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. The sale raised AU$1.05 billion ($806 million), which the operator will use to help finance its ambitious expansion plans on home turf. This includes a new AU$2 billion harbour side resort in Sydney, Crown Towers Perth, and a AU$1.75 billion development in Queensbridge, Melbourne. Crown now holds just 11.2 percent in its Asian partner. The strategic shift comes at a time when Crown’s Australia business is going through a period of decline; total revenues were down 12 percent at its resorts across the country for the first...

Intelligence Articles is a premium content section developed for AGB members only featuring in-depth articles on relevant items of interest across the multiple Asia Pacific Gaming jurisdictions. To continue reading, subscribe now.