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Australia's Crown says VIP turnover from domestic casinos slides
October 25, 2017 / 11:54 PM / a month ago

Australia's Crown says VIP turnover from domestic casinos slides

Oct 26 (Reuters) - Australia’s Crown Resorts Ltd said on Thursday that VIP turnover at domestic casinos had tumbled 17 percent in the current financial year - a slide that comes in the wake of a major setback which has discouraged wealthy Chinese punters.

In 2016, more than a dozen Crown staff were jailed in China for marketing casino holidays abroad, in violation of the country’s strict anti-gambling laws.

“Crown Melbourne’s VIP program play turnover exceeded expectations, which is encouraging given that most of the prior corresponding period preceded the detention of Crown’s staff in China,” Executive Chairman John Alexander in prepared remarks to for the company’s annual general meeting.

Crown also said on Thursday that it would continue to invest in Australian properties to remain competitive. (Reporting by Shashwat Pradhan in Bengaluru; Editing by Byron Kaye and Edwina Gibbs)

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