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Crown Earnings Miss Estimates as High-Rollers Stay Home

Crown Resorts Ltd., the gaming company controlled by billionaire James Packer, slumped after first-half profit missed analyst estimates as a 26 percent decline in bets from high-rolling gamblers weighed on earnings.

Net income was A$382.5 million ($344 million) in the six months ended Dec. 31, the Melbourne-based company said in a regulatory statement today, more than double the A$180.8 million result a year earlier. Crown fell 3.2 percent to A$16.68 at the close in Sydney trading, the biggest decline since Dec. 13.