Casino operator Crown says trading 'solid' - The Australian - 28th October 2008

Casino operator Crown says recent trading at its Australian casinos continues to be solid and is confident a casino industry in Macau is sustainable.

"Recent trading at our Australian casinos, Crown Melbourne and Burswood, continues to be solid," chief executive Rowen Craigie told shareholders at the company's annual general meeting.

Combined revenue from table games and gaming machines was up 4 per cent in the period from July 1 to October 21, against the same period in fiscal 2008.

"Year-on-year growth in international VIP commission program play has been very strong over the same period," Mr Craigie said.

He said there had been some softness in takings for low end gaming machines, corporate events and corporate hotel bookings.

But this had been offset by solid growth in other segments, such as table games, high end slots, leisure hotel bookings and private functions.

Crown's Australian casinos earnings before interest, tax, depreciation and amortisation (EBITDA) rose 8.2 per cent in 2007/08.

"We expect solid growth in 2008/9, despite the anticipation of a more difficult trading environment and the disruption from the casino refurbishment programs," Mr Craigie said.

(Credit: The Australian)

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