Crown H1 profit up strongly

Australian mogul James Packer’s Crown Resorts reported a sharply higher secondhalf net profit Thursday after scaling down a Macao joint venture, which offset weaker turnover from high rollers.

The casino operator, which has been hit by softening demand in Macao following a Chinese corruption crackdown, reported net profit of A$ 359 million ($ 276 million), up 75 percent year- on- year.

In December, the company agreed to the sale of a 13.4 percent stake in Melco Crown Entertainment for $ 1.6 billion.