Said CEO Rowen Craigie, who spoke at the group's annual general meeting

Crown main floor revenue up 6% in July-November

2010-11-30
Reading time 58 seg

Craigie was speaking at the group's annual general meeting in Perth on Tuesday. Non-gaming revenue in the same period was up by about 5% on the same period last year, excluding the impact of the newly opened Crown Metropol hotel in Melbourne.

Including the Metropol, non-gaming revenue was up around 13 % on the previous corresponding period, Craigie said. But he said turnover from VIP gamblers at the Melbourne and Burswood casinos in the first 21 weeks of the financial year was down 10 % on the same period last year.

"We are continuing to see an impact from the opening of the two new integrated resorts in Singapore and are yet to capitalise on the opportunity to capture the new business that Singapore potentially offers," Craigie said in a prepared speech.

The Metropol hotel, which opened in April, is achieving better than expected occupancy rates and room rates are "firming", he said.

Melco Crown Entertainment, in which Crown holds a 33.5 % stake, has reported a "broad-based improvement" in the performance of its flagship resort City of Dreams in Macau, the meeting was told. Melco reported improved revenue and earnings in the three months to September 30 compared with the same period last year, Craigie said.

The company has also advised that its remuneration report and the re-election of John Horvath, James Packer, Rowena Danziger and Ashok Jacob had been supported by shareholders. Crown shares closed down 0.36 per cent us$ 8.21 against a flat benchmark index.

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