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Crown on the up
Australian casino operator Crown is continuing to build its footprint in the US and says its Australian casinos are performing strongly.
Crown reported a first half net profit of A$3.62bn, compared to $340.2m in the prior-year period. This result was inflated by $3.43bn in on-off gains relating to the group’s spin-off from James Packer's gaming and media group Publishing and Broadcasting last year.
The company continues to expand its presence in North America with the purchase of a 2.5 per cent stake in Harrah's Entertainment for $172m and a 4.9 per cent stake in Station Casino Group for $242m.
Crown told analysts the stakes were made "for investment purposes only" and the company had "no intention of increasing its interest."
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