Crown Resorts, Australia's No. 1 casino company, said first-half net profit fell by more than a fifth as a Chinese corruption crackdown continued to hammer turnover at its resorts in the Asian gambling hub of Macau.
Net profit for the company, 53 percent owned by billionaire James Packer, was A$205 million ($147.5 million) for the six months to Dec. 31, from A$263.1 million the previous first-half, the company said in a statement.
"Normalised" net profit, a measure used by casino companies to strip out irregularities in win rates, dipped 35 percent to A$210.3 million, below the A$247 million average forecast of analysts polled by Thomson Reuters I/B/E/S.
"The 2016 first-half results across Crown's portfolio of businesses were varied," Chief Executive Officer Rowen Craigie said in a statement which gave no earnings guidance.