Crown Resorts report FY18 profit down

Company News

by Rachael Jones

Crown Resorts (ASX:CWN) has released their performance for the year.

Their Australian resorts reported EBITDA of $807.5 million,  down 2.5 per cent for the year to June 2018 compared to the prior corresponding year.

Globally their NPAT attributable to the parent of $558.9 million, was down 70 per cent after significant items.

Despite this the casino operator saw a 12.7 per cent rise in normalised profit to $385.6 million.

Last year’s result was inflated due to the sale of its Macau business.

During this period Crown completed the sale of the Alon Las Vegas land to Wynn Resorts, they also sold a 62 per cent interest in CrownBet, sold approximately 4.2 million shares in Caesars Entertainment Corporation and a 50 per cent interest in Ellerston in the Hunter Valley.

Crown Resorts (ASX:CWN) is trading 3.27 per cent higher to $13.76.

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.