"Subdued market conditions," says John Alexander, chairman of Crown Resorts, were reflected in the major Australian group’s full year results ending June 30, which saw net profits of AU$368.6m, down 4.7 per cent.

Crown

The EBITDA, normalised, of AU$802.1m was down 8.7 per cent, reported the company, while its Australian resorts saw revenues of AU$2.954m down 5.4 per cent.

Alexander said the decline was primarily due to the reduction in VIP programme play revenues in Australia, which was down 26.1 per cent. The main floor gaming revenue was up slightly at 0.5 per cent, with modest revenue growth in its Melbourne venue offset by continued softness in Perth, particularly for the table games business.

“During the 2019 financial year, Crown again made a major contribution to the Australian economy through its role in tourism, employment, training and its corporate responsibility programmes. Crown’s contributions risk being overshadowed by recent media reporting which has unfairly sought to tarnish Crown’s reputation.

"Crown operates in one of the most highly regulated industries in Australia, with our business subject to ongoing review and monitoring by state gaming regulators and governmental agencies. It comes as no surprise that various regulators and other agencies have launched inquiries given recent media reports and the sensationalist nature of the allegations raised. Crown has zero tolerance for criminal elements and we view these inquiries as an opportunity to continue our cooperation with regulators and other agencies.”

The detailed results show that Crown Aspinalls had EBITDA down 46.5 per cent to AU$6.4m in "difficult trading conditions across the London high-end casino market." The Perth location was down AU$22.8m, or 10.8 per cent.

Alexander reported that the construction of the Sydney Hotel Resort was on schedule and the tower elevator core structure was up to floor 51 and fit-out of the hotel rooms on level six is well advanced. It will be completed in the first half of 2021.