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Crown Resorts debt & dividend payment nets Packer AUS $600 million

The continued restructure of Crown Resorts and its business assets has earned Australian casino and leisure magnate James Packer approximately AUS $600 million (£375 million) in cash last week. Packer’s personal wealth vehicle Consolidated Press Holdings (CPH) informed the Australian ASX that it had sold AUS $101 million of ‘debt securities’ in Packer’s Crown Resorts enterprise. Further to the debt securities payment, ... Read More »

Melco Crown targets Macau turnaround with senior executive restructure

Asian gambling operator Melco Crown Entertainment (MCE) has undertaken a senior executive restructure as the firm seeks to reverse its declining corporate performance. A raft of executive changes was confirmed by MCE CEO Lawrence Ho, who has assumed greater control of the company following last December’s equity sell-off by James Packer’s Crown Resorts. Aiming to reverse the declining performance of ... Read More »

Strategy change sees Packer drop all international ambitions for home comforts

Implementing a ‘comprehensive strategic change’ James Packer’s Crown Resorts (Crown) will scale back on all its international investments and ambitions, to focus on growing its Australian home enterprises. Confirming its corporate strategy change, Crown will no longer spin-off its international assets into a separate enterprise seeking an ASX-listing (plan announced in May 2016). Fully committing to Crown home markets, Packer ... Read More »

James Packer relinquishes majority stake in Crown Resorts with AUS $450 million share sale

 Australian leisure and gambling tycoon James Packer has sold approximately 4.8% equity in ASX-listed casino operator Crown Resorts (Crown) for a reported AUS $448 million (£257 million). The transaction was carried out by Packer’s investment vehicle Consolidated Press Holdings (CPH), who placed circa 35 million shares at AUS $12.80 apiece. The sell-off sees Packer relinquish his majority stake in Crown ... Read More »

Melco Crown sell-off props Crown Resorts 2016 profits

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 ... Read More »

Packer sells Crown Resort $800 million stake in Melco Crown Entertainment

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 ... Read More »