James Packer's Crown is taking legal action to save its Barangaroo views

Barangaroo. William West/AFP/Getty Images
  • Crown Resorts posts full year statutory net profit after tax of $558.9 million, down 70.0%.
  • Normalised net profit after tax was $386.8 million, up 12.7%.
  • Also announced legal action to ensure the views of its $2.2 billion Crown Sydney Hotel Resort.

Crown Resorts has launched legal action against the Barangaroo Delivery Authority to ensure the views of its $2.2 billion Crown Sydney Hotel Resort are not blocked by new development.

The casino company today started proceedings in the the Supreme Court of New South Wales to force authority to ensure that sight lines from the Harbour Bridge to the Sydney Opera House are retained.

Crown, whose major shareholder is Australian billionaire James Packer, says work is on schedule to complete Sydney’s first six-star hotel in the first half of calendar year 2021.

Barangaroo is Sydney’s largest urban renewal project.

At the close Crown shares were up 6.6% to $14.21.

The company today posted a 70.0% drop in statutory net profit to $558.9 million for the full year. Revenue was up 4.5% to $3.49 billion.

Normalised net profit after tax was $386.8 million, up 12.7%.

“Crown’s full year result reflects a solid performance from our Melbourne operation and continued subdued trading in Perth,” says the Executive Chairman of Crown, John Alexander.

Main floor gaming revenue increased by 1.5%, with modest growth in Melbourne offset by softness in Perth.

The VIP program play turnover in Australia was $51.5 billion, up 54.5%.

Crown declared a final dividend of 30 cents a share, bringing the full year payout to 60 cents.

The results in detail:

Source: Crown

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