Crown Resorts Revenues Grow, but Results are Still below Expectations

Despite the fact that revenues went up, Crown Resorts officials say last year’s results are “below expectations”.

Last year’s financial reports are finished and representatives of the Australian casino developer are disappointed. “Overall, we have seen weak consumer sentiment that has adversely impacted trading at both Crown Melbourne and Crown Perth,” chief executive officer Rowen Craigie told reporters.

“The results for those resorts were below expectations and reflect the fact that their local economies are experiencing structural and cyclical challenges,” he added.

According to recent gambling news, the company reported total operating revenue of AUS$1.6 billion between January and June 2013, reflecting a 3.3% increase compared to the same period of the previous year. Net profit also increased by 111.6% from AUS$180.8 million in 2012 to AUS$382.5 million.

Crown betting on high-rollers

Crown Limited has interesting plans for the future and has announced its intention to build a VIP casino in Sydney, aimed at Asian high-rollers. The new gambling venue is expected to be operating by 2019 and the New South Wales government says it fully supports the project.

The local authorities even promised to bring any changes needed to the current Australian gambling laws, in order to allow the company to receive a new casino license.