\nAug. 14 (Bloomberg) \u2014 Crown Resorts Ltd., the Australian casino company planning a hotel on the Las Vegas Strip, surged the most in almost a year in Sydney trading after its Macau affiliate fueled a 66 percent rise in full-year profit.<\/p>\n
\tNet income was A$655.8 million ($610 million) in the year ended June 30, the company controlled by billionaire James Packer said in a regulatory statement today. That compares with the A$396 million profit a year earlier.<\/p>\n
\tGrowing profits provide extra cash for Melbourne-based Crown as it works on possible projects and ventures in Sydney, Brisbane, Las Vegas, Sri Lanka, Manila and Japan. Crown is the world\u2019s most richly valued gambling company and Macau\u2019s quarterly casino revenues hit a record in the three months to March.<\/p>\n
\t\u201cThere\u2019s a lot of cash coming through the business,\u201d Killian Murphy, a Sydney-based analyst at CIMB Group Holdings Bhd., said by phone before the announcement. \u201cMacau has been the gaming market of the last decade.\u201d<\/p>\n
\tCrown shares rose 5.6 percent, the most since Aug. 23, to close at A$15.66 in Sydney, paring this year\u2019s decline to 7.1 percent. The benchmark S&P\/ASX 200 index has risen 3.7 percent over the same period.<\/p>\n
\tPacker, Crown\u2019s chairman and controlling shareholder, has quit most of the media investments inherited from his father Kerry in an attempt to capitalize on Asian consumer spending and tourism through casino investments.<\/p>\n
\tAlongside existing resorts in Melbourne and Perth, Crown is building a casino hotel on the shores of Sydney Harbor and considering new projects in Brisbane and Sri Lanka.<\/p>\n
\tCity of Dreams<\/p>\n
\tThrough its 34 percent share of Hong Kong-based Melco Crown Entertainment Ltd., it also owns a stake in Macau\u2019s City of Dreams casino and is planning new developments in Japan and the Philippines.<\/p>\n
\tCrown is the only gambling company considered investment- grade by all three major ratings companies. It has debt and equity worth about 15.66 times its expected earnings.<\/p>\n
\tAfter smoothing out the volatility in casino winnings, net income rose 35 percent to A$640 million from A$473.2 million a year earlier. High-rolling VIP gamblers accounted for about 27 percent of Crown\u2019s revenue in 2013 and can have an unusually big impact on reported net income because the amounts they wager are so large.<\/p>\n
\tRegulations around Crown\u2019s planned casino in Sydney require that such VIP gamblers bet a minimum of A$2,160 per hour when playing baccarat, the most popular game in such rooms.<\/p>\n
No replies were posted for this topic.<\/p>\n","protected":false},"excerpt":{"rendered":"
Aug. 14 (Bloomberg) \u2014 Crown Resorts Ltd., the Australian casino company planning a hotel on the Las Vegas Strip, surged the most in almost a year in Sydney trading after its Macau affiliate fueled a 66 percent rise in full-year…<\/p>\n","protected":false},"author":36,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10],"tags":[],"class_list":["post-7836","post","type-post","status-publish","format-standard","hentry","category-latest-casino-news"],"_links":{"self":[{"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/posts\/7836","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/users\/36"}],"replies":[{"embeddable":true,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/comments?post=7836"}],"version-history":[{"count":0,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/posts\/7836\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/media?parent=7836"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/categories?post=7836"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/tags?post=7836"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}