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ANNUAL REPORT 2017 Crown Resorts Limited Annual Report 2017

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ANNUAL REPORT 2017 Crown Resorts Limited Annual Report 2017 w ANNUAL REPORT 2017 Crown Resorts Limited Annual Report 2017 crownresorts.com.au CRL091.1 - AR17 COVERS_AW.indd 1 14/9/17 11:22 am Corporate Information Directors • John H Alexander, BA Executive Chairman • The Honourable Helen A Coonan, BA, LLB • Rowena Danziger, AM, BA, TC, MACE • Andrew Demetriou, BA, BEd • Geoffrey J Dixon • Professor John S Horvath, AO, MB, BS (Syd), FRACP • Michael R Johnston, BEc, CA • Harold C Mitchell, AC • James D Packer Company Secretary Mary Manos, BCom, LLB (Hons), GAICD Crown’s registered office and principal corporate office Level 3 Crown Towers 8 Whiteman Street Southbank VIC 3006 Australia Phone: +61 3 9292 8824 Share Registry Computershare Investor Services Pty Limited Yarra Falls 452 Johnston Street Abbotsford VIC 3067 Phone: 1300 659 795 (within Australia) +61 3 9415 4000 (outside Australia) Fax: +61 3 9473 2500 Website: www.computershare.com.au Securities Exchange Listing Crown’s ordinary shares are listed on the Australian Securities Exchange under the code “CWN”. Crown’s Subordinated Notes I are listed on the Australian Securities Exchange under the code “CWNHA”. Crown’s Subordinated Notes II are listed on the Australian Securities Exchange under the code “CWNHB”. The home exchange is Melbourne. Website Visit our website www.crownresorts.com.au for media releases and financial information. Auditor Ernst & Young Banker Australia and New Zealand Banking Group Limited CROWN RESORTS LIMITED ABN 39 125 709 953 CRL091.1 - AR17 COVERS_AW.indd 2 14/9/17 11:22 am Corporate InformationContents Executive Chairman’s Message 2 Financial Performance 4 About Crown Resorts 6 Directors Crown’s Resort Portfolio 8 • John H Alexander, BA Executive Chairman Australian Projects 10 • The Honourable Helen A Coonan, BA, LLB • Rowena Danziger, AM, BA, TC, MACE Australian Resorts 11 • Andrew Demetriou, BA, BEd • Geoffrey J Dixon International Interests 17 • Professor John S Horvath, AO, MB, BS (Syd), FRACP Crown Digital 18 • Michael R Johnston, BEc, CA • Harold C Mitchell, AC Corporate Social Responsibility 19 • James D Packer Corporate Governance Statement 23 Company Secretary Directors’ Statutory Report 36 Mary Manos, BCom, LLB (Hons), GAICD Remuneration Report 48 Crown’s registered office and principal corporate office Auditor’s Independence Declaration 75 Level 3 Crown Towers Independent Auditor’s Report 76 8 Whiteman Street Southbank VIC 3006 Financial Report 82 Australia Phone: + 6 13 9292 8824 Directors’ Declaration 133 Share Registry Shareholder Information 134 Computershare Investor Services Pty Limited Additional Information 136 Yarra Falls 452 Johnston Street Corporate Information Inside back cover Abbotsford VIC 3067 Phone: 1 3 0 0 659 795 (within Australia) +61 3 9415 4000 (outside Australia) Fax: +61 3 9473 2500 Website: www.computershare.com.au Financial Calendar Securities Exchange Listing Record date for dividend 22 September 2017 Payment of final dividend 6 October 2017 Crown’s ordinary shares are listed on the Australian Securities Exchange under the code “CWN”. Crown’s Subordinated Notes I are listed on the AustralianAnnual Securities General Exchange Meeting under the26 Octobercode “CWNHA 2017 ”. Crown’s Subordinated Notes II are listed on the Australian2018 Securities Interim Exchange results under theFebruary code “ 2018CWNHB”. The home exchange is Melbourne. Website Visit our website www.crownresorts.com.au for media releasesAnnual and financial General information. Meeting 10.00am (Melbourne time) Auditor Thursday 26 October 2017 Ernst & Young River Room Banker Level 1, Crown Towers Melbourne 8 Whiteman Street Australia and New Zealand Banking Group Limited Southbank, Victoria CROWN RESORTS LIMITED ABN 39 125 709 953 Crown Resorts Limited Annual Report 2017 1 CRL091.1 - AR17 COVERS_AW.indd 2 14/9/17 11:22 am Executive Chairman’s Message Crown Resorts has delivered significant cash returns to shareholders and is now primarily focussed on its high quality core Australian operations and development projects. The MRE sale will enable investors and analysts to more easily assess the value of Crown’s high quality core Australian operations. The return from our overall investment in MRE has generated cash returns equivalent to approximately six times the total amount invested by Crown. Capital Management It is with great pleasure that I present my first Annual Following completion of the MRE sale, Crown returned Report as Executive Chairman. approximately $1.1 billion of capital to shareholders via Crown is one of Australia’s largest entertainment groups. a special dividend of 83 cents per share and the Crown’s continued investment in its Australian resorts completion of an approximately $500 million on-market has ensured that Crown remains one of Australia’s most share buy-back. In addition, Crown has announced its valuable tourism assets with its leading integrated resorts intention to undertake a further on-market share buy- in Melbourne and Perth, and construction underway on back of up to approximately 29.3 million shares and the the highly anticipated Crown Sydney Hotel Resort. recommencement of the buy-back of Subordinated Notes listed on the ASX under the code “CWNHA”. It is with this reputation that Crown attracted approximately 31 million local and international visits Consistent with the objective of increasing cash returns during the period and has remained the largest single- to shareholders, Crown also adopted a new dividend site private sector employer in both Victoria and Western policy to pay 60 cents per share on a full year basis, Australia, with more than 15,600 people working at subject to Crown’s financial position. For the financial Crown Melbourne and Crown Perth in over 700 year ended 30 June 2017, Crown declared a dividend of different roles. 30 cents per share, franked to 60%, at both the half and full year results. This brings the dividends for the year to It has been a challenging period given the detention of 60 cents per share or $1.43 per share including the a number of current and former Crown employees in special dividend paid to shareholders during the period. China last October. We are pleased that all of our employees have now been reunited with their families Crown has significantly reduced its net debt following and loved ones. Crown is deeply appreciative of the receipt of the proceeds from the MRE sale and has support provided by the Department of Foreign Affairs strengthened its balance sheet and credit profile to fund and Trade and the Australian Government, and for their its Australian development project pipeline. professionalism and assistance throughout the course of Major Focus the matter. Following the sale of Crown’s interest in MRE and the Results and Sale of Interest in Melco Resorts & decision not to proceed with the Alon Las Vegas project, Entertainment Limited (MRE) Crown is now primarily focussed on its world-class core For the financial year ended 30 June 2017, Crown Australian operations and development projects. Resorts announced a net profit of $308.9 million before Crown’s major focus is to improve the underlying significant items, which was down 21.5% from the performance of our key Australian resorts, execute on previous year. This result reflects difficult trading our existing development project pipeline and continue to conditions at Crown’s Australian resorts, due primarily to grow our digital businesses. the reduction in VIP program play revenue and the challenging economic conditions in Perth. Crown Melbourne and Crown Perth Crown’s net profit after significant items was Normalised EBITDA from Crown’s Australian resorts was $1,866.1 million, up 96.7%. This includes the profit from $833.7 million, down 10.7%. This result was impacted by the sale of Crown’s interest in MRE (the MRE sale), which the challenging Perth economy and the reduction in VIP generated proceeds of approximately $3.1 billion, program play revenue in Australia, where turnover was resulting in a net gain of approximately $1.7 billion. Crown down 48.9% compared to the prior year. no longer holds an interest in MRE. 2 CRL091.29 - AR17 FRT_SEC_AW.indd 2 15/9/17 10:39 am Executive Chairman’s Message In response to these challenging trading conditions and Our Commitment to Community the increased focus on Crown’s Australian assets, Crown Crown is a large and diverse business, serving millions of simplified its organisational structure and reduced costs customers each year and is responsible for the across the business during the second half of the year. employment of over 15,600 people at our Melbourne and A number of productivity and efficiency improvements Perth resorts. We are grateful for the efforts of all our were also implemented at both Crown Melbourne and employees and are mindful of our responsibilities to them Crown Perth. Crown will remain focussed on continuing and to the communities in which we operate. Through the to identify opportunities to deliver improved operating Crown Resorts Foundation, we continue to set the performance at both Australian properties. benchmark in corporate philanthropy. Australian Projects This year we have continued the momentum of our Crown is excited to have commenced construction of the award-winning Indigenous Employment Program. We Crown Sydney Hotel Resort at Barangaroo South. We are have now provided over 680 Indigenous employment working diligently to deliver Sydney’s first six-star hotel opportunities as we work towards our ambitious target of and a landmark building of global significance on one of 2,000 by 2021. Similarly, we are proud of the progress the world’s most beautiful harbours. Crown Sydney is we have made with CROWNability, our disability expected to be completed in 2021. employment program. Our efforts in diversity and inclusion resulted in Crown Perth receiving the 2017 In Victoria, Crown and its joint venture partner, the Employer of the Year award for Innovation at the atWork Schiavello Group, were pleased to receive conditional Australia awards and Crown Melbourne receiving the planning approval in February 2017 to construct the National Employer of the Year 2016 award from OCTEC proposed One Queensbridge project.
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