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Crown Resorts, the largest casino operator in Australia, impressed the market by posting a 12.7 per cent rise in normalised profit (excluding the impact of gambling win rates) to $385.6 million, well ahead of consensus expectations for earnings of $368.4 million. The stock rose 5.3 per cent to $14.02, while shares in rival The Star, which reports in a fortnight, also gained 5%.
Earnings before tax and deductions from Crown’s wagering and online social gaming operations was $26.9m, up 81.8% on the prior comparable period. The results included CrownBet’s consolidated result from through to February 28, when Crown completed the sale of its 62% shareholding in CrownBet.
Crown chief financial officer Ken Barton said Crown’s VIP business was stronger and more sustainable. It is relying more on third-party junket operators to bring VIPs to its casinos, having slashed the size of its direct sales team following the China arrests.
