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2015 for Personal Use Only Use Personal for Contents ANNUAL REPORT 2015 For personal use only Contents Chairman’s Message 1 Crown Resorts at a Glance 2 Crown’s Luxury Resort Portfolio 6 Financial Performance 12 Chief Executive Officer’s Report 14 Australian Resorts 16 Melco Crown Entertainment 22 Crown Aspinalls and other investments 25 Development Projects 26 Corporate Social Responsibility 28 The Crown Resorts Foundation 31 Corporate Governance Statement 33 Nevada Information Statement 46 Directors’ Statutory Report 50 Remuneration Report 60 Auditor’s Independence Declaration 82 Independent Auditor’s Report 83 Directors’ Declaration 85 Financial Report 86 Shareholder Information 146 Additional Information 148 Corporate Information inside back cover Financial Calendar Record date for dividend – 25 September 2015 Payment of final dividend – 9 October 2015 Annual General Meeting – 21 October 2015 2016 interim results – February 2016 Annual General Meeting 10.00am, Wednesday 21 October 2015 River Room Level 1, Crown Towers 8 Whiteman Street Southbank, Melbourne For personal use only CROWN RESORTS LIMITED ABN 39 125 709 953 b Chairman’s Message Crown Resorts is one of Australia’s leading luxury tourism and entertainment businesses, with a significant and growing global reach. It gives me great pleasure to present my first Annual Report as The ongoing boom in Chairman. Crown Resorts is a proud Australian tourism and outbound Chinese entertainment company which makes a significant contribution tourism is a major to our country through our world-class employment, training, positive for our resorts tourism infrastructure and social responsibility programs. and very encouraging given our ongoing pipeline of investment in Results high quality tourism assets. For the financial year ended 30 June 2015, Crown Resorts Construction at the announced a net profit of $446.3 million before significant Crown Towers Perth hotel items, which was down 36.5% from the previous year. is well underway and it is Crown’s portfolio of businesses achieved a mixed result. This scheduled for opening in year, our investment in Melco Crown Entertainment (Melco late 2016. In Sydney, our architects and designers have been Crown) was impacted by a downturn in gaming revenue in working diligently to ensure that Crown Sydney, when built, will Macau that was sharper than anticipated. Crown’s wholly be one of the world’s great hotels. We are also working with owned Australian resorts, Crown Perth and particularly Crown globally recognised architects to ensure the proposed new Melbourne, achieved good earnings growth in subdued luxury hotel in Melbourne is a landmark building Melbourne domestic conditions. can be proud of. We are continuing detailed design work with A stand-out was the strong growth in International VIP Program our partners on our proposal to build a new luxury resort on Play turnover across Crown’s Australian resorts. This followed the Las Vegas strip. greater investment in our VIP international marketing. A final dividend of 19 cents per share, franked to 50%, was declared, bringing the total dividend for the year to 37 cents per share. Our commitment to community During the year Crown continued its work as a good corporate citizen. Crown paid more than $640 million in taxes Building a global luxury brand will to all levels of Australian Governments, which amounts to almost two thirds of Crown’s Australian normalised profit benefit shareholders before tax. While Crown has built a strong and resilient business with Crown has also continued to make a major contribution to our significant cash flows and solid financial results for over two community through our Corporate Social Responsibility decades now, it is critical that we have a broader vision for the programs and our National Philanthropic Fund. This year we future, which will allow us to continue delivering strong results employed our 450th Indigenous employee and launched for our shareholders. phase two of our Reconciliation Action Plan. We also Our most important future priority is to ensure Crown Resorts launched ‘CrownAbility’, one of Australia’s best disability is globally recognised as a first class luxury resorts brand, as employment programs. In FY15, the Crown Resorts this will help us attract an even greater share of international Foundation also helped deliver significant funding and visitors from across Asia and globally. assistance to over 80 community organisations which assist the most disadvantaged in our society and provide young High net worth individuals from Australia and around the Australians with opportunities they need to learn, grow and be world, especially China, place a very high premium on luxury confident in themselves and their ability to succeed. brands. If Crown delivers on its brand promise of first class luxury properties and service, customers will be prepared to I would like to take this opportunity to thank the Board, travel further and pay a premium to experience our management and staff at Crown for their invaluable international network of resorts. commitment and contribution. Our former Chairman, James Packer, has done an outstanding job for shareholders Customer loyalty to the Crown brand is helping our hotels run over many years and I look forward to working with him as an at over 90% occupancy year-round and it is why our iconic Executive Board Member on a number of very significant plans for Melbourne, Perth, Sydney and Las Vegas are so global and Australian projects, including our online strategies. important. It is also why luxury assets like our world-class restaurants, private jets, yacht, the Capital Golf Course in Can I also sincerely thank you, as a valued shareholder of Melbourne and the proposed interest in Ellerston in regional Crown Resorts Limited, for your continued support as we For personal use only NSW are so important. All these assets allow us to offer our move into the next phase of our transition towards a global VIP customers a network of globally connected luxury resorts luxury brand. and “money-can’t-buy experiences”, which build our brand loyalty and appeal. This global approach is absolutely necessary to compete in the increasingly important International VIP gaming market. Customer loyalty to the Crown brand will also help reduce business volatility in an uncertain global economic Robert Rankin environment. Chairman, Crown Resorts Limited Crown Resorts Limited Annual Report 2015 1 Crown Resorts at a Glance Crown Resorts is one of Australia’s largest entertainment and gaming groups with operations and investments in Australia, Asia, the United Kingdom and the United States. The World of Crown Resorts City of Dreams, Macau Studio City, Macau City of Dreams, Manila Crown Aspinalls, London Crown Perth Crown Sydney Crown Mebourne 100% owned operation For personal use only 100% owned project 34.3% equity interest in Melco Crown Entertainment operations Majority interest in project 2 • Crown owns and operates two of Australia’s leading integrated resorts, Crown Melbourne and Crown Perth, which together attract approximately 29 million visits each year. • Crown is investing more than $2.8 billion in upgrading and opening new features at these Australian resorts between FY11 and FY18. • Crown owns and operates Crown Aspinalls in London, one of only five high-end licensed casinos in the West End entertainment district. • Crown is investing $2 billion to build Sydney’s first Alon, Las Vegas six-star hotel resort at Barangaroo on Sydney Harbour. Crown Sydney is envisaged to be operational from late 2020 and is conditional on the granting of all necessary planning approvals. • Crown is expanding its portfolio of resorts across Asia through a 34.3% equity interest in and partnership with Melco Crown Entertainment (Melco Crown), a developer, owner and operator of integrated resorts in Macau and the Philippines. Melco Crown is one of only six licenced casino operators in Macau. • Alon Las Vegas, Crown’s development project in Las Vegas, will expand Crown’s presence as a leading global operator and complements Crown’s expansion in Australia and Asia. • Crown is investing in complementary assets, with interests in online wagering through CrownBet (62% interest) and Betfair Australia (100% owned) and online social gaming through DGN Games LLC (60% interest). It also holds equity interests in Aspers For personal use only Group (50%) in the United Kingdom and Cannery (24.5%) in the United States. • Crown’s experienced management team has a proven track record of successfully delivering and operating large scale and complex projects. Crown Resorts Limited Annual Report 2015 3 Luxury Hotels Events & Entertainment High-end Retail Luxury Resort Facilities For personal use only 4 Signature Restaurants Infinity Sky Gaming Internationally renowned chef Heston Blumenthal has opened a restaurant at Crown Melbourne The Capital Golf Course, Melbourne Ellerston For personal use only 5 rown Melbourne rown Perth C100% owned C • Crown Melbourne is Australia’s leading integrated resort and one of the most visited tourist destinations with its dynamic and diverse facilities. • It operates 2,628 gaming machines and has approval to operate 540 table games. • The resort currently features the Crown Towers Melbourne hotel, with 481 guest rooms, the Crown Metropol Melbourne hotel with 658 guest rooms and the Crown Promenade Melbourne hotel with 465 guest rooms. • The Crown Conference Centre has 7,350 square metres of conference and meeting facilities, across three floors. • Banqueting facilities include the Palladium’s 1,500-seat ballroom and The Palms’ 900-seat cabaret venue. • A broad selection of restaurants and bars are located in the resort, including many of Melbourne’s finest. • Crown Melbourne’s retail precinct features prestigious designer brands and high street retail outlets. • Crown plans to develop a new 400-room luxury hotel on the site adjacent to Crown Melbourne, subject to planning and other approvals. For personal use only 6 rown Perth 100%C owned • Crown Perth is one of Western Australia’s largest tourist destinations, with an exceptional range of entertainment and tourism experiences.
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