australias crown offloads macau stake scraps vegas plan
Last Updated : GMT 09:03:51
Almaghrib Today, almaghrib today
Almaghrib Today, almaghrib today
Last Updated : GMT 09:03:51
Almaghrib Today, almaghrib today

Australia's Crown offloads Macau stake, scraps Vegas plan

Almaghrib Today, almaghrib today

Almaghrib Today, almaghrib today Australia's Crown offloads Macau stake, scraps Vegas plan

Crown Resorts will slash its stake in Melco Crown Entertainment
Sydney - AFP

Australian mogul James Packer's Crown Resorts on Thursday slashed its stake in a Macau joint venture and shelved plans for a Las Vegas casino in a scaling back of operations to cut debt.

The casino operator, which had 18 staff detained in China in October, also said it would scrap a proposal to spin off global assets.

Crown has been hurt by softening demand in Macau following a Chinese corruption crackdown and will sell 13.4 percent of Melco Crown Entertainment for Aus$1.6 billion (US$1.2 billion) to joint-venture partner Melco International.

Its shareholding in Melco Crown will fall to 14 percent after the transaction.

Ever since the 18 staff were held on suspicion of organising gambling activities overseas for rich Chinese, which is not allowed, Crown's turnover by VIPs at its Australian resorts has taken a hit.

The company has also abandoned its Alon project in Las Vegas, some two years after buying a prime site on Las Vegas Boulevard in a bid to crack the American casino market.

"Crown Resorts and its partners will begin exploring alternatives to optimise the value of their investment in Alon, including an outright sale," it said. 

Given the developments, a plan announced last year to separate Crown's Australian assets from its international businesses will not go ahead.

"These business decisions are strategic and for the long-term and will underpin the company’s future over the next decade," said Crown Resorts' chairman Robert Rankin.

The demerger originally planned to lump together casinos in Melbourne and Perth, a proposed luxury resort in Sydney and Crown's gambling and online gaming operations, as well as London casino Crown Aspinalls.

The proposed new entity would have included Crown's interest in Melco Crown Entertainment, which also has assets in the Philippines, as well as the Alon site in Las Vegas.

Rankin said the savings would be used to reduce net debt by approximately Aus$800 million, with the rest returned to shareholders.

"Today’s announcements will maximise value for the benefit of all Crown Resorts shareholders, allowing us to redeploy capital to fund high-quality growth projects as well as adopting a number of capital management initiatives," he said.

"Crown Resorts has a strong portfolio of future projects, anchored by Crown Sydney, and including our online and wagering platforms."

almaghribtoday
almaghribtoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

australias crown offloads macau stake scraps vegas plan australias crown offloads macau stake scraps vegas plan

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

australias crown offloads macau stake scraps vegas plan australias crown offloads macau stake scraps vegas plan

 



Almaghrib Today, almaghrib today Skincare PR Performance Full Year 2017

GMT 09:22 2018 Monday ,22 January

Skincare PR Performance Full Year 2017
Almaghrib Today, almaghrib today New hunt for flight MH370 gets under way

GMT 11:03 2018 Wednesday ,24 January

New hunt for flight MH370 gets under way
Almaghrib Today, almaghrib today Modern colorful bedroom renovation

GMT 10:57 2017 Thursday ,21 December

Modern colorful bedroom renovation
Almaghrib Today, almaghrib today Puigdemont candidate for Catalan president

GMT 13:56 2018 Tuesday ,23 January

Puigdemont candidate for Catalan president
Almaghrib Today, almaghrib today Turkey detains dozens more

GMT 10:47 2018 Wednesday ,24 January

Turkey detains dozens more

GMT 09:33 2017 Wednesday ,08 November

Abadi underlines threats facing Middle East and world

GMT 16:01 2011 Sunday ,02 October

BMW $50,000 four-cylinder roadster

GMT 05:37 2017 Wednesday ,12 April

Women in leadership positions: Are quotas the answer?

GMT 17:36 2017 Saturday ,15 April

Iraqi Christians return to ransacked town with fear

GMT 21:21 2015 Sunday ,09 August

Dubai Cycling Track ready 2015

GMT 10:11 2011 Wednesday ,30 November

Video game firms eye Middle East’s market

GMT 12:32 2011 Saturday ,18 June

Popemobile \'to become green machine\'

GMT 19:25 2011 Friday ,21 October

University of Wales effectively abolished in merger

GMT 14:35 2012 Wednesday ,09 May

83-year-old woman\'s tree planting for 20 years

GMT 15:42 2013 Monday ,12 August

A volcano spews more hot ash and lava

GMT 15:17 2011 Tuesday ,13 September

Harvard, Princeton named top universities

GMT 19:16 2011 Wednesday ,21 September

University leaders\' social mobility warning
Almaghrib Today, almaghrib today
 
 Almaghrib Today Facebook,almaghrib today facebook  Almaghrib Today Twitter,almaghrib today twitter Almaghrib Today Rss,almaghrib today rss  Almaghrib Today Youtube,almaghrib today youtube  Almaghrib Today Youtube,almaghrib today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

.almaghribtoday .almaghribtoday .almaghribtoday .almaghribtoday
almaghribtoday almaghribtoday almaghribtoday
almaghribtoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
almaghribtoday, Almaghribtoday, Almaghribtoday