Australian casino operator, Crown Resorts Limited, has reportedly revealed that gross gaming revenues at its Crown Perth property for the twelve months to the end of June fell by almost 10% year-on-year to stand at approximately $409.51 million.
Baccarat revenues tumble:
According to a Sunday report from The West Australian newspaper citing information made public by the Gaming and Wagering Commission of Western Australia, one of the largest factors for the drop was an associated 24% plunge year-on-year in takings from the 1,200-room venue’s collection of baccarat tables to around $118.32 million.
Drop follows investment:
The newspaper reported that Melbourne-headquartered Crown Resorts Limited spent over $471 million in late-2016 to add the 500-room Crown Towers Perth hotel to its Crown Perth complex. It had hoped that this new venue would subsequently be filled with high-value Asian players interested in enjoying its unique mix of luxury accommodation and VIP card games such as baccarat.
Foreign players remain wary:
However, Crown Perth’s annual revenues from baccarat have now reportedly fallen by some 57% since the high-water mark of $278 million seen in mid-2015 as rich Asian gamblers continue to shun foreign casinos in the wake of a crackdown by Chinese authorities on foreign operators. The newspaper detailed that this situation climaxed in October of 2016 when 19 employees of Crown Resorts Limited were arrested in China and subsequently charged with ‘gambling crimes’.
The detained workers, which included the casino operator’s VIP International Executive General Manager, Australian citizen Jason O’Connor, were released last summer after pleading guilty while Crown Resorts Limited subsequently agreed to pay a fine.
Takings decline across the board:
The West Australian reported that electronic gaming machines now serve as the largest source of revenues for the Perth venue and contributed takings of $190.92 million during the twelve-month period, which represented a slight year-on-year decline. In terms of the other games offered inside the Western Australia property, blackjack purportedly saw its annual contribution decrease by some 8% to $24.67 million while the tally for roulette fell by an even steeper 11% to approximately $38.46 million.