Crown Resorts, Australian casino, has reportedly doubled its total annual profit from last year, declaring the numbers this year to be at AUD1.9bn. The result was however because of the stake sales of its Macau Holdings in Lawrence Ho’s Melco Resorts and Entertainment.
As per the reports, Crown Resorts saw a rise of 96.7% rise in its net profit from the sale of its Melco stake. The story would have been otherwise if these transactions were not to be included, as the casino saw a profit of AUD343m, down by 16% to the same period the previous year.
The total revenue that the company made by the end of June for 12 months was AUD3.3bn, which was down by 7.5% from last year. The income of the Australian Casino was all the more disappointing, which went down by 13% from last year.
The decline in VIP turnover is to be blamed for the downhill revenue of the casinos, as Crown casino is majorly known for attracting VIP players from the neighbouring Asian countries.