Tag Archives: James Packer

Presenting its full-year results (year ending 30 June), Crown Resorts LTD (Crown) has reported net profits of AUS $948 million (£555 million) up 14% on corresponding FY 2015 corporate earnings. Crown year-end results would be propped by its AUS $602 million (£350 million) share sell-off in Melco Crown Entertainment (MCE), as the company reduced its shareholder equity from 37.3% to …

Work will soon begin on a new 71-story hotel and casino complex in Sydney, after Australian mogul James Packer won approval for the building from NSW’s Planning Assessment Commission (PAC). This was the final planning process hurdle for Packer, who won the rights to build the Crown Resorts complex after a bidding war with The Star Casino in 2012, and …

Seeking to soften the blow of its underperforming Macau division, Australian casino operator Crown Resorts Ltd is reported to be seeking to spilt its domestic and international business assets. The casino and leisure operator, which is majority owned by Australian property tycoon James Packer (53% equity) stated that it was considering demerging its domestic division by creating a new ‘listed …

Australian gambling and leisure tycoon James Packer has sold an $800 million (£550 million) stake in joint venture Melco Crown Entertainment (MCE). Business news sources report that Packer and his advisors are seeking to limit Crown Resorts’ exposure in the declining Macau casino market. As part of a more conservative strategy Crown Resorts will focus its growth on Australian casino …

Australian gambling and leisure operator Crown Resorts has announced that it has acquired a 60% stake in Austin (Texas) based social gambling/games developer DGN Games LLC for a sum of US $27.5 million (£17.5 million). Crown Resorts becomes the latest land based operator to invest in the Social gambling sector, following last year’s $885 million (£560 million) acquisition of Big …

Following numerous quarters of consecutive performance declines, billionaire James Packer has confirmed that he will step down as Crown Resorts Executive Chairman. As majority shareholder in the business, Packer will be transferred to a senior executive placement within the casino operator’s governance. Packer will further maintain his Co-Chairman position of subsidiary Melco Crown Entertainment Asia. Packer will be replaced as …

Queensland State has awarded its Brisbane casino resort project to leisure and gambling operator Echo Entertainment Group Ltd. Following a tender process, the Queensland government awarded the Echo bid over the casino proposal submitted by James Packer’s Crown Resorts. Echo will build a AUS $2 billion (£1 billion) casino on Brisbane’s river front, the investment will be by a consortium …

Last December Macau recorded a 30% monthly revenue drop, as the Asian gambling hub reported its first ever growth decline. Macau has been the focus of the Chinese Public Security Ministry’s fight against corruption and money laundering, a key public and political concern set out by Xi Jinping in 2014. The revenue plunge has accounted for a 40% fall in …

Australian billionaire James Packer has secured control of new betting operator BetEasy through his Crown Resorts leisure enterprise. Crown Resorts released a statement this morning confirming the tie-up between the two parties, which will see Crown Resorts own two thirds of the BetEasy enterprise. Crown Resorts controlling investment in BetEasy is set to give the leisure operator quick access into …