Crown advances after Australian casino operator returns to profitability
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$ 699.3 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. CEO Rowen Craigie said last week’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$ 421.4 million. At Burswood in Perth, profit rose 2.4 % to us$ 189.5 million.
Second-half figures were calculated by subtracting first- half earnings from the us$ 259.1 million full-year profit the Melbourne-based company reported last week. The advance extended Crown’s gain this year to 5.6 %, compared with an 11 % drop for the benchmark S&P/ASX 200 index.
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