Wednesday 21. October, 2015

Packer Unimpressed with Australian Casino Revenue

James Packer announced at the Crown Resorts annual general meeting in Melbourne on Wednesday that he was not impressed with the returns delivered by his Australian casinos. Mr Packer, who owns 50 percent of Crown, warned that profits for Crown Resorts in the 2016 financial year may fall.

He stated that the revenue from the Australian casinos is now under the spotlight as the company can no longer rely on its Macau operations to hide the poor returns in Australia.

“The Capex we’ve spent in Australia hasn’t delivered the returns we budged on,” Mr Packer announced at the meeting. “Up until 2014 in Australia that was hidden by Macau’s success. But, net profit after tax is the number that matters and that will be down again this year because Macau hasn’t stopped declining.”

Net profits for Crown in 2015 dropped 18 percent to $525 million due to a rise in corporate costs, a drop in performance in Macau and moderate growth from its casino in Perth. Macau’s decline can be attributed to a regulatory crackdown on corruption from China.

These comments come as Crown is planning to spend more than $3.5 billion on new projects in Sydney and Melbourne, as well as Perth and Las Vegas. Its Melbourne development will be a 90-storey 6-star luxury hotel in its Southbank casino precinct, costing $1.5 billion while its Sydney plans are projected to cost $2 billion.

Crown reassured its investors that its Australian mass market gaming revenue rose 10 percent in the last three months with revenue from the main gaming floor in its Melbourne and Perth casinos increasing by 10 percent from July 1 to October 18, compared to the same period last year. It promised to place an emphasis on increasing its net profits this year.

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