|Predecessor||Publishing & Broadcasting Limited|
|Founded||31 May 2007|
|Headquarters||Southbank, Melbourne, Australia|
|Robert Rankin - Executive Chairman |
Ken Barton - Chief Executive Officer and Managing Director
|Revenue||A$4.71 billion (2014-15) |
|Owner||James Packer (36.8%)|
Blackstone Group (9.99%)
|Subsidiaries||Crown Melbourne Limited|
Crown Perth Limited
The company was established in 2007 when Publishing & Broadcasting Limited (PBL) divested its gambling assets to Crown Limited. PBL was renamed Consolidated Media Holdings, retaining all of the remaining assets.
In December 2007, Australian gambling company Crown Limited agreed to buy CCR for $1.75 billion. The agreement was ended in March 2009, however, with Crown instead buying a 24.5 percent stake in the company for $370 million, and paying a $50 million termination fee.
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.
In September 2013, the Sri Lankan government gave approval to Crown's then chairman and largest shareholder, James Packer, to invest in Crown Sri Lanka in the heart of the Sri Lankan capital Colombo. The project was to be completed by 2015. However, when a new government took office, President Maithripala Sirisena canceled all three casino licenses awarded by the previous administration; including the Crown Resorts project.
On 26 June 2015, Crown officially announced that the new $6 billion hotel, called Alon Las Vegas, was to be located on the former New Frontier site and to open in 2018. Crown announced in December 2016 that it was halting the project and seeking to sell its investment.
In February 2017, Barry Felstead replaced Rowen Craigie as CEO Crown Resorts Melbourne.
On 21 March 2018, James Packer resigned as an executive chairman of Crown Resorts.
In May 2019, Packer agreed to sell 20% of Crown's shares, representing nearly half his personal stake in the company, to Melco Resorts & Entertainment, for A$1.76 billion (U.S. $1.22 billion). Melco is led by Lawrence Ho, Packer's former joint venture partner in Melco Crown Entertainment. On 8 August 2019, the gaming regulator in the state of New South Wales announced that it was conducting an inquiry into Melco's deal for Crown's shares based on new information that Lawrence Ho was until 28 June 2019 a director of a company with which Crown was forbidden to associate. The inquiry will also look into allegations made on a recent broadcast of Australia's 60 Minutes television program.
- Crown Melbourne Entertainment Complex (100%)
- Crown Perth (100%)
- Crown Sydney
- Crown London Aspinalls United Kingdom casinos (100%)
- Betfair Australasia Pty Ltd: An online betting exchange (50%)
- Melco Crown Entertainment: A joint venture with Melco International Development developing casino/hotel properties on the Cotai Strip in Macau, including City of Dreams and Altira Macau (34%)
- Alon Las Vegas: Resort and casino opening in 2018.
- Cannery Casino Resorts: Operates casinos and hotels in Nevada and Western Pennsylvania, USA (24.5%)
- Crown Sri Lanka (45%): A proposed joint venture property in Colombo, Sri Lanka to be reportedly built through the Lake Leisure Holdings consortium in 2017.
- Fontainebleau Resorts (19.6%)
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.
This section needs expansion. You can help by adding to it. (August 2019)
In April 2016, the company's joint venture with Matthew Tripp, CrownBet pleaded guilty to five counts of breaching laws by publishing illegal betting advertising that offered inducements for NSW residents to gamble. According to NSW Department of Justice, CrownBet "sought to have the matters finalised without conviction in Downing Centre Local Court yesterday but Magistrate Joanne Keogh said convictions were necessary for general deterrence to others in the industry and to protect the vulnerable. CrownBet was convicted of the five offences and ordered to pay a total of $10,500 in fines and also ordered to pay L&GNSW legal costs of $10,000."
60 Minutes 'Crown Unmasked'
In July 2019, Nine Network's investigative TV program 60 Minutes aired a report titled Crown Unmasked which made allegations that Crown had violated Chinese law by promoting its casinos to mainland gamblers. The investigation, which was assisted by The Age and The Sydney Morning Herald newspapers (which became sister businesses of Nine Network after Nine Entertainment Co. acquired Fairfax Media in 2018) and featured comments from former Crown employees, also questioned Crown's relationships with certain junket operators — the middlemen who help recruit VIP gamblers and act as credit agents to get around China's capital controls — that have been linked to Hong Kong's triads. The investigation also revealed the existence of an arrangement with Australia's Department of Home Affairs to speed up processing of short-stay visa applications by Crown's VIP gamblers. Crown denied the report's claims, publishing advertisements in local newspapers calling the investigation “a deceitful campaign” that relied on “unsubstantiated allegations, exaggerations, unsupported connections and outright falsehoods.” Federal and state authorities, including the Australian Commission for Law Enforcement Integrity and the Australian Criminal Intelligence Commission, have opened probes into the allegations.
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