Tag Archives: Melco Crown

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 …

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 …

Last week’s unexpected devaluing of the Yuan by the People’s Bank of China’ will likely have negative impacts throughout Asia’s casino and leisure industry, according to numerous Asian business analysts. Aimed at stabilising the national economy and maintaining growth and employment rates, the devaluing of the Yuan is thought to represent China’s largest depreciation its ¥. currency for twenty years …

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 …

Australian gambling operator Melco Crown has issued a corporate statement, confirming that conditions for its delisting from the Hong Kong Stock Exchange had been met as of 26 June. Today will represent the last day of trading by Melco Crown, as the operator expects to be fully withdrawn from the Asian exchange by 4pm Friday 3 July. In January Melco …