Crown Resorts Limited - 2017 Annual General Meeting Presentation
Crown Resorts Limited Annual General Meeting26 October 2017
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Crown Resorts Limited Group ResultF17 Normalised $m | F16 Normalised $m | Variance F/(U) | F17 Actual $m | F16 Actual $m | Variance F/(U) | |
Australian Resorts EBITDA | 833.7 | 933.2 | (10.7%) | 828.0 | 949.2 | (12.8%) |
Crown Aspinalls EBITDA | 26.6 | 26.5 | 0.4% | (5.5) | 16.0 | N/A |
Wagering and Online Social Gaming Operations EBITDA | 14.8 | (5.4) | N/A | 14.8 | (5.4) | N/A |
Corporate costs | (47.1) | (98.5) | 52.2% | (47.1) | (98.5) | 52.2% |
EBITDA | 828.0 | 855.8 | (3.3%) | 790.3 | 861.3 | (8.3%) |
Depreciation & amortisation | (296.8) | (282.7) | (5.0%) | (296.8) | (282.7) | (5.0%) |
EBIT | 531.2 | 573.1 | (7.3%) | 493.5 | 578.6 | (14.7%) |
Net interest | (101.6) | (141.6) | 28.3% | (101.6) | (141.6) | 28.3% |
Income tax | (135.1) | (87.2) | (55.0%) | (127.1) | (89.9) | (41.4%) |
Equity accounted - MRE | 42.4 | 58.1 | (27.0%) | 37.9 | 42.7 | (11.3%) |
- Other | 1.3 | (1.4) | N/A | 1.3 | (1.4) | N/A |
NPAT (pre non-controlling and significant items) | 338.2 | 401.0 | (15.7%) | 304.0 | 388.4 | (21.7%) |
Non-controlling interest | 4.9 | 5.2 | (6.1%) | 4.9 | 5.2 | (6.1%) |
NPAT (pre significant items) | 343.1 | 406.2 | (15.5%) | 308.9 | 393.6 | (21.5%) |
Significant items (net of tax) | - | - | 1,557.2 | 555.2 | 180.5% | |
Net Profit - attributable to the parent | 343.1 | 406.2 | (15.5%) | 1,866.1 | 948.8 | 96.7% |
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Crown Resorts Limited - 2017 Annual General Meeting Presentation
Crown Melbourne and Crown Perth ResultsNormalised F17
Crown Melbourne $m | Variance F/(U) | Crown Perth $m | Variance F/(U) | Australian Resorts $m | Variance F/(U) | |
Main floor gaming | 1,182.7 | (0.1%) | 474.0 | (4.7%) | 1,656.7 | (1.4%) |
VIP program play | 340.3 | (49.7%) | 109.3 | (46.1%) | 449.7 | (48.9%) |
Non-gaming | 471.8 | 4.2% | 246.7 | 11.2% | 718.5 | 6.5% |
Total Revenue (Normalised) | 1,994.8 | (13.7%) | 830.1 | (10.0%) | 2,824.9 | (12.7%) |
Gaming taxes, commissions & other | (522.9) | 30.7% | (134.6) | 42.7% | (657.5) | 33.6% |
Operating expenses | (883.1) | 0.2% | (450.6) | (5.6%) | (1,333.7) | (1.7%) |
EBITDA | 588.8 | (12.5%) | 244.8 | (5.8%) | 833.7 | (10.7%) |
Depreciation & amortisation | (188.6) | 2.8% | (79.6) | (19.1%) | (268.3) | (2.8%) |
EBIT | 400.2 | (16.5%) | 165.2 | (14.4%) | 565.4 | (15.9%) |
EBITDA / revenue % | 29.5% | 0.4% | 29.5% | 1.3% | 29.5% | 0.7% |
Total revenue (actual) | 2,056.2 | (10.5%) | 869.2 | (11.3%) | 2,925.4 | (10.7%) |
VIP turnover $ billion | 25.2 | (49.7%) | 8.1 | (46.1%) | 33.3 | (48.9%) |
VIP win rate (1.35% theoretical) | 1.59% | 0.27%1 | 1.83% | 0.09%1 | 1.65% | 0.23%1 |
Represents the difference in win rate compared to the pcp (the win rate at Crown Melbourne in the pcp was 1.32%, the win rate at Crown Perth in the pcp was 1.74% and the combined win rate in the pcp was 1.42%).
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Crown Resorts Limited - 2017 Annual General Meeting Presentation
Recent Trading Update 1 July to 22 October 2017Main floor gaming revenue (Australian resorts combined) was slightly up on the prior
corresponding period (pcp)
Non-gaming revenue (Australian resorts combined) increased by around 6% on the pcp
Crown Melbourne's main floor gaming revenue increased on the pcp while non-gaming revenue was flat. Crown Perth's main floor gaming revenue has been softer due to challenging market conditions, while non-gaming is growing in part due to the opening of Crown Towers Perth
VIP program play turnover was down around 17% on the pcp, however, Crown Melbourne's VIP
program play turnover exceeded expectations
Crown's wagering and online businesses continue to show good revenue growth
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Crown Resorts Limited - 2017 Annual General Meeting Presentation
Crown Resorts Limited published this content on 26 October 2017 and is solely responsible for the information contained herein.
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