Crown posts profit rise

Casino operator Crown says there has been no decision from regulators yet on its application to increase its stake in rival, Echo Entertainment.

James Packer's Crown Casino owns 10 per cent of Echo, and it wants to raise its stake to 25 per cent as part of its plans to build a gaming precinct in Sydney.

The casino operator says it is waiting for a decision from authorities in New South Wales and Queensland.

Crown says net profit for 2012 jumped by half thanks to its casino joint venture in Macau.

Net profit for 2012 rose 53 per cent to just over $513 million.

Crown says the performance of its Melbourne casino and Perth's Burswood casino was mixed because gamblers are spending less.

Increased competition from Asian casinos also affected earnings from VIP customers.

Source: ABC News, 10 August 2012