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 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 is the executive general manager VIP International at Crown Resorts.
Appointed Chief Financial Officer of Crown Resorts in March, 2020. He has been with the group for 15 years.
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.
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.
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.
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.
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 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 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 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.
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.
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."
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.
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.
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.
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.
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.
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 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.
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.
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.
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 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.
To say that the Crown Sydney probity hearings haven’t gone well would be an immense understatement. A better description would be “unmitigated disaster.”
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.
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.
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 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 Resorts said it’s suspending junket operations until June of next year while it reviews its compliance and governance operations.
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.
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 […]
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 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 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.
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 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.
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.
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.
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 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 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 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 […]
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.
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 […]
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’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.
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 said it has appointed long-term finance executive Alan McGregor as its new chief financial officer.
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 […]
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 […]
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 […]
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 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 […]
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 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.
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 […]
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. […]
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 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. […]
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 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 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.
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.
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 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 […]
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’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 […]
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 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.
Macau’s largest junket operator, Suncity Group, has closed all its Australian VIP rooms for commercial reasons, MNA reports.
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.
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 […]
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.
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.
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 […]
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 […]
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 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 become a focus for more mergers and acquisitions in the casino industry, CNBC television cited a senior investor as saying.
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 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 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.
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’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 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 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 […]
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 […]
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 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 […]
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 […]
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 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. […]
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 […]
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 […]
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 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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 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 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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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. […]
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 […]
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 […]
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 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 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 […]
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 […]
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 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 […]
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 […]
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 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 […]
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 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 […]
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’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 […]
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 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 […]
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 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. […]
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 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 […]
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 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 […]
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 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 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 […]
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 […]
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 […]
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 […]
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 […]
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 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 […]
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 […]
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 […]
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 […]
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. […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 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 […]
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’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 […]
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. […]
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 […]
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 […]
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, […]
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 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 […]
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 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 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,” […]
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 […]
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 […]
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 […]
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 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 […]
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 […]
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 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 […]
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 […]
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 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 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 […]
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 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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 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 […]
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 […]
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 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 […]
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. […]
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 […]
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 […]
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 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 […]
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 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 […]
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 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 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 […]
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 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 […]
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 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 […]
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 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 […]
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 […]
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 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 […]
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 […]
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 […]
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 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 […]
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.
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 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.
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.
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.
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 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.
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.
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.
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.
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.
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.
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.
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.