Australia's Crown casino group posts $1 bln loss

Crown, owned by Australian billionaire James Packer, also dismissed media reports that the company would be privatised, as its shares rose after core profit beat expectations and on an encouraging outlook.

Packer has struggled to boost the business in the United States where recession-strapped consumers have cut back on gambling.

In March, Crown scrapped a deal to buy US firm Cannery Casino Resorts. "Crown Australian casinos continue to perform well and drives Crown's growth," Chief Executive Rowen Craigie said at a briefing. "In the next 12 months we's focusing on maximising the performance of the Australian operations and working with Melco Crown in Macau."

Crown's Australian casinos have benefited from a resilient consumer, partially aided by government stimulus packages that handed out cash payments to individuals as part of efforts to tide the economy through the slowdown.

But it has not given up on the US market, having elected to buy shares in Cannery in place of the takeover. Craigie said the firm has no plans to let go of its investments in the United States and the United Kingdom, and its financial position is strong enough for it to look at investment opportunities.

Crown has a stake of around 33 percent in Macau casino operator Melco Crown Entertainment, which recently raised about $200 million for development opportunities.

Crown posted a full-year loss of A$1.2 billion, compared with a net profit of A$3.6 billion a year earlier. Net profit before one-off items was A$242.2 million, down 36 percent A$376.2 million a year earlier.

Citi analyst Jenny Owen said she was not excited about Crown's stock because it looks fully valued and there were concerns about its US exposure. "The indigestion from the foray into US gaming will persist, given Cannery exposure," she said.