Crown $180.8m Profit, Down 34% 1H2013

Casino company Crown Casino (ASX:CWN) have reported their first half profit results to its shareholders and investors on the Australian stock market.

• Crown posted a $180.8 million Net Profit, down 34.1 percent from $274.4 million in the previous corresponding period.
• The result included a $74.3 million loss on Sydney and Queensland casino operator Echo Entertainment. Crown has a 10 percent stake in Echo.
• Crown Chief executive Rowen Craigie said, "Revenue growth reflects the benefits of recent property refurbishments, particularly the expansion of the main gaming floor in Perth. However, both properties were also impacted by disruption to patron activity arising from the capital works program and weak consumer sentiment, especially in Melbourne. Cost control continues to be a focus at both properties."
• Crown Melbourne's win rate fell from 1.5 to 1.23 percent. The lower win rate in VIP play in Melbourne's crown casino impacted earnings which was down 9 percent.
• Crown declared a 50 percent franked interim dividend of 18 cents per share.
• Government approval is still needed for the company's plans for building a $1 billion hotel and casino in Barangaroo, Sydney. Crown needs Echo Entertainment's support since they have an exclusive licence until 2019.
• Crown Casino operates casinos in Perth and Melbourne as well as a 33.7 percent interest in Melco Crown in Macau. Crown also owns Aspinalls Club in London, an interest in online betting website Betfair, and a 24.5 percent share of Cannery Casino Resorts LLC.