Australian casino operator Echo Entertainment’s fiscal year ended with a bang as an influx of high-rollers boosted profits by more than half.

For the 12 months ending June 30, Echo reported statutory revenue up 18.5% year-on-year to A$2.14b (US $1.56b), earnings up 16.5% to A$451m and net profit after tax up 59.3% to A$169.3m. In ‘normalized’ terms, which smooth out the wild variance associated with VIP gaming, revenue rose 20.6% to A$2.3b, earnings gained 24% to A$521m and profit rose 52% to A$219m.

In normalized terms, Echo’s flagship Sydney property The Star reported revenue up 25.7% to A$1.64b and earnings rose 25.5% to A$356m. Echo’s two Queensland casinos – Jupiters Gold Coast and Treasury Brisbane – combined for A$692m (+10%) in revenue and earnings of A$165m (+21.5%).

Echo’s ‘international VIP rebate business’ aka Asian gambling whales was up a hefty 53% thanks to a 64% rise in customer front money to A$3.67b – a new company record. Total VIP turnover also set a record, rising 53.5% to A$46b. VIP win rate fell to 1.27% from 1.32% in the previous year – both figures are below the normalized rate of 1.43% – but bad debts fell to A$16m from A$41m as the company improved its credit risk management and collections performance.