Risks 0M redevelopment
Crown Resorts’ casino in Perth, Australia has seen VIP revenues plummet for the 2016-17 financial year, according to a report on local media outlet TheWest.com. The website reports that the defection of high rollers, specifically from China, has “put at risk one of the key strategies behind Crown’s $650 million redevelopment.”
In the 12 months to June 30, baccarat at Crown slumped to $212 million, compared with almost $330 million in 2015-16. The drop had an effect on overall gaming revenue at Crown to $622 million from $742 million in the previous period.
Electronic gaming machines dominated at the casino, generating $266 million in turnover despite a slight decrease.
Roulette and blackjack also plunged, as did attendance, which fell 7.6 percent over four years to 7.8 million.
A separate report showed the state-owned lottery saw sales head south by 7.7 percent, or $62 million, to $827 million in 2016-17 as a sluggish economy weighed on punters’ demand. Lotterywest’s Chairwoman Heather Zampatti said the rise of online sports betting and lotto providers was having an effect on earnings.
“The rise of online sports betting and synthetic lottery providers also made for a challenging year,” Zampatti said. “As a result, Lotterywest sales were down 7 percent on the previous financial year, consistent with national lottery industry trends.”
