slightly up in the 
July 1 to Oct. 22 period. 
    "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 said in prepared 
remarks for the company's annual general meeting. 
    In the last financial year, turnover from wealthy VIP 
gamblers accounted for 17 percent of Crown's total gaming 
revenue, down from 27 percent the previous year.*:nL4N1KQ00T 
    Last week, Crown was served with a fresh headache when a 
lawmaker tabled a video of whistleblowers in parliament that 
accused the Melbourne-based company of tampering with poker 
    Crown reiterated its rejections of the allegations on 
    The allegations prompted gambling authorities in the state 
of Victoria, where its flagship casino is located, to say they 
would launch an investigation. 
    Shares of the company, half-owned by billionaire James 
Packer, were flat in morning trade compared with a 0.2 percent 
decline for the broader index.  .AXJO . 
 (Reporting by Shashwat Pradhan in Bengaluru; Editing by Byron 
Kaye and Edwina Gibbs) 
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