Crown Resorts’ revenue rose 65.7% year-over-year to A$656 million (W571.3 million) for the year ended June 30, with strong growth from the Macau joint venture helping it offset flat conditions in Australia.

But at Thursday’s annual general meeting in Perth, Crown Resorts chairman James Packer was cautious about Macau.

Crown Resorts held a 33.6% stake in Macau casino operator Melco Crown Entertainment as of June 30. Another partner in the venture is Hong Kong-listed Melco International Development Ltd, led by Lawrence Ho Yau Loong.

Melco Crown provided the Australian company with solid earnings and its first dividend of the year.

“Nevertheless, we must acknowledge that our recent dealings in Macau have been difficult and negatively impacted by regulatory changes related to smoking and the Chinese government’s crackdown on corruption, which we believe will 100% support and secure the long-term future of the Macau industry,” Packer said in a speech to shareholders.

Macau casinos saw their gambling sales fall for the fourth straight month since June, with analysts citing a combination of supply-side and demand-side factors.

Official data released on Thursday showed VIP sales fell 19.1% year-over-year to $46.77 billion in the third quarter of 2014. Revenue from VIP Play accounted for 56.4% of the casino’s GGR for the quarter, the first to fall below 60%. 슬롯사이트 순위

Despite the slowdown, Crown Resorts expects to reinvigorate Macau with the opening of Melco Crown’s next large casino resort, Studio City, scheduled to open in mid-2015.

The third phase of City of Dream Macau, expected to open in 2017, will “expand City of Dream’s leading presence in the premium market,” Packer said.