Crown turns to first-half profit on Melbourne Casino
Net income totaled us$ 102 million, or 15.2 cents a share, in the six months ended December, compared with a loss of us$ 366.7 million, or 59.3 cents, a year earlier, Melbourne-based Crown said in a statement last week. Revenue fell 0.3 % to us$ 1 billion.
Billionaire Chairman James Packer boosted turnover from high rollers 23 % as Crown refurbishes venues in Melbourne and Perth to fend off growing competition from Singapore. A year earlier, the company wrote down the value of stakes in overseas operators such as Harrah’s Entertainment Inc. by us$ 490.1 million.
“The VIP business was amazingly strong,” said Theo Maas, who helps manage us$ 4.5 billion in assets at Fortis Investment Partners in Sydney, including Crown shares. “It’s all about the operating business now and they delivered a big number.”
Crown rose 2.2 % to us$ 7.1 at the close of trading on the Australian Securities Exchange, erasing most of its decline for the year. The stock gained 35 % in 2009, compared with a 31 % rise in the benchmark S&P/ASX 200 index.
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