Thu, Sep 22, 5:02pm by Staff Writer
Crown’s investment in Perth’s only casino is not reaping the expected dividends, with revenue from Crown Perth falling 11 per cent year on year and visitor numbers also falling.
Crown, headed by James Packer, purchased the former Burswood casino in 2004 and rebranded it as Crown Perth four years ago, looking to add to its market share of tourists from Asia.
The Casino is approved to operate a maximum of 320 table games and 2400 electronic gaming machines and is the only venue in WA where gaming machine can operate.
But statistics provided by the West Australian Government and reported by the ABC, indicate that the Casino is going through lean patch.
The $742 million made through gambling in the 2015-16 financial year represented a significant fall on the $835 million reported 2014-15.
That 2014-15 figure was a high-water mark, having grown from around $600 million when the Perth Casino was re-branded in 2012.
The report also detailed a drop in patrons at Crown Perth, from 8.3 million to 8.1 million having fallen by a similar amount the previous year.
Casinos across the Asia-Pacific region have been working in tougher trading conditions in the past two years with a crackdown on Chinese corruption reducing the amount VIPs and high rollers are spending.
A 14 per cent drop in Baccarat, Crown Perth’s biggest source of revenue, and a favoured game of high rollers, would appear to back this up.
But there was also a fall in overall electronic gaming revenue, which slumped to $278 million.
The recently released Australian Gambling Statistics indicated that Western Australians spent slightly more in 2014-15 than they had on the previous year at $794 per person. Casino gambling contributed $420 of that amount.
The stats also revealed that the Casino still has a 68 per cent share of WA’s gaming market, which also included lotteries, pool and other minor gaming.
US billionaire Steve Wynn left his casino empire and a top Republican National Committee spot last year, after allegations of sexual harassment…
Brimbank has become the latest Victorian council to crack down on poker machines after a state topping $139.5 million was lost to…
SkyCity Entertainment Group’s share price has edged higher following the news that they will open an online sports book later this year.…