Crown Resorts Limited Records Drop in Profits
Major Australian casino operator Crown Resorts Limited has seen a decline in profits at their Perth branch. Over the past 12 months, Crown Perth has recorded a 10% year-on-year drop to about AU$409 million.
Crown Perth not the Only One Affected
The Gaming and Wagering Commission of Western Australia said the largest contributing factor to the drop was linked to a drop in revenue from baccarat tables. Australian casinos recorded a 24% decrease in revenue collected, putting the total at AU$118.32 million from baccarat tables.
Losses Across the Board for Crown Perth
Crown Perth itself experienced an even larger drop in year-on-year revenue collected from baccarat tables. The operator saw a 57% drop since the high of 2015. Crown Perth has also been losing money on its electronic gaming machines, blackjack, and even roulette. Even though it accounts for most of Crown Perth’s revenue, there was a slight decline in the amount of money they made, a total of AU$190.92 million. Blackjack decreased by 8% to AU$24.67 million and roulette fell by 11% to about AU$38.46 million.
Scandal and Crackdown in China
The decline in revenue has been attributed to rich Asian gamblers avoiding foreign casinos. This comes in the aftermath of the Chinese government cracking down on cross-border gambling and foreign casino operators. It was announced in March 2017 by China’s Public Security Minister Guo Shengkun that his office will begin investigating illegal investments made by domestic firms in casinos overseas.
It seems like Crown Resorts Limited can’t shake off its scandal with the Chinese government. In June 2017, the casino operator was rocked by a scandal when 16 of its employees were arrested China for gambling crimes. For the latest on Crown Casino and other Aussie casino-related news, be sure to keep it locked here at Sun Vegas!
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