You are using an older browser version. Please use asupported versionfor the best MSN experience.
Australias Crown Resorts high-roller sales tank on global challenges
VIP sales are largely made up of visitors on package deals from China, which is the worlds biggest source of tourists. Slowing growth in the worlds second-largest economy due to a bruising trade war with Washington has pressured spending by Chinese high-rollers, hurting Australian casino operators such as Crown and smaller peer Star Entertainment .
Excluding VIP sales, however, revenue from main floor gaming rose 2% during the period, despite sluggish consumer spending in Australia.
Crown shares climbed as much as 1%, hitting their highest in more than three weeks, while the broader Australian benchmarkwas 0.6% higher.
The company, founded and part-owned by billionaire James Packer, has been caught in the cross-hairs of three regulatory probes triggered by media reports alleging the company flouted visa rules.
Let me be clear Crown does not tolerate any illegal activity by its employees or its patrons, executive Chairman John Alexander said in a statement.
The Victorian and New South Wales regulators have taken a decision to examine issues raised in recent media reports and, out of respect for those inquiries, I wont, and cant, go into any detail, Alexander added.
Australias law enforcement anti-corruption watchdog is also investigating the allegations.
The company also said it is focused on the completion of Crown Sydney, a new complex on the waterfront of Australias biggest city, on time and on budget.