Crown (ASX:CWN) results hit by downturn in VIP players and coronavirus

Company News

by Anna Napoli

Crown Resorts (ASX:CWN) has reported its normalised net profit has dipped 11 per cent to $172.7 million for the first half of 2020 when compared to the same time last year.

Normalised earnings (EBITDA) of $381.3 million, fell 9.0 per cent on the year earlier period.

The company says VIP program play turnover at its Australian resorts was down 34.2 per cent on the prior year, with the business impacted by a continuation of softer market conditions, exacerbated by recent negative publicity

 The company has also been impacted by the Coronavirus saying, it has recently experienced softer trading conditions as a result of travel restrictions and general community uncertainty in response to Covid-19, particularly over the Lunar New Year period.

The company declared an Interim dividend of 30 cents per share.

Shares in Crown Results (ASX:CWN) are trading 0.72 per cent higher at $11.88