Crown Resorts


    Crown is one of Australia’s largest entertainment groups. The group’s core businesses and investments are in the integrated resorts sector.In Australia, Crown wholly owns and operates two of Australia’s leading integrated resorts, Crown Melbourne Entertainment Complex and Crown Perth Entertainment Complex. Overseas, Crown also fully owns and operates Crown Aspinall’s in London.Crown holds a significant interest in Melco Crown Entertainment Limited (MCE), listed on NASDAQ, operating casino/hotel properties in Macau which include City of Dreams and Altira Macau as well as the Mocha Clubs business.Crown also has a portfolio of other gaming investments that complement its business.


    James Packer

    James Douglas Packer (born 8 September 1967) is an Australian businessman, investor, and philanthropist. Packer is the son of the late media mogul Kerry Packer. James Packer inherited control of the family company, Consolidated Press Holdings Limited, with investments in Crown Resorts, RatPac-Dune Entertainment, Zhoapin Pty Ltd and other companies. He is the former executive chairman of Publishing and Broadcasting Limited (PBL) and Consolidated Media Holdings, which predominantly owned media interests across a range of platforms.

    Jason O’Connor

    Jason O'Connor is the executive general manager VIP International at Crown Resorts.

    Alan McGregor

    Appointed Chief Financial Officer of Crown Resorts in March, 2020. He has been with the group for 15 years.

    Related Articles

    Oaktree offers $3b funding for Crown to buy Packer stake

    Crown Resorts said a group of funds advised by Oaktree Capital Management has agreed to provide up to $3 billion in funding for the company to buy back shares held by James Packer's Consolidated Press Holdings.

    Packer agrees distancing measures from Crown with regulator

    Crown Resorts' largest shareholder has reached an accord with the New South Wales regulator under which it agreed not to seek representation on the board, share information with the company or have discussions that are not in a public forum.
    crown melbourne

    Blackstone sees probity nod for Crown by Q3

    U.S. private equity firm Blackstone has provided more details on its bid for Australian operator Crown Resorts, saying it expects to clear the country’s notoriously tough probity checks by the third quarter of this year.

    Former deputy chair of SkyCity joins Crown Resorts board

    Australia-listed Crown Resorts has announced the appointment of a new executive director, Bruce Carter, to the Crown board, subject to regulatory approvals. 
    james-packer, crown resorts

    Packer hires adviser on Crown sale

    Australian billionaire James Packer has made a small but potentially significant move in the takeover play for Crown Resorts saying he is open to offers for his 37 percent stake in the operator.

    Morrison gets regulatory approval to join Crown board

    Crown Resorts said former Skycity Entertainment CEO Nigel Morrison has received all the necessary regulatory approvals to join the board as a director.

    Crown likely to regain Sydney license this year: Regulator

    New South Wales chief gaming regulator Philip Crawford said the reinstatement of Crown Resorts’ license in New South Wales is a “realistic prospect”, provided the company has its “structures in place.”

    Speculation emerges that Crown Resorts could be broken up

    The Australian media has highlighted the possibility that Blackstone’s bid for Crown Resorts could lead to the possibility of the gambling empire being broken up and sold in its constituent parts.
    james packer, crown resorts

    Packer to follow Crown board on bid

    Billionaire James Packer plans to abide by the decision of Crown Resorts' board on whether to accept an A$8 billion ($6.2 billion) bid from Blackstone Group, reinforcing the company's negotiating stance.

    Star not expected to enter Crown bidding war

    Star Entertainment has reportedly decided to stay clear of any effort to join a bidding war to gain control of troubled Crown Resorts.

    Crown Melbourne increases capacity limits

    Crown Resorts said it has been allowed to ease social distancing requirements at its Crown Melbourne property to allow up to 75 percent of its permitted capacity.

    Victoria inquiry on Crown Resorts set to begin

    Victoria's Royal Commission investigating Crown Resorts is to begin its first hearing tomorrow, March 24. The inquiry will be chaired by former Federal Court judge Raymond Finkelstein.
    The Crown has slipped but will it fall

    Blackstone unlikely to win Crown at current offer price: J.P. Morgan

    Blackstone is unlikely to win approval from Crown Resorts’ board or shareholders with its current A$11.85 bid, J.P. Morgan analysts wrote in a note.
    Blackstone makes A$8 billion bid for Crown Resorts

    Blackstone makes A$8 billion bid for Crown Resorts

    Crown Resorts has confirmed it has received an unsolicited, non-binding, indicative proposal from The Blackstone Group Inc to buy out all of its shares in an A$8 billion deal. 

    Crown may face monthly liquor license extensions

    The New South Wales Independent Liquor and Gaming Authority said it may be willing to roll over Crown Resorts' liquor license on a monthly basis while regulators deliberate whether it can regain suitability for its casino license.

    Crown Resorts suspends all political donations

    Crown Resorts has announced that it will “cease making monetary or in-kind political donations, effective immediately.”
    Crown Resorts

    Effectiveness of Western Australia gaming regulators under review

    The terms of reference issued to the Royal Commission in relation to the Crown Resorts affair make it clear that the effectiveness of the Australian state’s Gaming and Wagering Commission is also under review.

    Australia tourism stocks bounce on stimulus package

    Shares in tourism-related stocks in Australia bounced on Thursday after the government announced a A$1.2 billion ($928 million) stimulus package that includes 800,000 subsidized half-price airfares.

    NSW taxpayers unlikely to pay compensation to Crown Resorts

    New South Wales Customer Service Minister Victor Dominello is confident that taxpayers will not pay any compensation charges for Crown Resorts if the state government alters the gaming license for its Sydney casino.

    Crown Resorts to phase out indoor smoking at all facilities

    Crown Resorts has announced that it will phase out indoor smoking at its Australian resorts by the end of December 2022.

    Crown WA probe to take form of Royal Commission

    Crown Resorts said a probe into its suitability to hold a casino license in Western Australia will take the form of a Royal Commission. The company is also facing the country's move wide-reaching form of inquiry in Victoria.

    Crown confirms regular Victoria license review not proceeding

    Crown Resorts confirms that the seventh review of its suitability to hold a casino license in Victoria will not proceed as scheduled due to a separate Royal Commission probe into its business practices.

    Crown ripe for LVS purchase: Bernstein

    The sale of Las Vegas Sands’ Vegas properties for $6.25 billion could be an opportunity for Sands to put their boots down in Australia through a purchase of Crown Resorts, according to Bernstein analyst Vitaly Umansky.

    Blackstone remains bullish on hotels, experiential travel

    Blackstone Group, a major shareholder in Crown Resorts, says hotels and experiential travel remain on its "high conviction" list for investment.

    Various formulas mulled to reduce Packer’s influence on Crown Resorts

    Various formulas are under consideration to reduce James Packer’s extraordinary influence over the governance of Crown Resorts, although this may not necessarily involve him selling down his 37 percent stake.

    Moody’s revises Crown’s rating outlook to negative

    Moody’s Investors Service has confirmed Crown Resorts' current issuer credit rating of Baa3, but has revised the rating outlook from review for downgrade to negative.
    John Poynton

    Packer-linked Crown Resorts director resigns

    Crown Resorts’ Perth-based director John Poynton is the latest Crown director to resign from the board after the NSW regulator deemed he was too closely linked to the company’s largest shareholder James Packer. 
    Crown Resorts

    Crown Perth told to cease junket play

    The Gaming and Wagering Commission of Western Australia (GWC) today issued a directive to Crown Perth to cease all junket and premium player activity.

    Victoria state senator wants wide mandate for Crown commission

    Crown Resort’s A$210 million (US$166 million) JobKeeper bill should be scrutinized in Victoria’s wide-ranging royal commission, independent state senator and Reason Party leader Fiona Patten has said.
    Australia VIP Gaming Industry

    Australia VIP sector facing multiple headwinds

    Outside of the global pandemic, the trade war between Australia and China is casting another dark shadow over Australia’s already-strained VIP gaming industry, prompting operators to start looking elsewhere for recovery. 
    Crown Resorts

    Victoria to shake up gambling regulation 

    The state of Victoria is reviewing its gambling legislation and plans to set up an independent casino regulator following the findings of a damning report into Crown Resorts in New South Wales.

    Victoria sets up royal commission for Crown’s Melbourne license

    The Victorian government is setting up a royal commission to probe whether Crown Resorts is suitable to hold a license for its flagship property in Melbourne.

    Operators need to reassess junket relations: SVA

    Casino operators should reassess their relationships with their junket partners in the wake of the Bergin report into Crown Resorts and the changes in the global geopolitical climate, according to SVA, a corporate and political risk consultancy.

    NSW regulator wants Coonan to lead Crown reform

    New South Wales Independent Liquor and Gaming Authority Chairman Philip Crawford has stated that it is vital that Helen Coonan remains at the helm of Crown Resorts after the resignation of Chief Executive Ken Barton and three directors. Coonan herself says that she probably won’t be Crown’s leader for an extended period of time.

    Crown Resorts and The Star report half year results

    Crown Resorts fell into financial losses in the six-month period from July to December 2020, but The Star Entertainment Group managed to eke out a small profit.

    WA calls for their own inquiry into Crown license

    The Western Australia gaming regulator recommended an independent inquiry into Crown’s suitability to hold a license in the state following the scathing report on Crown released in NSW last week, which detailed years of money laundering through Crown Perth. 
    The Crown has slipped but will it fall

    National regulation unlikely to occur despite Bergin recommendations

    The report to the New South Wales Independent Liquor and Gaming Authority of the Bergin Inquiry into the suitability of Crown Resorts and its in-scope associates, in connection with its Barangaroo casino licence, has energised the discourse regarding the regulation of gaming in Australia.

    Crown officially told it’s unsuitable for Sydney license

    The NSW Independent Liquor and Gaming Authority has officially told Crown Resorts that it's unsuitable to hold a license in Sydney.

    Crown Resorts loses CEO Ken Barton after Bergin report

    Crown Resorts said Ken Barton has stepped down as CEO and managing director and will be replaced on an interim basis by Executive Chair Helen Coonan. Senior executive changes (Company filing)  

    Crown has “a lot of work” to satisfy regulator

    Crown Resorts has a lot of work to do to satisfy the NSW Independent Liquor and Gaming Authority that it can keep its Sydney license and the idea it may have to blow itself up to survive is not far from the mark, according to Chair Philip Crawford.

    Crown announces director resignations after Bergin report

    Crown Resorts announced that Guy Jallard and Michael Johnston have resigned as directors of the company while non-executive director John Poynton has had his consultancy agreement with shareholder Consolidated Press Holdings terminated.
    The Crown has slipped but will it fall

    Crown faces board purge, forensic audit to regain suitability

    The NSW government today has released the long-awaited report into whether Crown Resorts should be allowed to keep the license of its A$2.2 billion property in Sydney, following an 18-month investigation into the company's anti-money laundering practices.

    Bergin report on Crown due to be published February 9

    Australian authorities will publish a report by retired judge Patricia Bergin as to whether Crown Resorts should keep its license for its $2.2 billion property in Sydney on Tuesday, Feb. 9.

    Australia seeks extradition of Crown money laundering suspect

    An alleged international drug boss suspected of laundering millions of dollars through gaming giant Crown Resorts has been arrested in Thailand, where he is fighting efforts to be extradited to Australia.

    Crown Perth casino to remain closed until February 14

    Crown Resorts has announced that the Crown Perth casino will remain closed until February 14 and other restrictions on the facility will remain in place in accordance with guidance from the Western Australia state government.

    Star Entertainment to benefit from Crown woes

    Star Entertainment is likely to benefit from expected delays to Crown Resorts’ ability to open a casino in Sydney and its current share price presents a good buying opportunity, J.P. Morgan said in a report. 

    NSW regulator to receive Crown probe report February 1

    The New South Wales Independent Liquor and Control Board said it will receive the results of an investigation into Crown Resorts suitability to hold a license in Sydney on Monday Feb. 1 and will make the report public within two weeks.
    David Green

    Interview with David Green: Crown Resorts and Bergin inquiry [video]

    Gaming industry veteran David Green sits down the AGB Nippon Executive Editor Michael Penn to discuss the Bergin inquiry in New South Wales, Australia.

    Crown appoints former SkyCity CEO Morrison as director

    Crown Resorts said it has appointed former SkyCity Entertainment CEO Nigel Morrison as a non-executive director pending regulatory approvals. Appointment of Nigel Morrison as a director (Company filing)

    Crown Resort’s declining credit rating could create new financial woes

    Crown Resorts is in danger of being forced to repay more than A$175 million (US$135 million) if credit ratings agencies continue to mark down the casino empire. A junk, or “below investment grade,” rating would also make it harder and more expensive for Crown to borrow money.

    Crown says Moody’s withdraws rating for unit’s note program

    Crown Resorts said that Moody's Investors Service has withdrawn its rating on a euro medium-term note program from one of its wholly owned subsidiaries. 

    Packer spokesperson denies NYE meeting with Adelson

    A spokesperson for James Packer has reportedly denied that the Australian billionaire met with Sands China Chairman Sheldon Adelson over the New Year holidays. The super yachts of the two casino executives were moored next to each other, triggering speculation. 

    Crown Resorts tightens money transfer requirements

    Crown Resorts has introduced new requirements for gamblers who want to transfer funds to the casino giant, which is scrambling to improve compliance before an urgent review of its Victorian license by the state government.
    Crown Barangaroo

    Crown Sydney opens with no casino, amidst new NSW Covid outbreak

    Crown Resorts opened the doors to its $2.2 billion ($1.66 billion) Crown Sydney property on Monday, but without the fanfare that accompanies the openings of such mega projects after a bruising year of suitability hearings and amidst a new cluster of Covid-19 cases in the city.

    James Packer sued by former Crown Resorts security guard

    A former security guard at Crown casino is pursuing James Packer for aggravated damages in the Supreme Court over allegations the billionaire assaulted him before threatening to have him sacked.
    Crown Resorts

    Crown suitability review brought forward in Victoria

    Crown Resorts is facing more regulatory scrutiny after the Victorian Gaming Minister said she was fast-tracking the regular review of its suitability to hold a casino license and appointing a special commissioner to oversee the process.

    Crown Sydney gets temporary liquor license, to open December 28

    Crown Resorts said the New South Wales Independent Liquor and Gaming Authority has granted a temporary liquor license to its Crown Sydney property until April 30, 2021 and therefore several non-gaming amenities will open from 28th December.

    Crown Resorts whistleblower taking the firm to court

    A former Crown Resorts employee who exposed the company's conduct in China and helped spark a powerful inquiry in New South Wales says she is ready to take her fight against the gambling empire to the Supreme Court.

    Crown Resorts faces lawsuit over lower share prices

    Leading law firm Maurice Blackburn Lawyers has lodged a new class action against Crown Resorts alleging the company’s governance and risk management failings caused a massive share price plunge in October.
    AUSTRAC probe raises the stakes for Crown Resorts

    AUSTRAC urges casinos to mitigate junket risk

    Australia’s top anti-money laundering watchdog has released an in-depth report into junket operators, concluding they are highly vulnerable to criminal activity and that casinos need to do more to mitigate the risks.

    Crown appoints chief compliance and financial crimes officer

    Crown Resorts has announced the appointment of Steven Blackburn, currently at National Australia Bank, as its chief compliance and financial crimes officer, effective from March 2021.

    Australian health bodies urge Crown Perth to go smoke free

    The Australian Medical Association (WA), Australian Council on Smoking and Health WA and Cancer Council WA are calling on Crown Perth to make its high-roller gaming areas at the casino entirely smoke-free. The group has stopped smoking in its Melbourne casino VIP areas for a period of two weeks to help prevent the spread of Covid-19.
    Vicky Melbourne, Fitch Ratings

    Interview with Vicky Melbourne: Taking the regional credit pulse [video]

    Vicky Melbourne, head of industrials, property and consumer for South Asia and Southeast Asia at Fitch Ratings, talks with Asia Gaming Brief managing editor Sharon Singleton about the impact of Covid-19 on the credit profile of the region’s operators.

    Crown fallout may include tighter industry-wide regulation: Fitch

    The fallout from the inquiry into Crown Resorts' suitability to hold a license in Sydney may have ramifications for the entire industry in Australia, including tighter regulation, Fitch Ratings said in its 2021 outlook.
    Crown Resorts

    Crown on Fitch downgrade watch on regulatory rap risk

    A “heightened risk of severe regulatory action” has prompted Fitch Ratings to put Crown Resorts on credit watch negative for a potential ratings downgrade.

    Fitch puts Crown on ratings watch negative

    Fitch Ratings has placed Crown Resorts on watch for a ratings downgrade, saying the New South Wales Independent Liquor & Gaming Authority probe has raised the risk of severe regulatory action, including loss of license. 

    Could Blackstone be a suitable partner for Crown?

    Private-equity company Blackstone, which bought a 10 percent stake in Crown Resorts earlier this year, may prove to be a suitable buyer for the company that may need to change its ownership to retain its casino license, Reuters' Breakingviews argues.

    Crown Melbourne to reopen November 25, including smoking ban

    Crown Resorts said its Crown Melbourne property will reopen from Wednesday Nov. 25th with a maximum capacity of 1,000 and every second gaming machine turned off.
    Bergin at the center of industry change

    Bergin at the center of industry change

    Patricia Bergin SC, 71, is the presiding Commissioner over the high-profile inquiry into Crown Resorts’ suitability to hold a Sydney casino license. 

    Crown Resorts downgraded by Moody’s; interest costs to rise

    Crown Resorts said Moody's has downgraded its debt rating to Baa3, which will result in an increase in the interest cost on its medium-term notes by about $1 million a year. 
    Imperial Pacific

    Casino operators fall short of royal titles

    At least two operators in the Asia Pacific region this week have to be thinking thank goodness it’s Friday. The ongoing sagas at both Imperial Pacific and Crown Resorts only got more tawdry, doing little to improve the brand image of the region’s gambling industry.

    Crown seeks “working test” for Barangaroo casino

    Crown Resorts' lawyers told a regulatory inquiry in Sydney that the best way for the company to prove its fit to hold a license is to open its Barangaroo property under strict supervision as a working test. The New South Wales Independent Liquor and Gaming Authority effectively barred Crown from opening the casino in December as planned, until the results of the probe are presented in February.
    Crown Resorts heads toward contentious AGM

    Crown delays Sydney debut after money laundering admission

    Crown Resorts will not be opening its A$2.2 billion Sydney casino in December and will need to wait until February before it hears whether it will retain its license, which was thrown into further doubt after a last-minute admission of money laundering.

    Crown drops money laundering bombshell

    In an 11th hour admission, Crown Resort told a suitability inquiry in Sydney that it was possible that money laundering had likely taken place in its casinos through accounts set up for VIP players.

    Crown Sydney gaming operations delayed until February

    Crown Resorts says the gaming operations of its new Sydney resort won't open in December as planned as the New South Wales Independent Liquor and Gaming Authority has deferred its review of required applications until February next year.
    Crown Sydney

    Crown Resorts says goodbye to junkets, for now

    Crown Resorts issued a release on Tuesday morning clarifying its position on utilizing junkets going forward.

    Crown cuts ties with junket operators after board review

    Crown Resorts, seeking to save its Sydney license, said it will permanently cut ties with junket operators and will only resume business with them if the firm is licensed, or approved, by gaming regulators in the states in which it operates.

    Crown says honest mistakes shouldn’t stop casino license

    Giving its side of the story in a trial into its suitability to run a casino in Sydney, counsel for Crown Resorts said its "honest" mistakes with regards to China didn't mean it was unsuitable to hold a casino license. 

    NSW inquiry commissioner says Crown behavior “inexplicable”

    Patricia Bergin, the presiding commissioner over an inquiry into Crown Resorts suitability to hold a Sydney license, has said the company's behaviour was inexplicable, unbelievable and absurd.

    New South Wales may limit Crown Resorts compensation claims

    The Parliament of New South Wales may act to limit financial compensation to Crown Resorts in the event that regulators impose restrictions or punishments on the casino firm in response to recent revelations at the ongoing inquiry.

    Packer lawyer rejects claims of undue Crown influence

    A lawyer for billionaire James Packer has dismissed allegations he had undue influence over Crown Resorts and rejected responsibility for any corporate governance failings.
    Crown Barangaroo

    Regulator to meet before Crown defense has its say

    The New South Wales regulator will hold a meeting next week to discuss whether Crown Resorts can open its new Sydney casino in December as planned, raising concern as the company will not have concluded its defence.

    NSW regulator to meet on November 18 on Crown opening

    New South Wales' Independent Liquor and Gaming Authority has scheduled a meeting for 18 November to decide whether Crown Resorts can proceed with a planned opening of its resort in Sydney in December.

    Inquiry recommends Packer ban from being involved in Crown

    The New South Wales government should consider banning James Packer from being involved with Crown Resorts' new Sydney casino after revelations he sent a threatening email to a businessman, a suitability hearing heard. 
    Crown Barangaroo

    Crown Resorts unsuitable but can it keep its license?

    Crown Resorts management faces a nail biting few months as regulators mull the fate of its Barangaroo license in Sydney after lawyers winding up an inquiry into the company found it “unsuitable.”

    NSW Premier seeks advice on delaying Barangaroo opening

    New South Wales Premier Gladys Berejiklian is seeking advice on whether to delay the opening of the Crown Sydney after closing submissions in a long-running inquiry suggested the company was unsuitable. 
    Crown Resorts

    The Crown has slipped, but will it fall?

    There has rarely been a less edifying spectacle in 21st century corporate Australian history than the serial evisceration of the directors of Crown Resorts before the Bergin Inquiry into, among other things, the suitability of its subsidiary licensee of the Barangaroo casino.

    Former NSW regulator accuses Crown of “bad faith” on Sydney opening plans

    Chris Sidoti, who chaired the New South Wales Independent Liquor and Gaming Authority from 2008 to 2016, has declared that Crown Resorts is acting in “bad faith” by planning to open Crown Sydney in December amidst the revelations of its failure to prevent money laundering and other governance issues.

    VCGLR made no attempt for two years to interview arrested Crown employees

    Victoria’s casino regulator did not attempt to interview Crown Resorts staff who were arrested and imprisoned in China for illegally promoting gambling until after one of them appeared on television two years into the watchdog’s investigation.

    Plan to open Crown Sydney in December under increased scrutiny

    Crown Resorts is under growing pressure to delay its planned December opening of its Sydney casino until after the New South Wales Independent Liquor and Gaming Authority decides on its suitability to hold a license.

    Crown outlook revised to negative by Fitch on probes

    Fitch Ratings has revised its ratings outlook on Crown Resorts to negative from stable due to ongoing regulatory probes, but said it doesn't think the operator will lose its license.
    Crown Resorts

    Packer protects Crown board from shareholder ire

    Billionaire James Packer used his 36 percent share to protect the board of Crown Resorts and to largely save it from immediate accountability in the face of the dissatisfaction of many smaller shareholders.

    JP Morgan ups forecasts for Crown/Star FY21 EBITDA

    J.P. Morgan said it has raised its FY21 estimate for Star Entertainment Group's EBITDA by 10.7 percent due to stronger revenue from Queensland and better margins. However, it has downgraded the stock from overweight to neutral with a price target of A$3.50.

    Credit Suisse suggests Crown-Star merger

    Credit Suisse believe it's time to examine the possibility of a Crown-Star tie up in light of both companies' reduced revenue from the pandemic and China's clampdown on overseas gambling activities.

    Crown former chair may face ASIC referral

    Crown Resorts' former Chairman Robert Rankin may be referred to Australia's Securities and Exchange Commission for failing to protect the company's staff in China, a suitability trial in Sydney heard.

    Crown ends information sharing with Consolidated Press

    Crown Resorts says an agreement that allows its major shareholder to receive confidential information from the company has been terminated. Also, axed is an accord for Crown to request services from Consolidated Press Holdings at predetermined hourly rates.
    Victoria gaming regulators under increased scrutiny

    Victoria gaming regulators under increased scrutiny

    While it may be the executives of Crown Resorts that are squirming in their chairs under questioning these past weeks at the Sydney probity hearings, the revelations are also casting a harsh light upon the failures of the regulators in a neighboring state, the VCGLR.

    Crown chair concedes ineptitude may have lead to money laundering

    The series of embarrassing revelations from a suitability probe in Sydney continue, with Crown Resorts Chair Helen Coonan admitting the company may have enable money laundering through "ineptitude."
    AUSTRAC probe raises the stakes for Crown Resorts

    AUSTRAC probe raises the stakes for Crown Resorts

    What began with some bad news headlines, then developed into a special probity hearing in New South Wales, and has now become a full-scale governance crisis for Crown Resorts, with the newly announced Australian Transaction Reports and Analysis Centre (AUSTRAC) investigation posing a particular threat.

    Crown shares plummet after news of AUSTRAC probe

    Shares in casino operator Crown Resorts have plunged as much as 10 percent after the financial crimes regulator AUSTRAC launched an investigation into compliance with anti-money laundering and counterterrorism financing laws.
    Crown Resorts heads toward contentious AGM

    Crown Resorts heads toward contentious AGM

    As the new week dawns, our attention remains focused on Crown Resorts, which holds its AGM after yet another week of devastating testimony at the NSW Independent Liquor and Gaming Authority (ILGA) probity inquiry.

    AUSTRAC delivers notice to Crown Resorts on possible AML breaches

    Australian Transaction Reports and Analysis Centre (AUSTRAC) has delivered formal notice to Crown Resorts that it has identified potential non-compliance at the firm with its responsibilities in relation to anti-money laundering rules.

    Park to be built next to Crown Sydney won’t be ready until 2025

    A public park at Barangaroo that was due to be finished before Crown opens its waterfront tower might not be completed for another five years, as the ILGA inquiry casts doubt over the casino tower's December opening.

    Growing doubts Crown Sydney will open this year

    As a result of its disastrous performance in the New South Wales probity hearings, there are growing doubts that Crown Resorts will receive the green light from regulators to open Crown Sydney in December as planned. It may also leave the firm’s more vulnerable to an ongoing class-action lawsuit.

    Crown Resorts cuts off Packer’s access to confidential information

    Crown Resorts has suspended its sharing of confidential information with former director and major shareholder James Packer and his private company in light of his damaging evidence given to the New South Wales casino inquiry.

    Investor group calls for departure of Crown board members

    The Australian Council of Superannuation Investors, a powerful advisory group representing Australia’s industry superannuation fund giants on governance, is calling on Crown Resorts directors to consider resigning following damaging revelations about their independence and oversight of the casino giant.
    Crown Resorts

    Divided loyalties and dysfunctional management at Crown Resorts

    Another day at the New South Wales Independent Liquor and Gaming Authority (ILGA) inquiry was another round of devastating testimony, revealing an oversight system that appears to be quite dysfunctional.
    Crown Resorts

    Crown Resorts’ “failure of culture”

    The departure of James Packer from the witness chair has not marked the end for Crown Resorts’ agony at the New South Wales Independent Liquor and Gaming Authority (ILGA) inquiry.

    Crown ready to open in Sydney

    Crown Resorts director Andrew Demetriou has claimed the company is ready to open and run its Sydney casino in defiance of the governance and probity questions raised at the NSW inquiry into the casino giant. 

    When James Packer turned toxic

    To say that the Crown Sydney probity hearings haven’t gone well would be an immense understatement. A better description would be “unmitigated disaster.”

    Crown Resorts hit by second regulator on misconduct claims

    A second Australian regulator said it has begun disciplinary proceedings against casino giant Crown Resorts Ltd CWN.AX after media reports accused it of failing to vet foreign gamblers, a second watchdog to take action over the claims.
    China VIP risk wasn’t worth the profit: Packer

    China VIP risk wasn’t worth the profit: Packer

    Testifying before an inquiry in Sydney, former Crown Resorts Chairman James Packer said the amount of profit generated by the company’s VIP business was not worth the risk posed to its employees.
    Crown’s Packer admits failures of compliance, shameful behavior

    Crown’s Packer admits failures of compliance, shameful behavior

    In yet another day of devastating testimony at the New South Wales inquiry into the probity of Crown Resorts, former Chairman James Packer admitted to both a “significant failure” in compliance and “shameful” personal conduct, which he blamed on his own medical condition, bipolar disorder. Testifying by video from his luxury superyacht in the South […]
    james packer, crown resorts

    Packer insisted on Melco deal, little thought given to license

    James Packer insisted on selling a 19.9 percent stake in Crown Resorts to Melco Resorts & Entertainment, while the key executive negotiating the transaction gave “little thought” as to the potential impact on its Sydney license, an inquiry heard.
    Crown Barangaroo

    Crown ceasing junket ops pending review

    Crown Resorts said it’s suspending junket operations until June of next year while it reviews its compliance and governance operations. 
    Crown execs fail to shine in probe

    Crown execs fail to shine in probe

    Senior executives from Crown Resorts, including CEO Ken Barton, answered questions this week at an inquiry into whether the company is suitable to hold a license in Sydney, revealing a “troubling” lack of awareness of company operations.
    Crown Barangaroo

    NSW taxpayers may foot bill for Crown probe results

    New South Wales taxpayers may be liable for compensation payments in the event that the Independent Liquor and Gaming Authority orders Crown Resorts to implement tighter controls to keep criminals out of its forthcoming Crown Sydney facility, according to the Sydney Morning Herald. This payment could be required due to the terms of the agreement […]
    Crown Melbourne

    Crown Resorts wins VIP tax reduction

    An Australian federal court has ruled that the amount of taxes the company must pay when bringing in VIP gamblers on junkets has been “excessive.” Crown launched its legal challenge two years ago, disputing whether the cost of commissions and rebates it paid out for junket tours could be included in calculating their tax payment […]

    Crown admits full page advertisement was inaccurate

    Crown Resorts chief legal officer Joshua Preston admitted to the ongoing New South Wales gaming commission inquiry that the firm’s full page advertisement issued last July in response to media allegations that its junket operators had ties to organized crime included inaccurate information. Specifically, the advertisement asserted that the junkets in question were controlled by […]

    Crown legal team admits to lapses in oversight

    Crown Resorts top legal officer has told a probity inquiry that its anti-money laundering teams didn’t monitor two bank accounts suspected to have been used to launder money.
    Crown Resorts

    Fitch praises Crown Resorts’ pandemic cost management

    Fitch Ratings issued a “non-rating action commentary” on Thursday that praised Crown Resorts’ “good cost management,” which it said resulted in a more limited impact on its financial position than would otherwise be the case. Nevertheless, Fitch also noted that it still expected further weakening in Crown’s financial position in FY2021 due to the continuing […]

    Crown Sydney on track for Dec. opening

    Crown Resorts said its new luxury resort in Sydney is still on track to open in December this year, despite the challenges posed by Covid-19.

    Crown’s China activities not consistent with code of conduct, inquiry hears

    Some of the activities of Crown Resorts’ team in China were not consistent with its code of conduct requiring all business to be done “legally, ethically and with the strict observance of the highest standards of integrity,” a regulatory inquiry was told.

    Moody’s says Asia operators have enough cash for a year

    Nine listed gaming operators in the Asia Pacific region are likely to see a plunge of about 70 percent in EBITDA this year, but all should have sufficient cash to cover basic needs for the next year, Moody’s Investors Service said.

    NSW Crown probe set to resume with narrowed focus

    The NSW government’s inquiry into Crown Resorts’ casino license in Sydney is set to resume after a three-month suspension due to covid-19, however, the scope of the inquiry will narrow, local media reports. The inquiry, conducted by the Liquor and Gaming Authority in NSW was launched last year following an investigative report by The Age, […]

    Crown normalized EBITDA reaches A$500 million

    Crown Resorts on Monday reported a normalized EBITDA of approximately A$500 million (US$321.6 million) for the period from 1 July 2019 to 23 March 2020, the latter date being the time the company ceased gaming activities and other non-essential services at its Melbourne and Perth locations.  Normalized net profit after tax (NPAT) was approximately A$210 […]

    Melco offloads Crown Resorts stake at 37.3 percent discount

    Melco Resorts & Entertainment has sold its remaining 9.9 percent stake in Crown Resorts to affiliates of the Blackstone Group for A$8.15 ($5.31) a share.
    Crown Resorts

    Crown Resorts stands down 95 percent of its workforce

    Crown Resorts has announced that it is standing down approximately 95 percent of its workforce during the Covid-19 business suspension period, a process which is now “substantially complete.” Crown states that it has agreed to provide an ex gratia payment of two weeks’ pay to non-senior management full-time and part-time employees who have been stood […]
    Crown Resorts

    Crown has tools to weather Covid-19: Fitch

    Australian operator Crown Resorts is in a position to weather the storm created by the coronavirus crisis, due to its low debt and variable cost structure, according to Fitch Ratings.

    Australian casinos confirm closures

    In line with government orders, the various casino operators of Australia confirmed the suspension of their operations on Monday. Crown Resorts CEO Ken Barton said, “Covid-19 has created unprecedented challenges for Crown and many others in Australia. In accordance with the statements issued by the Commonwealth Government and the Direction of the Victorian Deputy Chief […]

    Covid-19 forces postponement of Crown/Melco inquiry

    A public hearing into probity and licensing issues related to Crown Resorts and Melco Resorts & Entertainment has been postponed due to the Covid-19 outbreak, local media reports.

    Australia casinos expected to join global closures this week: JPM

    Australia’s casinos are expected to be forced to close their doors later this week, prompting analysts at JP Morgan to slash their earnings forecasts for the operators.

    Crown implements social distancing, deactivates units

    Australia’s Crown Resorts said it was implementing social distancing measures at its Crown Melbourne property, deactivating every second gaming machine and electronic table game.
    Crown Resorts

    Crown appoints Alan McGregor as CFO

    Crown Resorts said it has appointed long-term finance executive Alan McGregor as its new chief financial officer. 

    Melco required to share privileged documents in NSW probe

    The NSW government has won a legal battle that would see Melco Resorts be forced to share nine company documents that they wanted to keep secret, claiming legal professional privilege.  The documents required will be used as part of the ILGA inquiry into Mr Packer’s sale of 20 percent stake in Crown to Melco, along […]

    Ken Barton appointed as director at Crown

    Crown Resorts on Wednesday announced that group CEO and managing director Ken Barton has been appointed as a director of the company.  The news follows Barton’s appointment as chief executive officer and managing director, made effective on January 24, 2020 – which was part of an overall management shakeup.  Barton previously served as a chief […]
    Crown Resorts

    Crown Resorts stock hits lowest value since 2016

    On Tuesday, Crown Resorts’ stock price hit its lowest value in more than three years. The company traded as low as A$10.70, a figure not seen since November 2016. These woes come in the wake of the New South Wales Independent Liquor and Gaming Authority’s probe of the company, assessing whether Crown Resort should keep […]

    Crown inquiry told Macau junkets connected to organized crime

    The New South Wales Independent Liquor and Gaming Authority’s probe of Crown Resorts heard testimony on Monday from a gaming expert who contends that there are links between Macau’s junket industry and organized crime, and that Australia’s regulation of junkets was weaker than many other jurisdictions. Paul Bromberg of Spectrum Asia, testifying by video link […]

    Crown Resorts half-year net profit up 24.8 percent

    Crown Resorts has announced that its net profits in the second half of the calendar year 2019 were up 24.8 percent to over A$218 million (US$146 million). Revenue from operations was also up 3.6 percent to more than A$1.53 billion. Crown CEO Ken Barton stated, “Crown Melbourne’s main floor gaming and non-gaming revenues were broadly […]

    Melco allowed to keep certain documents secret in Crown inquiry

    Hong Kong-listed Melco Resorts has won a battle to keep its legally privileged documents secret from public inquiry after a decision was made by an NSW court on Tuesday.  The documents in question relate to a probe into Melco’s suitability into being involved in Crown’s Sydney Barangaroo, launched by the Independent Liquor and Gaming Authority. […]

    Melco abandons Crown stake purchase, cites Coronavirus

    Melco Resorts & Entertainment said it’s dropping its plans to buy a second tranche of shares in Australia’s Crown Resorts, citing the economic impact of the Coronavirus on the region.

    Crown Resorts shake up management team

    Australia-listed Crown Resorts has announced a new governance structure that will see a non-executive chairman at the helm of the company, as well as a separate CEO.  Last week, Crown said its executive chairman John Alexander will be stepping down from his role and will be replaced by non-executive chairman Helen Coonan, a nine-year board […]

    Crown sale of shares to Melco facing accusations of regulatory breach

    As the inquiry before former Supreme Court Judge Paddy Bergin got underway on Tuesday, Crown Resorts faced accusations that its failure to alert authorities about the sale of shares to Melco Resorts & Entertainment before the deal was announced publicly may have constituted a breach of the terms of its New South Wales casino license. […]

    Lawrence Ho and James Packer expected to be called to Crown Resorts inquiry

    When the witness list for the high-stakes New South Wales inquiry into Crown Resorts’ casino operations is unveiled on Tuesday, the names of both Melco Chairman and CEO Lawrence Ho and James Packer are expected to be on it, according to a report in The Australian. This inquiry, led by former New South Wales Supreme […]

    Crown Barangaroo expected to open Christmas 2020

    Crown Resorts’ Sydney VIP venue is set to open three months ahead of schedule – in Christmas 2020, according to company founder James Packer, local media reports.  Packer made the comments whilst touring the construction site of the multi-billion Barangaroo development on Wednesday.  Construction is now around 75 percent complete, with 55 floors in place.  […]

    Crown public hearing on hold as key witness unavailable

    A public hearing into the alleged corrupt practices by Crown Resorts to bring Chinese high rollers through their doors has been put on hold after a key witness’ availability has come into doubt, local media reports. The hearing, which was due to start in Melbourne on Tuesday, is a result of a joint investigation from […]

    Crown Resorts VIP play down 46% July-Oct.

    Crown Resorts said its VIP program play dropped by 46 percent in the July to Oct. 20 period due to difficult trading conditions in the international VIP market.
    Crown Resorts

    Crown reaches accord over $270m tax bill

    Crown Resorts said it has reached an accord with the Australian government over a U$270 million tax bill related to its investment in Cannery Casino Resorts in the U.S.

    Crown employees down tools in pay standoff

    Employees of Crown Resorts in Melbourne downed tools on Tuesday and threatened the first strike in 16 years to press for wage increases and better conditions.
    Crown Melbourne (file)

    Second whistleblower accuses Crown of customs offences

    Tasmanian MP Andrew Wilkie plans to call for a royal commission inquiry into Crown Resorts after a second whistleblower claimed the company is helping VIPs to bypass customs.

    Crown views regulatory inquiries as a forum

    Crown Resorts will use a number of state and federal inquiries into its alleged ties to Chinese criminals as a “forum to provide our perspective.” Following a joint report from Australian media in August, Crown has been dealing with a number of probes from state government gaming regulators – mostly looking into its potential ties […]
    Crown Resorts

    Melco delays second part of Crown stake purchase

    Melco Resorts & Entertainment said it is putting the purchase of a second tranche of shares in Crown Resorts International on hold pending the completion of a regulatory probe into the Australian company.

    Melco likely to target full Crown acquisition: Bernstein

    Melco’s moves to acquire a 19.99 percent interest in Crown Resorts is likely stepping stone for eventually taking controlling ownership, or outright acquisition of Crown, according to analysts from Bernstein.  Earlier this year, Melco announced it is acquiring a 19.99 percent stake in the Australian casino operator for a total consideration of US$1.2 billion.  The […]

    Crown Resorts profit falls 4.7 pct on VIP decline

    Casino operator Crown Resorts on Wednesday saw its annual profit fell 4.7 percent year-on-year, mainly due to a decline in VIP spending from Chinese tourists. John Alexander, executive chairman of Crown, said the “Australian operation’s full-year results reflected subdued market conditions.” Normalized NPAT reached $368.6 million.  The decline was primarily due to the reduction in […]

    Crown settles Sydney sightline dispute

    Crown Resorts has settled a legal dispute with Infrastructure New South Wales (ISNW) and will retain the view of Sydney Harbour from its new VIP property in the city.
    The Star

    Suncity closes Australia VIP rooms

    Macau’s largest junket operator, Suncity Group, has closed all its Australian VIP rooms for commercial reasons, MNA reports.
    Crown casino

    Crown stake sale to Melco faces probe after media allegations

    New South Wales regulators have launched a probe into the sale of a stake in Crown Resorts to Melco Resorts & Entertainment following an investigative news report alleging illegal operations. 

    VIC gaming minister orders review into Crown allegations

    A new review into Crown Resorts’ business practices will be wrapped up by the Victorian gambling regulator within the next few weeks, local media reports.  On Thursday, Victoria’s minister for gambling, Marlene Kairouz said she has ordered the state gaming regulators to conduct a “snap investigation” into the allegations made against Crown Resorts, which includes […]

    Crown denies criminal allegations as probe widens

    The board of Crown Resorts has issued a strong rebuttal of allegations that it is linked to criminal figures who may be laundering money through Australian casinos, though the probe into its operations has now widened to include the country’s most powerful investigative body.

    Senators call for inquiry into Crown allegations

    Several Australian senators have called for an independent inquiry into allegations that Crown Resorts was promoting illegal gambling promotion operations in China, that it was facilitating visas for VIPs and had close links to organised crime.

    Crown whistleblower sheds light on 2016 China arrests

    A former employee of Crown Resorts has accused the company of engineering an illegal high-roller gambling promotion operation across China that led to the arrest of herself and 18 colleagues in 2016, local media reports. The Melbourne-based casino company made the headlines in 2016 after 19 of its employees were arrested for their involvement in […]

    Crown acquisition will help Japan bid: Lawrence Ho

    Melco Resorts chairman and CEO, Lawrence Ho says that their recent acquisition of shares in Crown Resorts will help to accelerate their bid for a Japan casino license. Mr. Ho was speaking at a special media roundtable on Tuesday in Macau, where he also expressed optimism for Macau’s gaming revenue growth this year. The Macau […]

    NSW regulator to study Crown Sydney after Melco buy in

    The gambling regulator in New South Wales plans to review its 2014 approval for Crown Resorts to build a six-star property in Barangaroo, Sydney, after Macau’s Melco Resorts & Entertainment bought a 19.9 percent stake in the Australian operator, Reuters reports.

    Melco agrees to buy $1.75b Crown stake

    Melco Resorts & Entertainment said it agreed to buy an almost 20 percent stake in Crown Resorts for A$1.75 billion ($1.2 billion) just two years after the Australian company withdrew from a decade-long venture with the Macau-based operator.

    Asia Pacific may be focus for casino M&A, investor says

    Asia Pacific may become a focus for more mergers and acquisitions in the casino industry, CNBC television cited a senior investor as saying.

    Australian analysts forecast VIP recovery next year

    While Australia’s casino operators have suffered from lower spending by Asian high-roller gamblers, analysts see potential VIP recovery in the 2020 financial year.  In a report from Sydney Morning Herald, analysts from Macquarie Wealth Management said while they have an overall bearish view on the VIP market, they have observed a “U-turn” in mainland Chinese […]

    Crown exposed as takeover target after Wynn walks away

    Crown Resorts has flagged that it may be open to a potential takeover, even though suitor Wynn Resorts has walked away, with both Hard Rock International and Genting seen as potential bidders, according to reports.

    Wynn ends Crown talks after premature disclosure

    Wynn Resorts has taken its offer for Crown Resorts off the table, according to media reports, just a day after confirmation of a potential takeover sent shares in the Australian operator soaring almost 20 percent.
    Crown Resorts

    Crown reportedly hires Goldman defence after Wynn approach

    Australia’s Crown Resorts has reportedly hired investment bank Goldman Sachs as a defence advisor after being approached by Wynn Resorts as a possible takeover target, the Australian Financial Review reports. Wynn reportedly contacted Crown seeking to initiate talks between the two companies, although the Australian operator rebuffed the approach. Analysts expect Crown to report $3.3 […]

    Australia gambling expenditure dips 0.5 percent

    Australia’s total gambling expenditure fell 0.5 percent in the 2016/2017 year, with casino table games posting a 7.8 percent drop in the same period, according to the latest figures from the Queensland Government Statistician's Office.

    Crown Resorts VIP business jumps 54.4 percent

    Crown Resorts reported an almost 13 percent increase in normalized profit after tax for the year ending June 30th, fuelled by a 54.4 percent surge in VIP program play turnover.

    Crown to challenge $270 million ATO bill

    Crown Resorts is set to challenge the Australian tax authority’s treatment of Crown’s since-abandoned North American expansion plans. In 2016, Crown was slapped with a US$270 million tax bill – made mostly of back taxes and penalties from the 2009 and 2014 financial years. At the time, Crown said it considered it had paid the […]
    Crown Melbourne (file)

    Crown misconduct whistleblower had claims dismissed by VCGLR: Wilkie

    The whistleblower who alleged serious misconduct at Crown Casino has had their allegations dismissed by Victoria’s gambling regulator because they wanted to remain anonymous, said independent MP Andrew Wilkie, The Guardian reports. Last year, the Victorian Commission for Gambling and Liquor Regulation (VCGLR) was ordered to investigate misconduct claims against Crown Melbourne, which alleged that […]

    Ho open to partnering with Packer again

    During an interview with CNBC’s Christine Tan, Melco Resorts chairman and CEO Lawrence Ho said he “wouldn’t hesitate” to partner with Australian gaming mogul James Packer again should the opportunity arise. The partnership between Melco and Crown, known at the time as Melco Crown Entertainment, ended in May 2017, with Crown exiting its position in […]

    Regulators probe Crown pokies allegations

    Regulators in the state of Victoria are probing allegations relating to the blanking of low-betting option buttons on pokies machines by Crown Resorts’ flagship Melbourne property, which could lead to disciplinary action. The company said its Melbourne unit has received a notice from the The Victorian Commission for Gambling and Liquor Regulation that it had […]

    Crown casino evacuated after man with backpack causes panic

    Patrons of Melbourne’s Crown Casino were forced to evacuate on Wednesday, after a man acting “erratically” caused panic at the casino’s first floor, local media reports. Speaking to reporters outside the venue, Acting Commander David Clayton from Victoria Police said officers were called there around 3:30pm, with reports of a man with a backpack acting […]

    Crown Resorts sells majority stake in betting business

    Australia-listed Crown Resorts has agreed to sell its majority ownership in its homegrown sports betting arm, Crownbet, for an aggregate $117.7 million. CrownBet, launched in 2014 in Australia, is one of Australia’s fastest growing online sportsbooks with unaudited annual revenues growing from approximately A$76.5 million (US$59.6 million) in 2015 to approximately A$204.0 million in 2017. […]

    Crown results beat expectations as VIPs return

    Crown Resorts posted higher-than-expected normalized H1 profit as VIP gamblers returned to its Australian properties. Normalized net profit after tax gained 0.6 percent to $192.4 million ($151 million), beating the $178 million expected by analysts. Normalized EBITDA was up 11.2 percent at $447.7 million. At the Australian operations, revenue gained 4.8 percent to $1.55 billion. […]

    GTA welcomes judgment in poker machine case

    The Gaming Technologies Association (GTA) said they “welcomed” the results of the federal court case which accused Aristocrat and Crown of misleading gamblers with deceptive slot machines.  Last Friday, the court case against the casino operator and gaming supplier was dismissed on grounds of lack of specific evidence. Shonica Guy, a former gambling addict had […]

    Alliance calls for ban on gambling industry political donations

    The Alliance for Gambling Reform is calling for a complete ban on political donations from the gaming industry, after recent disclosures revealed more than A$1.5 million was donated to major political parties in 2016/17, local media reports. According to analysis by the AGR, in 2016/17, there were 20 seperate gambling industry donations to the federal […]

    Case against Dolphin Treasure slot and Aristocrat gets dismissed

    The court case against Australian-listed Crown Resorts and slot machine supplier Aristocrat over claims they had given gamblers misleading information about the chances of winning was dismissed in federal court on Friday. The ruling was made on grounds of lack of specific evidence, according to a report from Reuters. Shonica Guy, a former gambling addict […]

    Crown completes Las Vegas land sale

    Crown Resorts has completed the sale of its 34.6 acre vacant land site in Las Vegas to a subsidiary of Wynn Resorts. The sale was conducted by its majority owned subsidiary, Alon Las Vegas Resort LLC, which was sold to Wynn Resorts for US$300 million. According to a filing from the operator on Monday, Crown’s […]

    Crown pulls out of Las Vegas, looks to reduce debt

    Australian casino operator Crown Resorts on Thursday said it has signed a number of agreements aimed at reducing its debt, including selling its interest in Alon Las Vegas for $300 million. According to a filing from Crown, the company entered into an agreement with a subsidiary of Wynn Resorts on Thursday to sell its 34.6 […]

    Class action lawsuit filed against Crown over China scandal

    Australian-listed Crown Resorts announced on Monday that a class action lawsuit has been filed against the company in federal court, which it says it will “vigorously defend.” According to local media reports, the class action lawsuit claims that the casino operator failed to inform investors of the risks it was taking in the Chinese market […]

    Crown in talks over CrownBet stake

    Australian casino operator Crown Resorts is in discussions over its 62 percent stake in CrownBet, its online betting unit. The Australian, a local newspaper, had earlier reported that CrownBet and rival William Hill are holding in depth talks on a potential deal. It is also understood that PaddyPower Betfair has also held talks about a […]

    Crown appoints two new non-exec directors

    Australian casino operator Crown Resorts has announced the appointment of two new non-executive directors, Jane Halton and Toni Korsanos to the Crown board. Jane Halton is a former Secretary of the Australian Department of Finance and is a current Director of Australia and New Zealand Banking Group Limited and Clayton Utz. Toni Korsanos is the […]

    Crown to focus on domestic assets, VIP coming around

    Casino operator Crown Resorts says it will continue to invest significantly in its Australian properties to remain competitive with new integrated resorts emerging across Asia and Australia. Crown’s executive chairman John Alexander told shareholders during an AGM on Thursday that the company will focus on improving the underlying performance of its key Australian resorts, and […]

    Packer says no intention for Japan expansion

    Gaming mogul James Packer says he has no intentions to expand his gaming empire to Japan, and would rather focus on developing Crown’s flagship casino in Sydney. Speaking to local newspaper, The Australian, Packer said he did not want management “distracted” by participating in any competitive bidding process for an IR in Japan. He also […]

    Crown rejects allegations of criminal misconduct

    Casino operator Crown Resorts has been accused of engaging in criminal misconduct in relation to its alleged tampering of slot machines, local media reports. In video evidence tabled in parliament by independent MP Andrew Wilkie, it is alleged that Crown Casino had deliberately tampered with slot machines to disable “lower debt options” and had the […]

    Crown enters skill-based gaming market

    Crown Resorts is planning to roll out a new suite of skill-based electronic games with a Melbourne-based joint venture partner, The Australian reports. Crown on Friday said its Chill Gaming joint venture will see “new entertainment product options’’ that would be showcased at future gaming technology expos. Chill Gaming is a 50/50 joint venture between […]
    Crown Resorts

    Crown profit hit by VIP plunge, digital jumps

    Crown Entertainment’s full year profit fell more than 15 percent in the year to end June, hurt by a plunge of nearly 50 percent in VIP program play following the arrest of 18 of its employees last year in China. Normalized profit was $343.1 million ($272 million), though reported profit almost doubled to $1.86 billion […]

    Crown and Star tie up would be strategically sound: Citi

    A merger between Australian casino operators Crown Resorts and Star Entertainment Group could deliver up to A$100 million (US$77.4 million) in cost synergies, according to Citi analysts who ran the numbers on the hypothetical deal. Citi analyst Rohan Sundram said while the tie up between the two companies was “merely speculation”, he believed a merger […]

    Crown employees emerge from detention

    Ten of the 16 Crown employees detained since October last year and sentenced last month for gambling crimes have been released, local media reports. According to a report from Reuters, four employees emerged from one of the detention facilities in Shanghai, accompanied by family members and security officials. Six other Crown employees were released from […]

    Crown company secretary steps down

    Casino operator Crown Resorts Ltd. on Friday announced the stepping down of company secretary Michael Neilson. Mary Manos will continue to act as company secretary and will also become General Counsel, while Neilson will remain with the Crown Group for a “transitional period”, noted the operator in an ASX filing on Friday. According to Crown […]

    NSW and VIC regulators consider outcome of Crown trial

    Gambling regulators in NSW and Victoria are undecided whether they will take any action on Crown Resorts following the jailing of Crown employees in China for gambling offences, The Australian reports. “At this stage, it is too early to speculate on what action, if any, may be considered in regard to any relevant issues for […]

    Crown staff plead guilty, receive short jail terms

    Nineteen Crown Resorts staff have pleaded guilty to gambling-related crimes in a trial held at Shanghai’s Baoshan district people’s court on Monday, local media reports. The arrests of Crown staff came around in October last year, sending shockwaves across the gambling industry. In a statement to the ASX on Monday, the casino operator noted all […]

    Robert Rankin resigns from Crown board

    Former chairman of Crown Resorts Ltd, Robert Rankin, has resigned as a director of the company, according to a Wednesday filing to the ASX. In February, Mr. Rankin stepped down as chairman of Crown Resorts, replaced by executive deputy chairman John Alexander. Rankin also stepped down as CEO of Consolidated Press Holdings at the time. […]

    Crown employees to face court this month

    Australia-listed Crown Resorts announced on Tuesday that all of its detained employees in China, as well as those who have been released on bail, have been charged with offenses related to the promotion of gambling. Last October, a total of 18 Crown employees were detained following a police crackdown on gambling-related marketing, which is an […]

    Crown abandons Las Vegas project

    Casino operator Crown Resorts is exiting the Las Vegas market, selling its 35-acre parcel of prime real estate on the Las Vegas Boulevard, The Australian reports. The operator purchased the parcel of land back in 2014 with plans to develop the $2.5 billion Alon Las Vegas project. However, Crown announced in December last year that […]

    Crown uses share proceeds to reduce debt

    Australia-listed Crown Resorts says it intends to initially use the proceeds of its A$1.34 billion (US$987 million) share sale to reduce net debt. The casino operator on Tuesday announced to the Australian Stock Exchange that it had agreed to sell all 165.3 million ordinary shares (11.2 percent of total shares) in Melco resorts for a […]

    Melco/Crown divorce won’t hit ratings, not dilutive

    Melco Resorts & Entertainment’s final termination of its links with former joint venture partner Crown Resorts won’t have any impact on the group’s credit ratings and analysts say it won’t be dilutive to shareholders. Melco on Monday said it would buy all remaining shares, or about 11.2 percent of outstanding stock, from Crown to be […]

    Melco concludes partnership with Crown

    Melco Resorts & Entertainment Ltd (MLCO) on Monday announced the conclusion of its joint venture partnership with Australia-listed Crown Resorts. In a Monday press release, Melco announced it would be conducting a secondary sale of shares, as well as a concurrent repurchase of shares from Crown Resorts, which finalizes the complete sell down of Crown’s […]

    Crown staff in China one step closer to trial

    The Crown Resorts staff currently detained in China have officially had their case handed to local prosecutors, local media reports. On Wednesday, the Australian Financial Review confirmed the case was given to Shanghai’s Baoshan District People’s Procurator two weeks ago, which is a crucial step prior to charges being laid. According to the AFR, the […]

    Star VIP business still hurting from Crown arrests

    Casino operator The Star Entertainment Group says its international VIP business continues to be impacted by the detention of employees of Crown Resorts in China last year. In a presentation to the Macquarie Securities Australia Conference on Wednesday, the operator said it had been diversifying into global VIP markets starting 2015 – focusing on large […]

    Crown’s China marketing head quits

    Crown Resorts’ head of international marketing, Michael Chen had reportedly left the company sometime in March, according to The Australian. “It is understood that Crown’s China marketing guru, Mr Chen, ceased working for the James Packer-backed casino empire more than a month ago,” noted the news outlet. It is not clear whether Mr. Chen had […]

    Crown denies involvement in QLD casino development

    Australia-listed Crown Resorts has brushed off rumors of being in partnership with the ASF Group, developer of the proposed A$3 billion (US$2.3 billion) casino resort on the Gold Coast’s Spit, The Australian reports. The ASF Consortium had been in negotiations with the Queensland government for some time to develop a casino at the Spit in […]

    James Packer raises $100m through Crown note sale

    Gambling tycoon James Packer has raised just over $100 million ($77 million) from the sale of subordinated notes in operator Crown Resorts, according to a filing with the Australian Stock Exchange. Consolidated Press Holdings, Packer’s personal holding company and Crown Resort’s major stockholder, sold one million subordinated notes for $101.58 each, the company said. Crown […]

    Melco to change name to Melco Resorts

    Melco Crown Entertainment plans to change its name to Melco Resorts and Entertainment following its decoupling from joint venture partner, Crown Resorts. The change needs to be approved by shareholders at a meeting at the end of March, a company spokesperson said. Melco International Development said in February it had acquired an additional US$1.1 billion […]

    Court tells Melco Crown to abide by employee accord

    The Philippine Court of Appeals has ordered Melco Crown Entertainment to abide by an accord to not hire the employees of rival Bloomberry Resorts and Hotels for a minimum of six months after their termination. The original compromise accord was approved by the Regional Trial Court in Paranaque City in December, 2014 and led to […]

    ASF Consortium still looking for partners

    ASF Consortium is still yet to secure major partners for its $3 billion integrated resort development planned for The Spit in Queensland, Gold Coast Bulletin reports. The consortium said it was still searching for a “tier one” casino operator and “at least one other cornerstone entity”, despite a detailed submission for the project due to […]

    No chance of pokies at Crown Barangaroo

    Crown Resorts’ new VIP casino that is planned for Barangaroo in Sydney will not be permitted to operate pokies, even though the high roller market has weakened significantly since the property was first envisaged, local media reports. NSW Premier Gladys Berejiklian said even if James Packer could not lure the clientele he was hoping to […]

    Crown licenses could be scrutinized

    Crown’s local casino licenses may be reviewed should any of its staff under arrest in China be convicted of an offence, says the former head of the NSW gaming regulator. In a report from ABC’s Four Corners, Chris Sidoti, former chair of the NSW Independent Liquor and Gaming Authority, said any convictions of Crown’s staff […]

    Crown’s Craigie exits, profits narrow FY17H1

    Australia-listed Crown Resorts on Thursday announced the departure of its chief executive after more than 20 years with the group. Instead of sourcing a replacement, Crown said his responsibilities will be absorbed by its executive chairman, John Alexander. “Given the recent decision to reduce Crown’s investment in Melco Crown Entertainment Ltd and to discontinue the […]

    International operators flock to Vietnam

    International casino operators have their eyes on Vietnam again after the latest gaming decree opened up casinos to locals, VietnamNetBridge reports. It is understood that Las Vegas Sands, Banyan Tree, Crown Resorts, Chow Tai Fook and Sun City are closely following developments in the country. With the new decree to take effect in March, investors […]

    Crown Resorts CEO to step down

    Australian news outlets are tipping for Crown Resorts CEO Rowen Craigie to announce his departure from the casino company soon after Thursday’s interim results. According to The Australian and the Australian Financial Review, the head of Crown Australia, Barry Felstead will likely be the successor for the role. It was only earlier this month that […]

    Melco snaps up majority stake in MCE

    Melco International Development Ltd. has acquired an additional US$1.1 billion worth of shares in Melco Crown Entertainment (MCE) in an effort to open up more opportunities in Asia and Macau. The share purchase of an additional 198 million ordinary shares brings the company to a 51.3 percent stake in MCE, compared to 37.9 percent before. […]

    Crown gets green light for Southbank tower

    Casino operator Crown Resorts has been given the go ahead to build Australia’s tallest skyscraper, a 90-storey hotel and apartment tower located in Melbourne’s Southbank, local media reports. Designed by Wilkinson Eyre, the A$1.8 billion (US$1.4 billion) One Queensbridge Hotel will feature 388 hotel rooms and 708 residential apartments, rising 323 meters above ground. Victorian […]

    Crown Resorts faces class action over China arrests

    Crown Resorts is facing potential class action from shareholders in relation to the imprisonment of its staff in China, local media reports. Crown Resorts shares dipped 14 percent when news broke of its employees being detained in China for allegedly enticing Chinese VIPs to gamble in its casinos. According to the Sydney Morning Herald, law […]

    Crown Resorts staff face detention for at least another year

    The investigation of the 17 Crown Resorts staff in China is looking to last for at least another year, dashing earlier hopes for a speedy trial, local media reports. Last year, China arrested 18 employees from Australia’s Crown Resorts, including the group’s head of international business, for alleged and unspecified gambling crimes. In November, a […]

    Crown Resorts chairman Rankin to step down

    Crown Resorts chairman Robert Rankin has announced he will be stepping down in February, to be replaced by executive deputy chairman John Alexander. Effective February 1, Mr. Rankin will remain as Crown Resorts Ltd. director, and a director of Melco Crown Entertainment Ltd, according to a filing from Crown Resorts on Tuesday.  Mr. Rankin is […]

    Fitch affirms Crown credit ratings

    Crown Resorts’ credit ratings were reaffirmed by Fitch Ratings after the Australian operator announced plans to scrap a planned project to build a resort in Las Vegas and to sell down its stake in Melco Crown Entertainment. Crown also said it will no longer pursue a demerger of its international assets, which it had announced […]

    Crown Resorts abandons Las Vegas project

    Crown Resorts Ltd has said that it will not proceed with the 1,100 room hotel casino Alon project on the Las Vegas strip and is considering an outright sale of the project. The announcement came after the company said it was reducing its stake in the Melco Crown Entertainment joint venture to focus more on […]

    Crown’s Melco stake sale not a call on Macau, analysts say

    Crown Resorts’ decision to halve its stake in its Melco Crown Entertainment venture is not a call on the Macau market, but rather a decision to refocus on Australia, analysts say. On Wednesday, Crown said it was cutting its 27.4 percent holding in Melco by selling 13.4 percent to partner Melco International. The Australian company […]

    Crown’s confession could help detained staff

    A prominent Chinese law firm has urged Crown Resorts to issue a confession to Chinese authorities in order to improve the situation for its detained employees, The Australian reports. 18 employees of Crown were arrested nearly two months ago for allegedly marketing its casinos and VIP rooms to Chinese nationals. Only one employee, Jenny Jiang […]

    Crown’s asset separation may face delays

    James Packer’s plan to separate some of Crown Resorts’ domestic assets from its international assets may take longer than the initial nine-month time frame given by chief executive Rowen Craigie in June, local media reports. In June 2016, the casino operator announced it was considering setting up a new listed company to host some of […]

    Junket chairman says Crown was too aggressive

    The chairman of a major casino junket operator in Macau has slammed the behavior of Crown Resorts in mainland China, saying it has been “too aggressive” in marketing its Australian properties to VIP gamblers, The Australian reports. U Io Hung, the chairman of Macau VIP clubs branded “CCUE” operating in Altira Macau, told local media […]

    Crown Resorts employees formally arrested, still awaiting charges

    The 16 Crown Resort employees who have been placed under detention in China for the last month have now been formally arrested, which could see them spend at least the next six months in custody, Australian media reports. The weekend marked 37 days since the Crown employees were first detained, passing the “golden period” when […]

    Report slams Crown Resorts’ capabilities in Asia

    A research company set up by the federal government of Australia has slammed Australian-listed Crown Resorts, calling into question its corporate governance and risk management capabilities. The report from Regnan, a company set up by Australian government owned superannuation and investment giant BT, was reportedly published earlier in November and more recently obtained by News […]

    Crown’s Barangaroo to face court battle over land

    Crown Resorts will soon be facing a Sydney community group in court, which alleges the NSW Planning Commission had illegally handed over the land to Barangaroo without a fight. According to local media, the Millers Point Fund Inc, a group representing the residents of nearby Millers Point, has alleged that the NSW Planning Assessment Commission […]

    China releases one junior Crown employee

    Crown Resorts said on Sunday that one of its 18 staff arrested in China for “gambling crimes” has been released from detention. According to the Australian Financial Review, Jenny Jiang, a junior employee who worked as an executive assistant at Crown in Shanghai, was released on bail on Thursday. Crown made an announcement to the […]

    Too early to tell effect on VIP gaming revenues: Melco Crown

    Melco Crown Entertainment says it is being “extra cautious” to comply with laws on marketing in China in the wake of the arrest of 18 Crown Resorts employees.   “I think Melco Crown and our efforts in China, our marketing efforts, has always been in compliance with the rules and regulations,” Melco Crown chairman and […]

    Federal govt raises Crown arrest concerns with China

    Australia has indicated its concern to China over the detention of three Crown casino executives arrested in raids last month. Speaking from Beijing on Tuesday, Justice Minister Michael Keenan said, “I raised that with both the Minister for Public Security and the Vice Minister for Public Security. I raised the concerns of the Australian government,” he told reporters. “Of […]

    Recent Crown arrests no connection to Macau: DICJ

    None of the 18 individuals named in the crackdown on Crown Resorts staff are thought to be people from Macau, head of DICJ Paulo Martins Chan said to reporters on Thursday. “The gaming companies here reported to us that they had always been abiding by the laws in mainland China,” said Chan to local media. […]

    VRC uses fashion to attract Chinese

    The Victoria Racing Club is treading carefully following the Crown arrests in China as it rolls out its first big marketing push into the country, local media reports. The races will be available to nearly 20 million Chinese viewers through Chinese online social media giant, Sina Weibo, which pays for the rights. Betting on horse […]

    The Star remains cautious following Crown arrests

    Star Entertainment Group chief executive Matt Bekier says the company is being “cautious” following the arrest of Crown Resorts staff in China. “Because there is a lot of misinformation and very little reliable information, everybody is extremely cautious and that goes for us and some of our customers,” Bekier told The Australian after the company’s […]

    VIP revenue impact will be felt by all operators: CLSA

    Brokerage CLSA says it expects to see a fall in Chinese VIP in Australia’s market in the 12 months following the arrests of 18 Crown Resorts staff in China. In a note on Thursday, the brokerage presented several scenarios of how Australia’s VIP market may play out following the arrests. “The charges (if any) are […]

    Ten more arrested in Crown Resorts crackdown

    It is believed that 10 Chinese organizers of junkets licensed by Crown Resorts to bring high rollers to its Australian properties are in custody, according to The Australian. A day after the arrest of 18 Crown Resorts staff in China, police reportedly moved on 87 Crown customers, inviting them to present themselves for questioning. Ten […]

    Star Entertainment share price drop overdone

    The slump in Star Entertainment Group’s share price following the Chinese arrests of Crown Resort’s employees was overdone, according to analysts. A report from The Australian quotes Credit Suisse analyst Larry Gandler, who argues the Crown issue was not industry-wide, evidenced by stable Macau casino share prices. “If there was a VIP crisis, would market […]

    Chinese crackdown likely to have adverse effect: SkyCity

    New Zealand casino operator SkyCity Entertainment Group says the recent Crown employee arrests are “likely to be adverse” to its business in the short and medium term, local media reports. Shares in SkyCity fell nearly 14 percent amid fears of a crackdown on VIP gaming by Chinese authorities, according to Reuters. SkyCity, which operates six […]

    Authorities unearth Crown’s communication with high-rollers

    Chinese authorities have obtained communications documenting the movement of millions of dollars offshore by Chinese high-rollers, Fairfax Media has revealed. Computers, laptops and mobile phones belonging to the Crown Resorts’ 18 detained employees were seized by Chinese authorities, revealing communications on the provision and repayment of credit with Crown. “They’ll certainly have a local database […]

    Crown proposes IPO of Australian properties

    Australia-listed Crown Resorts is planning to implement a potential IPO of a 49 percent interest in some of its Australian hotels and associated retail property. According to a filing to the Australian Stock Exchange, the IPO is likely to include Crown Promenade hotels in Melbourne and Perth and the Crown Metropol hotels in Melbourne and […]

    DICJ to meet with gaming operators following Crown arrests

    Macau’s gaming regulator will soon be holding a meeting with its six gaming concessionaires following the arrest of 18 Crown Resorts staff in China, TDM reports. While the Secretary for Economy and Finance Lionel Leong has emphasized that no local operators are involved in the incident, he has warned casino firms that the government is […]

    Crown had been warned before: Bloomberg

    Crown Resorts had already been warned by Chinese authorities to halt its efforts attracting high rollers from the mainland once before, Bloomberg reports. According to an insider in the investigation, after the warning, Chinese authorities observed that Crown had senior executives make short business trips to China instead of long trips in the country. They […]

    VIP marketing crackdown a risk to APAC casinos

    The arrests of Crown Resorts staff in China underscores the risk associated with global casino operators’ Chinese VIP business, said Fitch Ratings in a note on Wednesday. “The detainment is a sign to Fitch that high roller gambling by the Chinese nationals outside of China remains top of mind for Chinese authorities,” said the ratings […]

    Macau casino stocks dip following Crown staff arrests

    Macau’s casino shares saw a dip in price after it was announced that Chinese authorities detained 18 employees of Crown Resorts for suspected “gambling crimes.” According to a report from Bloomberg, Sands China Ltd. dropped 3.3 percent, while Galaxy Entertainment Group Ltd. shares fell 4.3 percent. The Bloomberg Intelligence index of Asia Pacific casino stocks […]

    18 Crown employees reportedly detained in China

    At least 18 employees of casino operator Crown Resorts have been detained by Chinese authorities, local media reports. “Crown believes that a number of our employees in China are being questioned by local authorities and at this time we can provide no further details,” said a Crown spokesperson to The Australian Financial Review on Friday. […]

    Casinos, a money laundering machine: Xenophon

    Senator Nick Xenophon is pushing for a strengthening of Australia’s money laundering laws after a Chinese-Australian businessman allegedly laundered A$850 million ($641.2 million) through Melbourne’s Crown Casino. Xenophon told the Australian Financial Review that while this case involved a large sum of money, there were many other instances of money laundering that have slipped through […]

    Melco International posts 90-fold profit rise after Melco control

    Macau gaming operator Melco International Development has reported more than 90-fold increase in net profit for the six months ended June 30, 2016 – derived from a special gain from taking majority control of Melco Crown Entertainment Limited (MCE). The company became the single largest shareholder of MCE after Australian-listed Crown Resorts reduced its stake […]

    Packer relinquishes majority stake in Crown Resorts

    Billionaire James Packer has trimmed his stake in Crown Resorts to less than half, in the latest step of the casino mogul’s Macau interest sell down. According to a report from AFR Street Talk, Packer, via his private investment vehicle Consolidated Press Holdings, sold 35 million shares in Crown Resorts, approximately 4.8 percent of Crown, […]

    Macau slump weighs on Crown earnings

    Australian casino operator Crown Resorts Ltd has posted a 22.7 percent decline in normalized net profit for the full year, pulled down by its Macau operations. Normalized net profit for the company was A$406.2 million for the 12 months ended June 30, down from A$525.5 million a year before. The operator, which is majority owned […]

    Crown to defend legal challenge regarding Barangaroo approval

    Crown Resorts Ltd has announced it will “vigorously” defend a legal challenge to its casino complex at Sydney’s Barangaroo development. In a filing to the ASX on Tuesday, Crown said it had been served with legal proceedings from the Millers Point Fund Incorporated, challenging the validity of the decision made by the NSW Planning Assessment […]

    Star Entertainment will reap more from tourism growth

    Australian casino operator Star Entertainment Group is set to outperform its major rival, Crown Resorts, with Asian tourists increasingly opting to travel to Australia’s east coast, The Australian reports. While both Crown and The Star will benefit from international tourism growth, The Star was seen by analysts as slightly better placed to benefit from “superior” […]

    SkyCity, Tabcorp and Star Entertainment top picks this season

    SkyCity is likely to deliver a “positive surprise” this results season, while Crown and Ainsworth are likely to underwhelm, said CLSA in a note on Wednesday. “SkyCity is our pick of the gaming stocks to deliver a positive surprise this reporting season, but in the company’s 1H17 trading update rather than the result,” said the […]

    Crown Sydney receives conditional planning approval

    Crown Resorts has received conditional approval for the construction of its Crown Sydney Hotel Resort at Barangaroo South, according to a filing to the Australian Stock Exchange on Tuesday. The NSW Planning Assessment Commission made the call, which includes approval of the modifications to Barangaroo’s concept plan. “This is an extremely important day for Crown,” […]

    Crown on Rating Watch Negative: Fitch

    Fitch Ratings has placed Australia-listed Crown Resorts IDR and unsecured rating of ‘BBB” on “Rating Negative Watch” after the operator said it would pursue a demerger of its international assets. The rating agency made the announcement in a media release on Friday, in response to the June 15 announcement from Crown who was considering “major […]

    Crown Resorts to split off international assets

    Australian casino operator Crown Resorts Ltd has announced it is considering setting up a new listed company to host some of its domestic assets to separate it from its international assets. The operator made the announcement in a press release on June 15 – which sets out a number of “major initiatives to enhance shareholder […]

    Melco stake sale eases Crown leverage concern, Fitch says

    The sale of some of Crown Resorts’ stake in its Melco Crown Entertainment venture will help the Australian operator deleverage and boost its ability to execute its expansion plans, Fitch Ratings says. Crown will receive about $800 million from the sale. The company also received an A$188 million special dividend from Melco in March. Fitch […]

    Crown cuts stake in Melco Crown

      Melco Crown Entertainment said it’s buying back shares from its joint venture partner Crown Asia Investments, for about $800.83 million. Melco is buying back 155 million shares from Crown Asia, a unit of Australia’s Crown Resorts. Following the transaction, Crown’s stake will fall from 34.3 percent to 27.4 percent, while the share of Melco […]

    CrownBet CEO sells stake in DJI Holdings

    CrownBet CEO Matthew Tripp is selling his stake in UK-listed DJI Holdings in order to streamline a number of his personal investments. DJI Holdings hopes to cash in on China’s emergence as the world’s largest lotteries player and is understood to be well placed for an upcoming offer of new licenses in China, having received […]

    Jimei secures junket deals in Australia and Cambodia

    HK-listed Jimei International Entertainment Group said it had entered into junket agreements with Australian and Cambodian casinos last year, according to its 2015 annual report. In February 2015, the junket investor signed an arrangement with Crown Perth to promote approximately 8 to 10 gaming tables at the Crown Perth Casino. In May, the group also […]

    ASF eyes Crown to operate A$2 billion casino

    Australia-listed Crown Resorts is reportedly in secret negotiations with a Chinese-backed consortium to build and operate a A$2 billion (US$1.5 billion) waterfront casino on the Gold Coast, The Australian reports. The ASF consortium, consisting of two Chinese stated-owned partners is reportedly negotiating with Crown to operate the casino, which will be located on the Gold […]

    Crown Resorts to alter design of Barangaroo casino

    Crown Resorts has reportedly made changes to the design of its Barangaroo casino project to address concerns raised by the Department of Planning NSW, reports The Australian. The state planning department was reported to have recommended conditional approval of the Barangaroo project providing the size of the podium, which houses the casino, be reduced and […]

    Packer continues Crown privatization discussions

      James Packer has reportedly held a fresh round of talks with potential partners over the last few weeks regarding the privatization of Crown Resorts, local media reports. However, the deal was not imminent, according to sources quoted by the Sydney Morning Herald. “There are several structures already on the table but there is also […]

    Crown Resorts pushes Sydney Barangaroo project to 2021

    Australia-listed Crown Resorts has announced a 18 month delay of its $2 billion six-star development in Barangaroo, Sydney – which will push its opening to 2021, local media reports. “Obviously the delay in the planned opening of Crown Sydney is regrettable,” said Crown chief executive Rowen Craigie quoted by Sydney Morning Herald. “We can’t lodge […]

    Crown Resorts reports varied performance across businesses in 2015

    Crown Resorts Limited reported a net profit of A$205 million (US$147.7 million) for the half year ended Dec. 31, 2015, down 22.1 percent compared to the same period in 2014. The result was impacted by growth in Australian operations and a decline in contribution from Crown’s Macau venture.   “The 2016 first half results across […]

    Melco Crown considers buying out hedge fund partners in Studio City

    Melco Crown says it expects to buy out minority hedge fund partners in its Studio City complex, but is mindful of the reaction of shareholders, local media reports. Melco Crown chief executive Lawrence Ho told investors at its first-half results that it was to look into a buyout of Studio City so it could assume […]

    Studio City wins resort of the year

    Melco Crown Entertainment’s Studio City was awarded Casino/Integrated Resort of the Year by the 9th International Gaming Awards (IGA) for 2016. The win was the third time the operator has won the award, with the City of Dreams Manila receiving the honor in 2015, and City of Dreams, Macau which won the award in 2013. […]

    Crown to contest $250 million tax bill from ATO

    Crown Resorts has announced it has received an amended assessment from the Australian Tax Office (ATO) for a total of $250 million (US$178.9 million) in respect to income tax paid for financial years ending Jun. 30, 2009 to Jun. 30, 2014 and plans to contest the bill. According to the announcement, the amended assessments are […]

    YWS’ Robert Coppola takes part in ‘Engaging Millennials’ panel at ICE

    Roberto Coppola, global director of research & consumer insights at YWS Design & Architecture will participate in the International Casino Conference, taking part in the panel: “Engaging with Millennials” on February 1st in London. With gaming industry colleagues covering the perspectives of social and land-based gaming trends, Roberto’s panel will discuss: key drivers of the […]

    Blackstone reportedly in talks with Packer regarding Crown Resorts

    James Packer is said to be in talks with US property giant Blackstone Real Estate over a deal involving Crown Resorts’ Australian casinos in Perth, Melbourne and in the future Sydney, according to the Australian Financial Review’s “Street Talk”. In Dec. 2015, speculation circulated that Packer was  in talks with a number of private equity […]

    Crown Resorts hybrid securities tumble following privatization talk

    Investors in ASX-hybrid securities issued by Crown Resorts have seen unexpected losses, largely as a result of talk James Packer is considering the privatization of the casino operator, the Sydney Morning Herald reports. Crown’s two outstanding listed notes issues have declined by more than 10 percent since Packer considered privatization of the group, the Australian […]

    Packer’s private company says “no immediate plans for privatization”

     James Packer’s private company, Consolidated Press Holdings says it has no immediate plans take Crown Resorts private following speculation on Wednesday that sent shares in the Australian casino operator soaring. In a statement published by the Australian Securities Exchange, Consolidated Press Holdings said although it occasionally goes into talks with third parties about investments, it […]

    Packer in talks to privatize Crown Resorts

    James Packer has been in talks with a number private equity firms and pension funds about the possibility of taking his share of the company private, according to local media. However, the $4 billion proposal to privatize Crown Resorts has not yet been presented to Crown’s directors. According to Bloomberg, Packer was looking into the […]

    Crown faces difficulties raising funds for Las Vegas project

    James Packer’s Crown Resorts has had trouble raising the financing needed to help build its planned $1.9 billion hotel-casino complex in Las Vegas, according to Credit Suisse. In a research report, gaming analyst Larry Gandler said Crown Resorts, which owns 74 percent of Alon, was looking to finance the resort by reducing its stake to […]

    Crown Resorts share price faces pressure from Macau

    Crown Resorts Limited, operator of Australia’s largest casino, has seen bond risk for the company rise over the past three months as China’s corruption crackdown and lower gaming revenues hurt its Macau-based venture, Melco Crown Entertainment. “Melco constitutes a significant portion of Crown’s overall earnings profile, so given the weakness in the market there, that […]

    Stable outlook for Australia’s gaming operators, says Fitch Ratings

    The outlook for Australia’s gaming operators is stable, despite a slowdown in Australia’s GDP growth and the two largest gaming issuers, Crown Resorts Limited and The Star Entertainment Group, embarking on debt-funded projects, Fitch Rating says in a new report. The credit profiles of both Crown and Star benefit from operating in well-regulated markets and […]
    James Packer

    Packer increases stake in Crown

    Crown Resorts director James Packer upped his stake in the $9 billion gambling company by a further 3 percent taking it to 53.1 percent, the Sydney Morning Herald reported citing market sources. Bloomberg trading data shows a parcel of 18 million shares changed hands after the market closed at a price of $12.00 each. The […]

    Crown acquires 20 percent interest in Nobu

    Crown Resorts announced that it has acquired a 20 percent ownership interest in the international restaurant and hotel company, Nobu, for $100 million. The other 80 percent will continue to be owned by the existing owners, entities associated with Nobu Matsuhisa, Robert De Niro and Meir Teper. “We see the Nobu brand as complementary to […]

    Crown Resorts’ main floor gaming revenue up 10 percent

    Revenue from Crown Resorts’ main floor gaming operations in Australia rose 10 percent from July to October 18, while non-gaming revenue grew by one percent, compared to a year ago. VIP turnover growth met expectations though the company’s wagering and online businesses incurred losses, chief executive Rowen Craigie told shareholders at the annual general meeting. […]

    Western Australia’s Broome region eyes casino

    The Shire of Broome in the north of Western Australia is considering a casino and has hired a consultant to look at the viability of a project in the remote area. A team of advisers from Paxon Group will work to establish the social, economic and heritage opportunities, and risks, of a casino, local media […]

    China capital outflow cap could affect Australia casino revenues

    The impact of China restricting capital outflows is a growing risk that could pose a threat to Australian casino revenues and halve VIP takings by 2017, according to CLSA. Though it is not yet clear if China has the will or the means to restrict capital outflows, if it does  Australian casino revenues will not […]

    Crown, Echo stable against weakening economy and expansion: Fitch

    Fitch Ratings says the credit profiles of Australia’s two largest listed casinos – Crown Resorts Limited and Echo Entertainment – continue to be stable against the backdrop of a weakening macroeconomy and sizable expansion plans. Fitch said in a press release that Crown’s and Echo’s credit profiles benefit from operating in well-regulated markets and owning […]

    Crown reports “mixed” results for year as normalized NPAT falls 17.9 percent

    Crown Resorts reported mixed results for the full year ending June 30, with normalized net profit after tax of $525.5 million, down 17.9 percent. The company said its Crown Melbourne results were “pleasing while Crown Perth was more subdued.” Normalized EBITDA for Crown Melbourne was $662.1 million, up 17.8 percent year-on-year, while Crown Perth’s was […]

    Packer steps down as Crown Resorts chairman

    James Packer has stepped down as chairman of Crown Resorts to be replaced by Robert Rankin, it was announced on the ASX. Packer will remain as a director and it is intended that he will be appointed as a senior executive director. He will also remain co-chairman of both Melco Crown Entertainment and the Alon […]

    Echo to move HQ to Brisbane, says new resort to be “best in Australia”

    Echo Entertainment, which beat Crown Resorts for a license to redevelop the Queen’s Wharf precinct in downtown Brisbane, says the project will be the best in Australia and an “asset for the state that will compete with anything in Macau or Singapore, or other destinations around the world.” In a release after the Queensland government […]

    Greenland committed to Queensland projects despite Echo defeat

      Chinese property company Greenland Group says it will keep bidding for major construction projects in Queensland, despite being defeated in its bid with Crown Resorts to redevelop the Queen’s Wharf in Brisbane, the Sydney Morning Herald reported. Greenland Group, in a joint bid with Crown Resorts, lost out to Echo for a chance to […]

    Echo beats Crown to win Brisbane resort development

    Echo Entertainment Group has won the right to develop a gambling resort in the center of Brisbane, beating rival James Packer’s Crown Resorts and allowing the company to keep its two-decade casino monopoly in the city. Queensland state premier Annastacia Palaszczuk said in a media conference that Echo and its consortium, which includes Chow Tai […]

    Deutsche Bank cuts earnings forecasts for Crown

    Deutsche Bank has cut its earnings forecasts for Crown Resorts by 5 to 6 percent in fiscal 2015, citing disappointing revenue and earnings from its Macau operations. “We have reduced our earnings forecasts by five to six per cent to reflect lower earnings from Melco Crown, CrownBet and Aspinalls, partly offset by higher earnings from […]

    ASF working with Queensland on new casino bid

    The ASF Consortium, whose plan to build a mega-casino on Wavebreak Island on Australia’s Gold Coast was suspended in April, is in talks with the local government with a view to presenting a new proposal to move the project forward. ASF said it would meet with the Queensland Government “over the next few weeks” to […]

    Crown Resorts finalizes Sydney land deal with Lend Lease

    Crown Resorts said it has finalized development agreements with property company Lend Lease and the Barangaroo Delivery Authority that will allow it to proceed with the development of its six-star resort. The company still needs New South Wales planning approval. A management contract with Lend Lease has also been signed. “The finalization of arrangements with […]

    Echo to beef up Star casino

    Australia’s Echo Entertainment plans a revamp of its Star casino property in Sydney to meet expected competition from James Packer’s $2 billion development at Barangaroo in the city, the Australian Financial Review cited managing director Greg Hawkins as saying. Packer’s six-star VIP-only resort is scheduled to open in 2019. The Star plan will look at […]

    Iao Kun completes transaction to enter Australia

    Iao Kun Group Holdings said it has completed a transaction that will allow the VIP room gaming promoter to begin operations in Australia in Crown Resorts’ Melbourne and Perth casinos. The Hong Kong-listed company said it has completed the purchase of all the profit interests of Lou Kan Kuong. The seller, who is also linked […]

    Crown Sydney legally flawed says Echo

    Star Casino-owner Echo Entertainment has slammed rival Crown Resort’s plans for a 69-storey tower as legally flawed, local media reported. According to the Sydney Morning Herald, legal advice provided to the planning department of Echo Entertainment says the Crown Sydney resort would be open to court challenge. The advice, by Adrian Galasso, SC, and Clifford […]

    Crown raises $630 million with Notes II

    Crown announced that it has successfully raised $630 million after issuing 6.3 million subordinated notes at an issue price of $100 per note. The proceeds of the company’s Notes II offer will be used for general corporate purposes including financing Crown Sydney, Crown Towers Perth and other anticipated projects. “Notes II are expected to commence […]

    Packer not an Israeli citizen says his adviser

    An adviser to Australian casino mogul James Packer has denied media reports that the Crown Resorts chairman has become an Israeli citizen. After the Hollywood reporter and subsequently Australian Financial Review reported that Packer had taken up Israeli citizenship, one of Packer’s advisers texted AFR Weekend to deny the rumor 30 minutes after the story […]

    Barangaroo architect slams consultation process

    The architect who designed the original plan for the Barangaroo site in New South Wales has blasted the government’s handling of the plans and consultation process following significant changes to the design. Architect Phillip Thalis, whose original design for the Barangaroo site won an international competition in 2006 despite it being abandoned by the state […]

    UBS revises down price target for Crown Resorts

    UBS Securities has revised down its 12-month price target for Crown Resorts by more than 10 percent to  $16.60 a share from $18.45 previously, reflecting lower earnings from its Macau joint venture, Melco Crown. The revision follows a note last month by UBS analysts who said weak first quarter revenue in 2015 and slower sequential […]

    Packer frustrated at Sydney casino delays

    Crown Resorts chairman James Packer said it’s unlikely his six-star VIP resort in Sydney will open on time and expressed frustration at the planning process. Packer was speaking to reporters at the opening of Melco Crown Entertainment’s City of Dreams resort in Manila. Crown has been waiting for the resolution of a legal fight between […]

    Change of guard in Sri Lanka, setback for Crown Resorts Casino bid

    The Sri Lankan Government has dismissed casino bids, including by Australian gaming mogul James Packer, to open one of three casinos in Sri Lanka approved by the previous government. The rejected bid for a $400 million project by Packer’s Crown Resorts Ltd comes as a widely-expected move by new President Maithripala Sirisena, backing election pledges […]

    Crown Resorts under positive investor spotlight

    Australian investors reacted favourably on the outlook for Crown Resorts, as share prices rallied after reports of gains in revenue at the Macau based offshoot, Melco Crown Entertainment. The Australian stocks rose by as much as 11 per cent, the biggest jump since 2009 buoyed by the revenue gains in Macau after across the board […]

    Echo says Brisbane proposal to generate 8,000 jobs

    Echo Entertainment says its proposal for a casino development in downtown Brisbane would generate 8,000 jobs once complete and attract 1.4 million visitors in the first year. In a filing with the Australian Stock Exchange, the company said about 2,000 jobs would be created during the construction phase. It said the additional tourist numbers would […]

    Covid-19 turns out lights in most of Asia’s casinos

    From India to Australia, casinos across the Asia Pacific region have closed their doors in response to efforts to combat the spread of the coronavirus, with little to no visibility at present as to the evolution of the situation.
    Crown casino

    Crown probes to focus on probity, though major hurdles unlikely

    Australian regulators are likely to focus on probity issues in their investigations into Crown Resorts’ operations, although experts don’t expect any major red flags to be raised.

    Queensland shines in dull market

    Queensland continues to attract international investor interest in its casino market and is expected to see progress in new licenses being issued this year, though sentiment towards the market as a whole is lacklustre amidst flat revenue and rising regulatory pressure. Any projects are also likely to be smaller in scale than those originally mooted in the first round of license bidding.  

    New skills for millenials

    Casinos appear to be struggling to appeal to the next generation of gambler, with slots in particular looking tired to the younger audience. So could skill-based games be the answer, or will the savvy millennial gamer quickly see the odds are still stacked in favor of the house? Although far from mainstream, some big names have recently announced they are taking a bet on skill-based products to draw in the younger demographic.

    Taking China out of the marketing loop

    The last five years have seen a tumultuous business environment for casino operators in Australasia. Barely five years ago, CFOs of two of the largest concessionaires in Macau were predicting annual revenues in excess of US$100 billion by 2020, driven by the China VIPs. Attracted by China's massive potential many of the region's casino operators placed their focus on the one market. Now that's changing and marketing strategies need to change too.  

    Gambling on Australia’s preferences

    A small change to Australian gambling law in 2015 is now having an impact on the wider industry. The amendment highlights why many are concerned about the market’s ability to support some of the multi-billion dollar IR projects being planned. With Australian's gambling preferences still focused on pokies and VIP revenue declining, who will fill these properties? 

    Crown’s homecoming

    Crown has recently re-focused its efforts on expanding its Australian business in the wake of the Chinese VIP crackdown and the arrest of 18 of its employees on “gambling related” charges. Crown Resorts has bucked the trend of going global, selling down 155 million ordinary shares in its Melco Crown Entertainment (MCE) joint-venture back to the Macau-based gaming company to refocus on its Australian business. However, the move comes as the market at home stagnates and a crackdown on marketing to VIPs reverberates through the industry.
    Crown casino

    Crown arrests to force marketing rethink?

    Beijing’s policies are once again creating waves across the Asian gambling scene and may force a rethink of how regional operators reach mainland Chinese customers.

    Ten years on, Melco Crown faces uncertain future

    Almost a decade on from Melco Crown Entertainment’s 2006 IPO, there are signs that the joint venture between two of the world’s largest casino operators is not meeting its sky-high expectations.

    Casinos to benefit as China visa walls crumble

    As China’s outbound tourism market continues to balloon, a growing number of destinations are easing visa requirements to woo the mainland traveller, with casinos in those countries likely to be among the key beneficiaries. With research suggesting that most Chinese overseas tourists will visit a casino, relaxed visa restrictions could be a key driver for GGR.  

    Real estate, hotels top U.S. wish list for China investors: Crisis not hurting FDI

    The summer of 2015 will go down in the history books as a starkly turbulent period for China. The Asian powerhouse’s economy has stumbled, with trillions of dollars wiped off Chinese shares after a series of stomach-churning plunges.Yet despite these economic woes, analysts don’t expect the outbound investment, which has been targeting hotel and leisure projects across the globe, to take a significant knock.

    Are big budget ads money well spent or sledgehammer cracking a nut?

    With Macau gambling revenue falling for the 12th straight month in June and new multi-billion dollar casinos set to double capacity in the territory, it has become more important than ever for operators to find a way to stand out from the crowd -- but does it have to break the budget? Kevin Clayton, chief marketing officer for Galaxy Entertainment Group, cites the old saying “differentiate or die,” to describe the need for the companies to carve out their market niche and shape their brands through the best use of all available marketing tools.

    Junket market shift to create new opportunities?

    China’s crackdown on corruption, increasingly stringent immigration controls and a recently proposed 21-million quota on annual visitors from the mainland has significantly changed Macau’s junket market, with promoters increasingly diverting business to surrounding regions and expanding their reach and scope. 

    Brave new game: Macau ETGs thrive amid table caps, labor squeeze

    Electronic table games have gained a strong and growing foothold in Macau’s traditionally baccarat-dominated casinos and may prove key in populating the floors of new multi-billion dollar resorts amid a tight cap on tables and ongoing labour shortages.