UPDATE 3-Australia's Crown Resorts stung by drop in Chinese spending, shares slide [Reuters]
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UPDATE 3-Australia's Crown Resorts stung by drop in Chinese spending, shares slide | Reuters 4 Min Read * H1 pre-tax profit A$432.5 mln vs A$450 mln analyst forecasts * “VIP” turnover down 12.2 pct * Shares fall as much as 6.5 pct (Recasts; adds quotes by Crown CFO, fund manager) By Byron Kaye SYDNEY, Feb 20 (Reuters) - Australia’s biggest casino company Crown Resorts Ltd reported on Wednesday a sharp decline in spending by wealthy Chinese tourists at its properties, pushing its shares down in their biggest one-day fall in more than two years. Crown, which is owned 47 percent by billionaire James Packer, also posted a weaker than expected profit for the six months to December. Turnover from “VIPs” - largely Chinese tourists on package holidays - fell 12 percent compared to a 16 percent rise in the year-ago period. “People at the premium end have been coming to the property in the same numbers but spending less,” said Chief Financial Officer Ken Barton on an earnings call. “We’re seein
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