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Price by 
| Company name | Last price | Percentage change |
|---|---|---|
| CROWN | 4.61 | +0.02 |
| ALTIRA N | 17.10 | -0.10 |
| ** SEE<DRMN.OB> | 0.48 | – |
Crown, part-owned by Australia's richest man James Packer, wrote down 1.44 billion dollars from the value of its North American assets, leaving some officially valued at nil on the company's ledger.
The Melbourne-based company, which delivered a 3.55 billion dollar net profit in the previous year, said the economic downturn had a major impact on the North American casino business.
"In this context, Crown's investments in North America were ill-timed," chief executive Rowen Craigie said.
"Despite the write-downs, Crown has one of the strongest balance sheets of any gaming company in the world."
Craigie said the firm would now focus its efforts on Australia -- where it operates Melbourne's Crown casino and Burswood in Perth -- and Macau, where it has a one-third stake in the City of Dreams complex.
"Our principal efforts over the next 12 months will be to further enhance Crown's Australian operations and work closely with our joint venture partners to optimise the value of our Macau and other overseas investments," he said.
Net profit excluding one-off items was 280.7 million dollars, down 24.1 percent on the previous year's 370.2 million.
Earnings at Crown Melbourne were up 7.5 percent for the year and Burswood's earnings lifted 10.2 percent, with solid growth continuing in the early stages of the new financial year.
Crown's Macau operations, which also include a stake in the Altira casino, posted a 34.3 million dollar loss but the company reported encouraging signs that growth in the Asian gambling hotspot was picking up.
Crown bought into North American casinos in 2007 and 2008, mainly in Las Vegas.
Its shares closed two percent stronger at 8.15 in an otherwise flat market.
