focus squarely on Australia, says James Packer - 26th
Of Dreams Macau James
casinos operator Crown says it is working to improve
the quality of its Australian resorts, while also
keeping a close eye on costs.
has been upgrading its Crown Melbourne and Crown Perth
casinos to make them more competitive with new casinos
and resorts in Asia.
the year ahead, we will be focusing on the performance
of our Australian resorts, including a continued focus
on cost control,'' chairman James Packer said in the
company's annual report released today.
vision for Crown sees us as a leading global luxury
brand, with a clear focus on Asian tourism.''
is also working on a proposed luxury hotel and VIP-only
casino at Barangaroo on Sydney harbour, and Mr Packer
said the company would continue to work with the NSW
government to bring that project to fruition.
$396 million profit in the 2012/13 financial year
was down 23 per cent from the previous year, and its
Australian businesses posted mixed results due to
weak consumer sentiment.
annual report shows chief executive Rowen Craigie's
earnings in the year dropped by 27 per cent to $4.99
million, due mainly to lower incentives as performance
targets were only partly met.
Craigie said in the report that the company was undertaking
a "comprehensive review of back of house and
front of house operational efficiency'' to ensure
the Australian resorts reach their potential.
Packer is paid by the Macau joint venture casino operation
called Melco Crown Entertainment, and therefore no
details of his pay are provided by Crown.
total pay for all of Crown's senior executives was
lower in 2012/13 due to fewer short term benefits
and long term incentives.
company's shareholders will next month vote on a proposed
name change for the company, to Crown Resorts.
new moniker will reflect the large investment in tourism
infrastructure that the company has recently made
and expects to maintain, Mr Packer said.