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ANNUAL REPORT 2018 Contents

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ANNUAL REPORT 2018 Contents ANNUAL REPORT 2018 Contents Executive Chairman’s Message 2 Financial Performance 4 About Crown Resorts 6 Crown’s Resort Portfolio 8 Australian Projects 10 Australian Resorts 11 International Interests 17 Crown Digital 18 Corporate Social Responsibility 19 Corporate Governance Statement 23 Directors’ Statutory Report 37 Remuneration Report 51 Auditor’s Independence Declaration 73 Independent Auditor’s Report 74 Financial Report 80 Directors’ Declaration 133 Shareholder Information 134 Additional Information 136 Corporate Information Inside back cover Financial Calendar Record date for final dividend 21 September 2018 Payment of final dividend 5 October 2018 Annual General Meeting 1 November 2018 2019 half year results February 2019 Annual General Meeting .am (Perth time) Thursday, 1 November 2018 Crown Ballroom Lobby Level, Crown Towers Perth Great Eastern Highway Burswood, Western Australia CROWN RESORTS LIMITED FRONT COVER IMAGE: ABN 39 125 709 953 PROPOSED CONCEPT RENDER OF CROWN SYDNEY Crown Resorts Limited Annual Report 2018 1 Contents Executive Chairman’s Message 2 Financial Performance 4 About Crown Resorts 6 Crown’s Resort Portfolio 8 Australian Projects 10 Australian Resorts 11 International Interests 17 Crown Digital 18 Corporate Social Responsibility 19 Corporate Governance Statement 23 Directors’ Statutory Report 37 Remuneration Report 51 Auditor’s Independence Declaration 73 Independent Auditor’s Report 74 Financial Report 80 Directors’ Declaration 133 Shareholder Information 134 Additional Information 136 Corporate Information Inside back cover Financial Calendar Record date for final dividend 21 September 2018 Payment of final dividend 5 October 2018 Annual General Meeting 1 November 2018 2019 half year results February 2019 Annual General Meeting .am (Perth time) Thursday, 1 November 2018 Crown Ballroom Lobby Level, Crown Towers Perth Great Eastern Highway Burswood, Western Australia CROWN RESORTS LIMITED FRONT COVER IMAGE: ABN 39 125 709 953 PROPOSED CONCEPT RENDER OF CROWN SYDNEY Crown Resorts Limited Annual Report 2018 1 Executive Chairman’s Message Crown is committed to its strategy of focusing on its high quality core Australian operations and development projects as well as maximising shareholder returns. Consistent with our objective to increase cash returns to shareholders, in financial years 2017 and 2018 combined, Crown’s capital management, which included ordinary dividends, a special dividend and two on-market share buy-backs, exceeded $2 billion. Crown has also announced its intention to undertake a new $400 million on-market share buy-back. Looking forward, our focus will be to continue to improve Crown is one of Australia’s largest entertainment groups the underlying performance of our existing businesses as and makes a major contribution to Australian tourism, well as execute on our development project pipeline. employment, training and social responsibility programs. Crown Melbourne Crown’s continued investment in our Australian resorts has ensured that Crown’s portfolio includes some of the most Normalised EBITDA from Crown Melbourne was valuable current and future tourism assets in Australia $645.0 million, up 9.5%. Reported EBITDA was across Melbourne, Perth and Sydney. $586.0 million, up 2.7%, which takes into account an unfavourable variance from the theoretical VIP program We are proud to be the largest single-site private sector play result. employer in both Victoria and Western Australia with approximately 18,000 people working across our resorts in Normalised revenue at Crown Melbourne was over 700 different roles. Crown also continues to be a $2,279.0 million, up 14.2%, with VIP program play up significant tax payer, having incurred more than $650 million 73.9%, main floor gaming up 2.9%, driven by solid growth in taxes to all levels of government in Australia in financial in table games, and non-gaming slightly down. This year 2018, representing over two thirds of Crown’s profit recovery in gaming revenues, combined with all three before tax from its Australian operations. hotels operating at over 90% occupancy, reaffirms Crown Melbourne’s position as Australia’s leading Results integrated resort and one of the most visited tourist destinations in Australia. For the financial year ended 30 June 2018, Crown announced a net profit of $326.7 million before significant Following the end of financial year 2018, the Victorian items, which was up 5.8% from the previous year. This Commission for Gambling and Liquor Regulation (VCGLR) result reflects a solid performance from our Melbourne released its final report concerning the Sixth Review of the operation, with VIP program play turnover up 73.9%, Casino Operator and Licence held by Crown Melbourne. partially offset by continued subdued trading in Perth. The report concluded, among other matters, that Crown Melbourne remains a suitable person to continue to hold A final dividend of 30 cents per share, franked to 60%, its licence to operate the Melbourne Casino. Crown will was declared, bringing the total dividend for the year to continue to work with the VCGLR to improve the 60 cents per share. operations of Crown Melbourne. Major Focus Crown Perth We have maintained our strategy of focusing on our Normalised EBITDA from Crown Perth was $248.8 million, world-class Australian operations and development up 1.6%. Reported EBITDA for the period was $221.5 million, projects as well as maximising shareholder returns. down 13.9%. The reported EBITDA result takes into Our actions over the past year demonstrate our ongoing account an unfavourable variance from the theoretical VIP commitment to this strategy. In financial year 2018, we program play result. completed the sale of a number of significant assets Normalised revenue at Crown Perth was $844.5 million, up including the Alon Las Vegas land for US$300 million, our 1.7%, with main floor gaming down 2.1%, VIP program play interest in CrownBet for $150 million, our interest in down 5.8% and non-gaming up 12.5%, primarily due to the Ellerston for $62.5 million and our shares in Caesars full year impact of Crown Towers Perth, which opened in Entertainment Corporation for US$53.3 million. Crown’s December 2016. balance sheet, with a net cash position of $221 million at 30 June 2018, is well placed to fund our Australian development project pipeline. 2 Executive Chairman’s Message Crown is committed to its strategy of focusing on its high quality core Australian operations and development projects as well as maximising shareholder returns. Consistent with our objective to increase cash returns to Despite subdued trading due to the challenging economic Our Commitment to Community shareholders, in financial years 2017 and 2018 combined, conditions in Western Australia, we were pleased to have Crown’s Melbourne and Perth resorts are significant tourist Crown’s capital management, which included ordinary maintained the level of visitation to the complex during the attractions, serving millions of visitors each year with dividends, a special dividend and two on-market share period with approximately 10 million local and international approximately 18,000 people working towards the delivery buy-backs, exceeded $2 billion. Crown has also announced visits in financial year 2018. of a world-class customer experience. We are grateful to its intention to undertake a new $400 million on-market our employees for their dedication and acknowledge our share buy-back. Crown remains focused on continuing to identify opportunities to deliver improved operating performance responsibility to create a safe and rewarding workplace. Looking forward, our focus will be to continue to improve at both Crown Melbourne and Crown Perth. Similarly, we recognise our responsibility to the Crown is one of Australia’s largest entertainment groups the underlying performance of our existing businesses as communities in which we operate, and are proud of the and makes a major contribution to Australian tourism, well as execute on our development project pipeline. Australian Projects employee-led community partnerships and work employment, training and social responsibility programs. undertaken through the Crown Resorts Foundation. Work continues on the delivery of the Crown Sydney Hotel Crown Melbourne Crown’s continued investment in our Australian resorts has Resort at Barangaroo, Sydney’s first six-star hotel and a Crown’s commitment to providing strong skills-based ensured that Crown’s portfolio includes some of the most Normalised EBITDA from Crown Melbourne was landmark building with views of some of Australia’s most training and leadership development to all employees has valuable current and future tourism assets in Australia $645.0 million, up 9.5%. Reported EBITDA was celebrated icons, the Sydney Harbour Bridge and Sydney again been recognised, with Crown College Perth being across Melbourne, Perth and Sydney. $586.0 million, up 2.7%, which takes into account an Opera House. named by the Tourism Council of WA as the Gold winner unfavourable variance from the theoretical VIP program for Tourism Education and Training for the second year in a The Crown Sydney Hotel Resort podium is rising on the We are proud to be the largest single-site private sector play result. row. This is Crown’s fifth year in a row to win this category Barangaroo foreshore and the tower core structure has employer in both Victoria and Western Australia with in the combined state tourism awards, with Crown College Normalised revenue at Crown Melbourne was been constructed to Level 12. The Crown Sydney approximately 18,000 people working across our resorts in Melbourne winning in 2013, 2014 and 2015 and receiving $2,279.0 million, up 14.2%, with VIP program play up Residences have received strong interest from both over 700 different roles. Crown also continues to be a Hall of Fame status in 2015. significant tax payer, having incurred more than $650 million 73.9%, main floor gaming up 2.9%, driven by solid growth domestic and international buyers and the project remains in taxes to all levels of government in Australia in financial in table games, and non-gaming slightly down.
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