Despite his concerns, the head of the Australian casino operator said the revenue fall would not change its strategy for its $2 billion high-end casino and hotel development at Sydney's Barangaroo, slated to open early in 2022, and denied Crown would consider asking the NSW government for a change in license conditions to allow it install poker machines.
Fiscal year 2017
Crown Resorts gambling revenue falls
The Australian operator posted a net profit after tax of USD 343M and revenue of USD 3.24B, down 15.7% and 10% respectively from the previous year.
2017-08-07
Reading time 49 seg
The Australian operator posted a net profit after tax of USD 343M and revenue of USD 3.24B, down 15.7% and 10% respectively from the previous year.
According to official figures, the results were affected by VIP revenue fall after China arrests. Crown Resorts chairman, John Alexander, admitted the company has pulled back from its aggressively targeting VIP gamblers following the incident with the Chinese authorities last year.
"We will wail until the China situation is resolved and then we are going to sit down and consider our long-term position," he said. "Until this is finally resolved we are stepping back from an aggressive position in the VIP market," Alexander said in a statement quoted by the Financial Review website.
"We think Sydney will be an outstanding property and a success on many fronts, including VIP," Mr Alexander said
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