Bloomberg the Company & Products

Bloomberg Anywhere Login


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

Crown Full-Year Profit Beats Estimates on Rising Spending

Crown Full-Year Profit Beats Estimates as Gamblers Spend More
The Crown Ltd. logo is displayed outside the Crown Melbourne casino and entertainment complex in Melbourne. Photographer: Carla Gottgens/Bloomberg

Aug. 23 (Bloomberg) -- Crown Ltd., the Australian casino company controlled by billionaire James Packer, reported profit that beat analyst estimates as high rollers placed more bets at its domestic gaming tables. The shares rose to a record.

Net income fell 23 percent from a year earlier to A$396 million ($357 million) in the 12 months ended June, the Melbourne-based company said in a statement today. The result beat the A$386 million average of six analyst estimates compiled by Bloomberg.

Crown has expanded its main gaming floor in the Western Australian state capital of Perth and is advancing plans to build a A$1.3 billion casino on the shores of Sydney Harbour. The market value of its Macau venture, Melco Crown Entertainment Ltd., has more than doubled over the past 12 months amid a 16 percent increase in gaming revenue in the territory in the year through June.

Crown’s Melbourne and Perth casinos are “premium assets that can deliver solid earnings growth,” Sam Theodore, an analyst at UBS AG in Sydney, wrote in a note to clients last month. There’s “potential upside” from the Sydney resort that is expected to be ready in 2018, he wrote.

Crown rose 6.9 percent to A$14.52 as of 10:42 a.m. in Sydney trading, headed for the highest level since its listing in December 2007. The benchmark S&P/ASX 200 index gained 1 percent.

Crown’s board is also proposing to change the company’s name to Crown Resorts Ltd., it said in a statement. It will seek approval from shareholders for the name change in October.

To contact the reporter on this story: David Fickling in Sydney at

To contact the editor responsible for this story: Stephanie Wong at

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.