Tag: Crown Resorts

Crown Resorts has appointed former Telstra head Ziggy Switkowski as its next chairman, replacing the outgoing Helen Coonan.

Melco has opted not to purchase a second tranche of shares in Crown Resorts worth $880m, with the company citing the need to reassess all “non-core investments to be made in 2020” in the face of the ongoing impact of the coronavirus epidemic in Macau

In Singapore, Marina Bay Sands has announced it will open a Marquee-brand nightclub, in partnership with US-based restaurant and nightspot operator TAO Group, next year. The new venue will occupy a space formerly used by one of the integrated resort's two theatres. A joint press release by Sands and TAO Group in June, stated that Marquee Singapore would occupy three...

Crown resorts is facing a class action lawsuit from aggrieved shareholders over a sharp drop in its share price following the arrests of 18 employees in China for alleged “gambling crimes”.   Maurice Blackburn Lawyers (MBL) said it had filed the class suit after receiving hundreds of registrations from individual and institutional shareholders. MBL claimed that investors were unaware of the risks...

Concluding a prosecution which has rocked the company, 19 Crown Resorts staff pleaded guilty to ‘gambling crimes’ this June. Meanwhile, Melco CEO Lawrence Ho has suggested that the business practices of casino operators working in China acted to inflame the situation.   Nineteen Crown Resorts staff, including three Australians, pleaded guilty to “gambling crimes” in a trial that lasted only a...

The world’s largest commercial real estate services and investment firm, CBRE, has listed a 35 acre plot of prime real estate in Las Vegas for Crown Resorts Ltd.   Situated directly across from Wynn Las Vegas and Encore at Wynn Las Vegas Resorts, just north of Fashion Show mall, the 35-acre property, with approximately 1,300 feet of strip frontage, traded for...

The arrests of 18 Crown Resorts employees suspected of recruiting gamblers from mainland China has sent shockwaves through the Asia Pacific casino industry. As analysts, execs and investors grapple with the implications, could this be the start of a VIP renaissance in Macau?   When the news broke that 18 employees of Crown Resorts had been arrested by Chinese authorities in...

As Crown Resorts continues to iron out its global corporate structure, the company said it is well placed to tap future growth both in Australia and overseas. “Crown is in a sound financial position, our balance sheet is strong and we are well positioned to fund our current and proposed development projects,” writes Robert Rankin, chairman of Australia’s Crown Resorts,...

Australian authorities claim that Chinese VIP Dan Bai Shun Jin laundered hundreds of millions of dollars by way of Crown Resorts casinos.   Australian casino giant Crown Resorts has been inadvertently caught up in a money-laundering scandal, after an investigation into one of its high-rolling players revealed massive discrepancies in his accounts. Figures released by a Crown compliance manager indicate that Dan...

Commentators have suggested that sale of the majority sake could be to pay down debt following the settlement of the Packer family empire with sister Gretel.   James Packer has sold A$448m ($337m) worth of shares in Crown Resorts, relinquishing his majority stake in the casino operator. In a statement to the ASX, Consolidated Press Holdings (CPH), the Australian billionaire’s private company,...

An announcement from Australian operator Crown Resorts that it would spin-off its international properties into a separate company was greeted by a sudden and dramatic leap in the value of its stock. Crown’s press statement resulted in a 13 per cent rise in its share-price on the Sydney stock exchange by close-of-play on June 16, despite a broader market trend...

Crown Resorts has won planning approval to construct a new casino in the inner-city suburb of Barangaroo, Sydney.   The New South Wales Planning Assessment Commission (PAC) has approved, subject to a number of substantial modifications and conditions, Crown Resorts’ plans to develop a major new casino in Sydney’s inner-city suburb of Barangaroo. “While it has been a long and detailed process,...

Hitting the industry headlines this month: talks to bring a light rail system to Las Vegas are gathering pace, Crown Resorts has been tipped to operate a major new casino development on Australia’s Gold Coast and Fremont Street pays tribute to Prince. MEDIA WATCH Plans to bring light rail to Las Vegas are moving forward, according to a report in the...