The Crown Resorts Ltd (ASX: CWN) share price gained 1.7% to close on Thursday at $11.48 as the gaming company used its AGM to defend allegations and reassert its commitment to developments in Australia following a disappointing attempt at global expansion.
Crown has faced a recent barrage of allegations claiming the company tampered with its poker machines, ignored drug use, and dodged money laundering rules.
Crown Executive Chairman John Alexander hit back against comments made under parliamentary privilege by MP Andrew Wilke.
"I am angered and disappointed by the outrageous and unfounded allegations levelled at us by Mr Wilkie, which unfairly smeared Crown by asserting that we have acted improperly in relation to our gaming machines and operations," Mr Alexander said.
"We emphatically reject these allegations."
Crown also announced normalised EBITDA of $828 million for FY17, down 3.3% on the previous year.
And normalised NPAT of $343.1 million before significant items, down 15.5% from the previous year.
Mr Alexander went on to tell shareholders that it's been a "challenging year" for Crown given the detention of a number of employees in China last year.
And James Packer, who was elected to Crown's board, indicated that the gaming company's big plans for international expansion didn't work out as well as hoped.
"In terms of Australian companies that have gone overseas and come back with their tail between their legs, I think we are at the top of that list," Mr Packer said.
The company told shareholders it has commenced construction of the Crown Sydney Hotel Resort at Barangaroo South, with the project expected to be completed in 2021.
And Crown, with a market cap of $7.91 billion, said it's pressing ahead with plans to construct the proposed One Queensbridge project in Melbourne.
The Crown share price has gained about 10% in the past year.
As such, it has fared better than rival SKYCITY Entertainment Group Limited-Ord (ASX: SKC). Its share price has dropped by about 2.8% in the past year to close on Thursday at $3.45.
But the Star Entertainment Group Ltd (ASX: SGR) share price has outshone both Crown and Skycity, gaining about 11.5% to close on Thursday at $5.54.
