Aspinall’s a bright spot for Crown

Net profits for Crown Ltd. declined 22.9 percent to A$395.8 million ($356.1 million) for the year ended June 30 though revenues rose 3.1 percent to A$2.8 billion. Earnings from the company’s casinos in Melbourne and Perth both declined, but Crown Aspinall’s in London reported vast improvements, with revenues rising 96.3 percent to A$107 million and earnings before interest and tax soaring to A$25.4 million from A$500,000 a year before with the help of a 53.4 rise in VIP turnover. Crown said its Aspers Group affiliate will open a new casino the Milton Keynes area of London early next month. VIP turnover at the two Australian casinos rose 7.8 percent to A$50.7 billion.
The company took a A$69.6 million after-tax loss on the sale in May of its 10 percent stake in rival Echo Entertainment Group Ltd. It plans to change its name to Crown Resorts Ltd. pending shareholder approval.