Crown Perth cuts 200 jobs in wake of falling revenues

Australia-listed Crown Resorts has cut more than 200 jobs at its Perth operations as falling VIP patronage and reduced profits put pressure on earnings, local media reports.

The company confirmed the redundancies on Tuesday to Western Australia news outlet, PerthNow.

“A priority of ours is to support those affected by these changes. 5,500 people continue to work at Crown Perth and we have a strong commitment to their development and welfare,” said a Crown spokesperson.

The Australian casino operator last week announced the departure of its chief executive officer Rowen Craigie.  

“Obviously there is an efficiency drive underway and you will see the quantum of that when we report our next results … our aim is to make our business as efficient as possible,’’ said chairman John Alexander, who will be absorbing Craigie’s responsibilities.

The integrated resort operator posted normalized net profit of A$191.3 million (US$147.9 million) in the first half of the fiscal year 2017, down 9.1 percent year-on-year.

Revenue of its Australian resorts was A$1.5 billion, down 12.5 percent in the half-year, caused mainly by a significant drop in VIP turnover, which fell 45.3 percent to A$19.6 billion.