Crown Resorts Limited has officially decided to sell off their remaining stakes in their Melco Crown International partnership. This comes after the dramatic turn in 2016 which saw employees of the casino arrested by Chinese authorities. The company has had a whirlwind year of drama both for their casino ventures and for CEO James Packer.
Packer entered and ended an engagement with American pop princess Mariah Carey at the start of 2016. From then on, Crown’s partnership took a downward spiral with reports of violence by security employees. The arrest of 18 Melco Crown employees was the last straw for Crown Resorts Limited, three of whom were Aussie executives. In early 2017, the company decided to focus on their Australian casinos to ensure the safety of their employees.
Crown Resorts Limited expects AU$1 Billion
As to the sale of their final stake, roughly 11.2% of the Macau casino’s shares will be sold for AU$1 Billion. Initially, Crown Resorts held a 34.3% share in the land-based casino. However, from May 2017 onwards, their only interest will be in their projects in Melbourne and Perth. The new Perth resort opened quietly in December of 2016, with Australian officials in attendance at the Grand Opening. The proceeds of the sale are expected to lessen the company’s net debt after 2016.
Crown Resorts Limited in Japan
At first, the Aussie operator was part of the Melco Resorts and Entertainment bid to build Japan’s first land-based casino. However, Crown Resorts Limited now has a separate bid. The passing of Japan’s new gambling regulations opened opportunities for the biggest names in casino operating to bid for their first casino. Melco have already placed a bid to build in Osaka, though the casino will only be completed by 2020. At this point, regulations and legislation are still being hammered out by the Japanese government.
Crown Resorts Limited
Crown Resorts Limited have their sights set on a new project closer to home. By expanding their Melbourne project and bidding for a Sydney location, the casino operator hopes to expand their local impact. For many Aussie players, Crown Resorts are the height of luxury in Australia. Their casinos are glamourous and well-built, with lots of entertainment on offer. Here’s hoping Crown Resorts Limited has a better 2017 from now on.