August 20, 2019 / 11:28 PM / a month ago

Australia's Crown Resorts annual profit falls nearly 5%

August 21 (Reuters) - Australia’s biggest casino operator Crown Resorts Ltd on Wednesday posted a 4.7% decline in annual profit, hurt by lower spending by wealthy Chinese gamblers.

Normalised net profit, which removes variance in win rates, fell to A$368.6 million for the year ended June 30, from A$386.8 million a year earlier.

Revenue from “VIPs” - largely Chinese tourists on package holidays - fell 26.1%, compared with a 54.5% surge in the year-ago period. (Reporting by Niyati Shetty and Aditya Soni in Bengaluru; Editing by Bernard Orr)

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