Crown Resorts Limited (ASX: CWN) has reported its result for the half year to 31 December 2017.
Crown Resorts runs the Crown entertainment complexes in Melbourne and Perth.
Crown likes to report ‘normalised’ results, which includes an expected average profit from its VIP gaming, which excludes volatility.
Here are some of the highlights compared to last year:
- Australian resort normalised revenue grew by 4.8% to $1.555 billion
- Overall normalised day to day trading, or EBITDA, grew by 11.2% to $447.7 million (What does EBITDA mean?)
- Normalised profit grew by 0.6% to $192.4 million
- Statutory profit decreased by 33.6% to $238.6 million
The biggest reason why statutory profit fell so much was because last year’s report included a $166.9 million gain on the sale of its stake of Melco Resorts and Entertainment.
Crown’s executive chairman, Mr John Alexander, said “VIP program play turnover in Australia of $22.6 billion (up 15.9%) was a pleasing outcome, particularly at Crown Melbourne (up 37.5%), given the difficult trading conditions in the prior corresponding period.”
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