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Crown Resorts' full year net profit has dropped 70 percent to $558.9 million after the gambling giant's results normalised following the sale of its Macau business the previous financial year.
Despite the fall, the resort operator posted a 12.7 percent rise in normalised profit – which excludes win rates made by gamblers – to $385.6 million.
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Crown’s results cap a turbulent year for the gambling giant, which included the departure of board member James Packer, a $300,000 fine for pokie tampering and the freeing of 19 staff detained in China as part of a gambling crackdown.
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(The exterior of the Crown Casino, located on Southbank, in Melbourne, Friday, August 4, 2017. (AAP Image/James Ross))
Crown, which owns casinos in Melbourne, Perth and soon-to-be-completed Sydney, reported a 5.4 percent increase in operating revenue to $3.4 billion.
In its Australian resorts, Crown's high-roller VIP program soared by 54.5 percent to register a turnover of $51.5 billion, while on the main gambling floor revenue inched upwards 1.5 percent to $1.68 billion.
John Alexander, Executive Chairman of Crown, said the performance of Crown Melbourne was particularly pleasing.
'Crown's full-year result reflects a solid performance from our Melbourne operation and continued subdued trading in Perth,' said Alexander.
'VIP program play turnover in Australia of $51.5 billion (up 54.5 percent) was a pleasing outcome, particularly at Crown Melbourne (up 73.9 percent), given the difficult trading conditions.'
In a letter to shareholders, Crown said its long-awaited six-star Crown Sydney resort at Barangaroo was on schedule to be completed in three years' time.
'The project remains on schedule for completion in the first half of calendar year 2021 and the total gross project cost is expected to be approximately $2.2 billion, with a net project cost of approximately $1.4 billion,' the letter read.
(James Packer stepped down from the Crown Resorts board in March this year. Image: AAP)
Crown Resorts also announced that it would commence proceedings against the Barangaroo Delivery Authority (BDA) in the Supreme Court, over plans BDA had to build a structure that would effectively negate the Sydney Harbour views of Crown Sydney's hotel rooms.
Despite its share price rising 19.4 percent over the last year, Crown Resorts has endured a series of reputation-denting headlines.
In October last year, Crown shareholders gathered at the AGM to discuss accusations made by MP Andrew Wilkie that Crown Melbourne staff were tampering with poker machine chips to allow players to spin without touching the buttons.
In March, Crown Resorts' highest-profile director James Packer stepped down from the board to deal with mental health issues.
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In April this year, the Victorian gaming regulator fined Crown $300,000 over the practice of pokie tampering.