Australian Crown gains after casino operator turns to profit
Higher gambling earnings at Crown’s Melbourne and Perth venues contributed to net income of us$ 157 million in the six months ended June, compared with a us$ 695.2 million loss a year earlier.
Crown is focusing on Perth and Melbourne, both of which are wholly owned, after booking us$ 1.2 billion of writedowns last year on minority stakes in U.S. operators Harrah’s Entertainment Inc. and Station Casinos Group. Chief Executive Officer Rowen Craigie said today’s result was “reasonable” after both casinos were affected by renovations.
Full-year earnings before interest, tax, depreciation and amortization at Crown Melbourne, Australia’s largest casino, rose 5.5 % to us$ 419 million. At Burswood in Perth, profit rose 2.4 % to us$ 188.4 million. Second-half figures were calculated by subtracting first- half earnings from the us$ 257.6 million full-year profit the Melbourne-based company reported today.
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