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.


All new Australian players get 130 free spins and bonuses up to €1000 on the first three deposits.


Get 30 free spins and 4 welcome bonuses to a total value of $1400 as a new Australian customer!


New Australian players get 35 free spins on Spiñata Grande and a 100% welcome bonus up to $200!

400% BONUS

As a new Australian customer, deposit €100 and you will get €500 to play for!


Get a €10 exclusive bonus on your first depost and get 10% top-up on your winnings or 10% cashback on your losses the first week.


Get 50% of the deposit you make in free spins! Deposit $400 in order to get 200 free spins! Also, 100% bonus on your first deposit!

$500 BONUS

Join All Australian Casino and get a 100% bonus up to $500 as a new Australian customer!


As a new Australian player, you get 50 free spins and a 200% welcome bonus!


Get up to $1000 in bonus on your first four deposits. Also, 180 free spins to all new Australian players!


Get 100 free spins on Starburst and a first deposit bonus worth up to $400 as a new Australian player!

PokiesPedia was last updated:
April 16, 2017

Receive 100 Free Spins Now!

Receive 100 Free Spins Now!

Join our mailing list to receive 100 free spins instantly and the best bonus offers for Australians!

You have Successfully Subscribed!