||It has been suggested that Crown Sydney be merged into this article. (Discuss) Proposed since February 2014.|
|Traded as||ASX: CWN|
|Founded||31 May 2007|
|Headquarters||Crown Casino and Entertainment Complex
Southbank, Melbourne, Australia
|Key people||James Packer - Executive Chairman
Rowen Craigie - Chief Executive Officer and Managing Director
|Revenue||A$2.3 billion 2008-09 |
|Subsidiaries||Crown Melbourne Limited, Burswood Limited|
Crown Resorts Limited is one of Australia's largest gaming and entertainment groups which had, at June 2010, a market capitalisation of just over A$6 billion.
The company was established in 2007 when Publishing and Broadcasting Limited (PBL) divested its gaming assets to Crown Limited. PBL was renamed to Consolidated Media Holdings, retaining all of the remaining assets.
In 2008, Crown attempted to enter the Las Vegas gambling market by acquiring a 19.6 per cent stake in Fontainebleau Resorts for US$ 250 million, which resulted in a total loss the following year when other investors withdrew US$ 800 million financing, resulting in bankruptcy applications. This was one of a succession of similar major losses in Gateway Casinos, Harrah's Entertainment and Station Casinos from which a total of $547.5 million was written off.
Crown wholly owns and operates two of Australia’s leading gaming and entertainment complexes, Crown Casino and Entertainment Complex in Melbourne and Crown Perth, formerly the Burswood Entertainment Complex, in Perth.
In September 2013, the Sri Lankan government gave approval to Packer to invest in a two tower building in the heart of the Sri Lankan capital Colombo. The project is aimed to be completed by 2015.
- Crown Melbourne Entertainment Complex (100%)
- Crown Perth Entertainment Complex (100%)
- Aspinalls United Kingdom casinos (50%)
- Betfair Australasia Pty Ltd: An online betting exchange (50%)
- Melco Crown Entertainment (Macau) Limited: A joint venture developing casino/hotel properties on the Cotai Strip in Macau, including City of Dreams (34%)
- Cannery Casino Resorts LLC: Operates casinos and hotels in Nevada and Western Pennsylvania, USA (24.5%)
- Aspers Holdings (Jersey) Limited: A casino business in the United Kingdom
- Crown Sri Lanka: A proposed joint venture property in Colombo, Sri Lanka to be reportedly built through the Lake Leisure Holdings consortium in 2017.
The company's Crown Resorts Foundation makes grants to the arts, community welfare, education, health care and the environment. In July 2014 Crown's chairman and largest shareholder James Packer launched a new initiative, the National Philanthropic Fund, to which his family foundation, and the Crown foundation would each contribute $100 million over ten years to support community projects in Australia.
- Crown Resorts Limited at ASIC National Names Index
- Board of Directors at official website
- Senior Management at official website
- Crown Limited Annual Report 2009 at official website
- "PBL Scheme and Demerger Scheme – Market Update" (PDF). 2007-11-30. Retrieved 2007-12-16.[dead link]
- Carson, Vanda Packer's US casino gamble in $250m loss Sydney Morning Herald, 11 June 2009
- Tabakoff, Nick Why James Packer attracts so much publicity The Australian Business, 7 March 2009
- About Crown: Summary of key businesses at official website
- "PBL announces split into separate listed gaming and media companies" (PDF). 2007-05-08. Retrieved 2007-12-16.[dead link]
- Crown Confirms Discussions to Develop a Resort in Sri Lanka
- James Packer wins casino deal in Sri Lanka
- "James Packer leaves $200 million on the table". Big News Network.com. Retrieved 25 July 2014.