Crown Casinos, owned by gambling mogul James Packer, recently launched an initiative to draw Asian gamblers to the Australian casino brand. The hard work seemed to have paid off, as the company is looking at an impressive 25% jump in profits. As such, 2011, was a record year for Crown Casinos, which earned $634 million.
According to recent figures baccarat was the driving force behind this impressive growth. It is renowned for being the choice of high-rolling Asian gamblers, who have recently flooded Packer’s Crown Casino. Revenue from other casino games, like blackjack, slots and roulette, had only shown a small improvement over the previous year’s profits.
Baccarat alone generated $245 million for Crown Casino in 2011. The success of the game marks a successful strategy that the company has undertaken. Casinos in Las Vegas and Macau have adopted similar strategies, relying on baccarat revenue to drive their high roller business.
Crown Casinos is not the only group to benefit from the growth of baccarat in 2011. The impressive profit jump means that the state government will earn $106 million in tax revenue from the casino operator. Gambling profits offer a great deal of funding of various community programs, and Crown Casinos success will be reflected by an increase in spending on valuable community initiatives.