Crown Resorts : 2017 Half Year Results - Appendix 4D

Appendix 4D

(previous corresponding period: half year ended 31 December 2015)

Normalised Results (1) Actual Results (2)

1. Normalised results have been adjusted to exclude the impact of any variance from theoretical win rate on VIP program play (at Crown Melbourne, Crown Perth, Crown Aspinall's and Melco Crown) and significant items (refer note 4e). The theoretical win rate is the expected hold percentage on VIP program play over time. Accordingly, the normalised result gives rise to adjustments to VIP program play revenue, gaming taxes, commission & other expenses, income tax expense and equity accounted share of associates' results. Refer to note 3 in the attached financial statements for more information. The Group believes that normalised results are the best measure of viewing performance of the business as it removes the inherent volatility in VIP gaming revenue.

2. Actual results reflect revenues & expenses at actual win rates and include significant items.

3. Refer note 4e for further details.

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For the half year ended 31 December 2016

Your directors submit their report for the half year ended 31 December 2016.

The directors of Crown Resorts Limited ("Crown" or the "Company") in office during the half-year, and until the date of this Report are as below. Directors were in office for this entire period unless otherwise stated.

John H Alexander Benjamin A Brazil Helen A Coonan Rowen B Craigie Rowena Danziger Andrew Demetriou Geoffrey J Dixon John S Horvath Michael R Johnston Harold C Mitchell Robert J Rankin

For the half year ended 31 December 2016 Crown reported a net profit of $354.0 million, compared to $200.7 million in the prior comparable period (pcp). The net profit attributable to members of the Parent was $359.1 million. Crown's Australian operations first half result reflected difficult trading conditions. Total revenue (at theoretical) across the Company's Australian resorts declined by 12.5%. The year on year decline was due primarily to the reduction in VIP program play revenue in Australia, which was down 45.3% during this period. Main floor gaming revenue also decreased by 0.8%, with modest revenue growth in Melbourne offset by softness in Perth.

The result also includes a net gain from the sale of approximately 40.9 million ordinary shares in MCE of $166.9 million, which is reported as a significant item.

Crown's share of MCE's normalised NPAT for the half year to 31 December 2016 was an equity accounted profit of $42.4 million, up 14.0% on the pcp. After adjusting for the variance from theoretical, Crown's share of MCE's reported NPAT result for the half year was an equity accounted profit of $37.9 million, up 303.2% on the pcp.

Associates

The Group's reported equity accounted profit for the period was $37.2 million ($9.8 million profit in the pcp), primarily reflecting the profit from MCE. Crown's equity accounted result from investments other than MCE is comprised of its share of equity accounted profits from Nobu and Aspers Group, offset by Crown's share of the equity accounted losses arising from the operating costs of Ellerston and start-up costs of Draftstars. Crown's share of NPAT across all these investments was a loss of

$0.7 million.

Cash flow

Net operating cash flow for the period of $230.0 million compared to cash flow of $200.9 million in the pcp. After net proceeds received from the sale of investments of $463.1 million, net capital expenditure of $189.8 million and dividend payments of $287.7 million, the Group's net debt position (excluding working capital cash of $166.9 million) at 31 December 2016 was $1,765.9 million, consisting of total debt of $2,258.0 million and cash (excluding working capital cash) of $492.1 million.

Dividend

The Directors have declared dividends totalling 113 cents per share franked at 60% payable on 17 March 2017 to shareholders registered at 5.00pm on 2 March 2017. This consists of an interim dividend of 30 cents per share and a special dividend of 83 cents per share. No part of the unfranked portion of the dividend will consist of conduit foreign income.

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For the half year ended 31 December 2016

Attached is a copy of the auditor's independence declaration in relation to the review for the half year ended 31 December 2016. This auditor's independence declaration forms part of this Directors' report.

The amounts contained in this report and in the financial report have been rounded to the nearest $1,000 (unless otherwise stated) under the option available to the Company under ASIC Class Order 2016/191. The Company is an entity to which this Class Order applies.

Signed in accordance with a resolution of the directors.

J.H. Alexander R.B. Craigie

Director Director

Melbourne, 23rd day of February, 2017.

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