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Crown Resorts

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For pre-2007 company history, see Publishing and Broadcasting Limited.
Crown Resorts Limited
Company typePublic
ASX: CWN
IndustryGaming, Tourism
PredecessorPublishing and Broadcasting Limited
Founded31 May 2007; 17 years ago (31 May 2007)[1]
HeadquartersCrown Casino and Entertainment Complex
Southbank, Melbourne, Australia
Key people
Robert Rankin - Executive Chairman[2]
Rowen Craigie - Chief Executive Officer and Managing Director[3]
RevenueIncrease A$4.71 billion (2014-15) [4]
SubsidiariesCrown Melbourne Limited
Crown Perth Limited
Websitewww.crownlimited.com

Crown Resorts Limited is one of Australia's largest gaming and entertainment groups which had, in June 2015, a market capitalisation of just over A$7.5 billion.

History

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.[5]

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.[6] 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.[7]

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 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. [8]

In August 2014, Crown bought the site of the New Frontier Hotel and Casino and Las Vegas Plaza, with plans to open Alon Las Vegas, a new resort and casino that began construction in 2015 and will open in 2017.[9]

Holdings

Philanthropy

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.[14]

References

  1. ^ Crown Resorts Limited at ASIC National Names Index
  2. ^ "Board of Directors" Retrieved on 23 December 2015.
  3. ^ Senior Management at official website
  4. ^ Crown Limited Annual Report 2015 at official website
  5. ^ "PBL Scheme and Demerger Scheme – Market Update" (PDF). 2007-11-30. Retrieved 2007-12-16.[dead link‍]
  6. ^ Carson, Vanda Packer's US casino gamble in $250m loss Sydney Morning Herald, 11 June 2009
  7. ^ Tabakoff, Nick Why James Packer attracts so much publicity The Australian Business, 7 March 2009
  8. ^ Sri Lanka’s new government cancels new casino licenses Feb. 3 2015 World Casino Directory News
  9. ^ https://news.worldcasinodirectory.com/alon-las-vegas-may-be-delayed-beyond-2018-23558
  10. ^ a b c d e f g About Crown: Summary of key businesses at official website
  11. ^ "PBL announces split into separate listed gaming and media companies" (PDF). 2007-05-08. Archived from the original (PDF) on September 27, 2007. Retrieved 2007-12-16. {{cite web}}: Unknown parameter |deadurl= ignored (|url-status= suggested) (help)
  12. ^ a b Crown Confirms Discussions to Develop a Resort in Sri Lanka
  13. ^ James Packer wins casino deal in Sri Lanka
  14. ^ "James Packer leaves $200 million on the table". The Daily Telegraph. Retrieved 25 July 2014. {{cite news}}: Italic or bold markup not allowed in: |publisher= (help)
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