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Crown Resorts

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For pre-2007 company history, see Publishing & Broadcasting Limited.

Crown Resorts Limited
Company typePublic
ASX: CWN
IndustryGaming, Tourism
PredecessorPublishing & Broadcasting Limited
Founded31 May 2007; 17 years ago (2007-05-31)[1]
HeadquartersSouthbank, 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
Websitecrownresorts.com.au
Crown Melbourne serves as the global corporate headquarters

Crown Resorts Limited is one of Australia's largest gaming and entertainment groups which had, in April 2018, a market capitalisation of just over A$8.7 billion.

Crown wholly owns and operates two of Australia’s leading gambling and entertainment complexes, Crown Melbourne and Crown Perth.

History

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.[5]

In December 2007, Australian gambling company Crown Limited agreed to buy CCR for $1.75 billion.[6] 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.[6]

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.[7] 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.[8]

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.[9] Ground broke in 2015 and will open in 2017.

In August 2014 Betfair completed the sale of their 50% stake in Betfair Australia to venture partner Crown Resorts, one of Australia's largest gambling and entertainment groups.[10]

On 5 August 2014 Crown bought the site of the New Frontier Hotel and Casino on the Las Vegas Strip for $280 million with the intent to build a new hotel beginning in 2015.[11]

In December 2014, James Packer signed a deal with Matthew Tripp, which gained Packer control over Tripp’s online betting platform BetEasy.[12]

On 26 June 2015, Crown officially announced that the new $6 billion hotel, called Alon Las Vegas, will be located in the former New Frontier site and plan to open it in 2018.[13] Crown announced in December 2016 that it was halting the project and seeking to sell its investment.[14]

In 2016, ground broke on Crown Sydney and will open in 2020.[citation needed]

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.[15]

Holdings

Former

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.[21]

Controversies

Illegal advertising

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.[22][23][24][25] 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."[22][24]

References

  1. ^ Crown Resorts Limited at ASIC National Names Index
  2. ^ "Board of Directors | Crown Resorts - Crown Resorts". crownresorts.com.au. 30 June 2008. Retrieved 7 August 2016.
  3. ^ "Senior Management | Crown Resorts - Crown Resorts". Crownlimited.com. Retrieved 7 August 2016.
  4. ^ "Crown Limited Annual Report 2015" (PDF). Crownresorts.com.au. Retrieved 7 August 2016.
  5. ^ "PBL Scheme and Demerger Scheme – Market Update" (PDF). 30 November 2007. Retrieved 16 December 2007.
  6. ^ a b Stutz, Howard (13 March 2009). "Plan to buy Cannery Casino Resorts falls apart". Las Vegas Review-Journal. Retrieved 23 March 2012.
  7. ^ Carson, Vanda Packer's US casino gamble in $250m loss Sydney Morning Herald, 11 June 2009
  8. ^ Tabakoff, Nick Why James Packer attracts so much publicity The Australian Business, 7 March 2009
  9. ^ "Sri Lanka's new government cancels new casino licenses". News.worldcasinodirectory.com. 3 February 2015. Retrieved 7 August 2016.
  10. ^ "Betfair sells 50pc stake in Australian business". 13 August 2014. Retrieved 23 March 2014.
  11. ^ Business (5 August 2014). "James Packer snaps up Las Vegas site". Smh.com.au. Retrieved 7 August 2016. {{cite web}}: |author= has generic name (help)
  12. ^ "James Packer to Work in Collaboration With Matthew Tripp". Casino News Daily.
  13. ^ "Vision for Alon Las Vegas, resort on former New Frontier site, is filed with county". Vegas Inc. 26 June 2015. Retrieved 7 August 2016.
  14. ^ "Alon management exploring options after loss of backer". LasVegasSun.com. 15 December 2016. Retrieved 15 December 2016.
  15. ^ Williams, Perry (21 December 2015). "James Packer resigns as director of Crown Resorts". The Sydney Morning Herald. Retrieved 23 July 2018.
  16. ^ a b c d e f "Archived copy". Archived from the original on 16 September 2009. Retrieved 2009-01-03. {{cite web}}: Unknown parameter |deadurl= ignored (|url-status= suggested) (help)CS1 maint: archived copy as title (link)
  17. ^ "PBL announces split into separate listed gambling and media companies" (PDF). 8 May 2007. Archived from the original (PDF) on 27 September 2007. Retrieved 16 December 2007. {{cite web}}: Unknown parameter |deadurl= ignored (|url-status= suggested) (help)
  18. ^ http://www.aussportsbetting.com/betting-agencies/bookmaker-reviews/crownbet/
  19. ^ a b "Crown Confirms it is in Discussions To Develop an Integrated Resort in Sri Lanka" (PDF). Asx.com.au. Retrieved 7 August 2016.
  20. ^ "James Packer Wins Casino Deal in Sri Lanka". The Australian. Retrieved 7 August 2016.
  21. ^ "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)
  22. ^ a b "James Packer's Crownbet Fined For Illegal Ads". The Australian. Retrieved 7 August 2016.
  23. ^ "CrownBet convicted of illegal advertising". Skynews.com.au. 22 April 2016. Retrieved 7 August 2016.
  24. ^ a b "Crownbet Convicted of Illegal Advertising". Justice.nsw.gov.au. 22 April 2016. Retrieved 7 August 2016.
  25. ^ "CrownBet Cops To Illegal Come-Hither Inducements | Online Gambling News". CalvinAyre.com. Retrieved 7 August 2016.
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