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 Destructive statism: High-roller tax blamed for hit on Crown revenue

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Destructive statism: High-roller tax blamed for hit on Crown revenue Vide
PostSubject: Destructive statism: High-roller tax blamed for hit on Crown revenue   Destructive statism: High-roller tax blamed for hit on Crown revenue Icon_minitimeFri Feb 21, 2014 6:18 pm
Rowen Craigie, the chief executive of James Packer's Crown Resorts, has blamed a big slump in VIP gambling revenue at the group's flagship Melbourne casino on what he says is an unfair tax regime that curbs the amount of cash it can splash to attract high rollers.

Destructive statism: High-roller tax blamed for hit on Crown revenue SG_729_Nigh-roller-20140221191426343342-620x349

A 33 per cent drop in normalised revenue from VIPs at Crown Melbourne weighed heavily on the gambling company's interim results, which missed analysts' expectations despite a record result from its investment in Macau casino operator Melco Crown.

The Victorian ''super tax'' on VIP revenue is a key negotiating point with the government after a new pokies levy for Crown was proposed in December, Mr Craigie said.

If Crown does not win a reduced VIP tax rate, the Melbourne venue will be ''trying to compete with one hand tied behind its back'', he said.

Read more: http://www.smh.com.au/business/highroller-tax-blamed-for-hit-on-crown-revenue-20140221-337jk.html#ixzz2u09tihX1
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