CROWN RESORTS 21 October 2015
Crown Resorts Limited - 2015 Annual General Meeting 1
Crown Resorts Limited - 2015 Annual General Meeting 2
F15 Normalised $m | F14 Normalised $m | Variance F/(U) | F15 Actual $m | F14 Actual $m | |
EBITDA | 824.9 | 782.7 | 5.4% | 778.1 | 878.2 |
Depreciation and amortisation | (262.9) | (244.9) | (7.3%) | (262.9) | (244.9) |
EBIT | 562.0 | 537.8 | 4.5% | 515.2 | 633.3 |
Net interest | (112.3) | (99.0) | (13.4%) | (112.3) | (99.0) |
Income tax | (92.2) | (86.6) | (6.5%) | (85.3) | (116.0) |
Equity accounted - Melco Crown Entertainment | 161.3 | 291.2 | (44.6%) | 122.0 | 287.6 |
- Betfair | 0.0 | (3.4) | 100.0% | 0.0 | (3.4) |
NPAT (pre non-controlling and significant items) | 518.8 | 640.0 | (18.9%) | 439.6 | 702.5 |
Non-controlling interest | 6.7 | - | N/A | 6.7 | - |
NPAT (pre significant items) | 525.5 | 640.0 | (17.9%) | 446.3 | 702.5 |
Significant items (net of tax) | - | - | (61.3) | (46.7) | |
Net Profit - attributable to the parent | 525.5 | 640.0 | (17.9%) | 385.0 | 655.8 |
Crown Resorts Limited - 2015 Annual General Meeting 3
Earnings were affected by weak market conditions in Macau, which impacted Melco Crown's result. Australian Resorts performed well, particularly Crown Melbourne, with strong international VIP growth across both resorts
Crown Resorts Limited - 2015 Annual General Meeting 4
Normalised F15
Australian Casinos $m | Variance F/(U) | |
Main floor gaming | 1,588.6 | 5.5% |
VIP program play | 955.9 | 41.8% |
Non-gaming | 664.7 | 4.7% |
Total Revenue (Normalised) | 3,209.2 | 14.0% |
Gaming taxes, commissions & other | (1,035.8) | (27.0%) |
Operating expenses | (1,256.9) | (5.1%) |
EBITDA | 916.5 | 14.1% |
Depreciation & amortisation | (251.0) | (4.4%) |
EBIT | 665.5 | 18.2% |
EBITDA / revenue % | 28.6% | 0.1% |
Total revenue (actual) | 3,355.8 | 13.1% |
VIP turnover $ billion | 70.8 | 41.8% |
VIP win rate (1.35% theoretical) | 1.56% | (0.09%)1 |
1. Represents the difference in win rate to the pcp
Crown Resorts Limited - 2015 Annual General Meeting 5
Crown Resorts Limited - 2015 Annual General Meeting 6
Crown Resorts Limited - 2015 Annual General Meeting 7
Crown has put additional resources into VIP international marketing over the last year and that has helped deliver strong growth in VIP program play turnover of 41.8%. VIP gaming tax rates were also lowered during F15.
Crown Resorts Limited - 2015 Annual General Meeting 8
In November 2014, the Victorian Commission for Gambling and Liquor Regulation amended the Melbourne Casino Licence. The amendments included:
the removal of 'Super Tax' on VIP program play at Crown Melbourne effective from 1 July 2014
an increase in gaming product permitted to be operated at Crown Melbourne
an extension of the Melbourne Casino Licence to 2050
In return, Crown agreed to make a series of payments to the Victorian Government, the first of which, being
$250 million
Crown Resorts Limited - 2015 Annual General Meeting 9
Normalised EBITDA from Crown Aspinalls, was $31.7 million, down 9.9% on the
previous year
EBITDA from Crown's wagering businesses was a loss of $16.0 million, reflecting the start up nature of the business
Crown Resorts Limited - 2015 Annual General Meeting 10
Crown's share of MCE's normalised NPAT for FY15 was $161.3 million, down $129.9 million or 44.6% on the pcp
Crown's share of MCE's reported NPAT result for the year was $122.0 million, down
$165.6 million or 57.6% on the pcp
Crown Resorts Limited - 2015 Annual General Meeting 11
1 July to 18 October 2015
Main floor gaming revenue (Australian Resorts Combined) increased by 10% on the pcp
Non gaming revenue (Australian Resorts Combined) increased by 1% on the pcp
VIP program play turnover growth compared to the pcp has met expectations
Wagering and online showing good revenue growth although still incurring start up losses including marketing expenses
Corporate costs, depreciation and interest expenses are above the pcp as expected
The Macau market has continued to see year on year declines in gross gaming revenue, consistent with H2 of FY15
Crown Resorts Limited - 2015 Annual General Meeting 12
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