Markets

James Packer’s Crown is taking legal action to save its Barangaroo views

Crown Resorts posts full year statutory net profit after tax of $558.9 million, down 70.0%. Normalised net profit after tax was $386.8 million, up 12.7%. Also announced legal action to ensure the views of its $2.2 billion Crown Sydney Hotel Resort. Crown Resorts has launched legal action against the Barangaroo […]
James Packer’s Crown is taking legal action to save its Barangaroo views
News

Packer is doubling down on his Barangaroo casino bet

Casino giant Crown Resorts will sell two floors of its new luxury Sydney complex for $60 million to its largest shareholder, billionaire James Packer, as part of a $700 million package of asset sales in Australia and overseas. The company told the stock market on Wednesday that Mr Packer would […]
Packer is doubling down on his Barangaroo casino bet
Markets

Crown Resorts now faces a class action

Crown Resorts is in court facing a class action over share losses when its employees were detained in China on suspicion of the illegal marketing of its gambling services. The company, 48% owned by billionaire James Packer, says it will vigorously defend proceedings against it in the Federal Court. The […]
Crown Resorts now faces a class action
Markets

High rollers from China are heading back to Australian casinos

High rollers from China are on their way back to Australia casinos. Morgan Stanley analysts, who recently met with casino and junket operators in Macau, say the Chinese VIP market is in recovery across Macau, the Phillipines and Australia. “The resurgence has been driven by a solid Chinese housing market, […]
High rollers from China are heading back to Australian casinos
Markets

Bookmaker CrownBet is in play

James Packer’s Crown resorts is in talks over the future of its 62% holding in bookmaker CrownBet. “Crown confirms that it is in discussions concerning its interest in CrownBet,” the company said in a statement. “There is no certainty as to whether any transaction will eventuate.” Crown, noting speculation in […]
Bookmaker CrownBet is in play
Markets

Crown Resort shares slide

Shares in billionaire James Packer’s Crown Resorts fell hard after allegations in federal parliament that the gaming company tampered with poker machines. A short time ago, the shares were down 4.9% to $11.175. Independent MP Andrew Wilkie tabled in parliament allegations by former Crown employees that machines were tampered with […]
Crown Resort shares slide
Markets

Billionaire James Packer today rejoined the board of Crown Resorts

Billionaire James Packer’s reappointment to the board of directors of Crown Resorts, flagged in January, become effective today after the final bit of paperwork was completed. Packer, the largest shareholder at 48.2% through his private company Consolidated Press Holdings, in January decided to rejoin the board of directors and take […]
Billionaire James Packer today rejoined the board of Crown Resorts
Markets

Crown’s China staff have now been charged

The 18 Crown Resorts employees arrested in China have now been charged with offences related to the “promotion of gambling”. The company this morning announced that its detained employees, as well as those released on bail, have been charged. Their cases have been referred to the Baoshan District Court. “As […]
Crown’s China staff have now been charged
Markets

Profit is fading at James Packer’s Crown as high rollers become scarce

High rollers aren’t throwing cash at gaming tables in Australia like they used to. Crown Resorts, controlled by billionaire James Packer, today posted a 75% rise in net profit to $359.14 million for the six months to December. However, normalised net profit after tax was $191.3 million, down 9.1%. This […]
Profit is fading at James Packer’s Crown as high rollers become scarce
News

Crown will build Australia’s tallest skyscraper in Melbourne

Crown Resorts will build Australia’s tallest skyscraper – a massive 90-storey hotel and apartment tower – on Melbourne’s Southbank next to its existing hotel and casino complex after the Victorian government signed off on the project today. Crown’s One Queensbridge hotel will rise a staggering 323m over the city, pipping […]
Crown will build Australia’s tallest skyscraper in Melbourne
Markets

James Packer is taking a firmer grip on Crown Resorts

Billionaire James Packer has reversed direction to take a more hands on approach to his holding in gaming business Crown Resorts. Packer, the largest shareholder at 48.2% through his private company Consolidated Press Holdings (CPH), has decided to re-join the board of directors and is seeking more representation on the […]
James Packer is taking a firmer grip on Crown Resorts
Markets

James Packer’s Crown sells down Macau and cancels Vegas casino project

Billionaire James Packer’s Crown Resorts has dropped plans to demerger international assets, cancelled a planned Los Vegas project and sold down its holding in the troubled Macau business. However, the company will still spin off 49% of its Australian property in an IPO. Crown announced a $1.6 billion sale of […]
James Packer’s Crown sells down Macau and cancels Vegas casino project
Markets

Shares in James Packer’s Crown casinos are taking a hit

Shares in billionaire James Packer’s Crown Resorts were sliding after report that a cap has been put on ATM withdrawals in Macau. A short time ago, the shares were down 6% to $11.29. The South China Morning Post reported that China UnionPay plans to cut in half the amount its […]
Shares in James Packer’s Crown casinos are taking a hit
Markets

Crown Resorts shares are falling again

Crown Resorts shares are falling again. A short time ago, the shares were down 3% to $11.00. The shares have taken a hard hit this week after the arrest of 18 employees in what is seen as a crackdown on casino companies marketing in Mainland China. The shares fell 13.9% […]
Crown Resorts shares are falling again
Markets

REPORT: China warned Crown about recruiting high rollers last year

Chinese authorities issued a warning to James Packer’s Crown Resorts and other gambling companies in 2015 about efforts to recruit wealthy clients from the mainland, according to a report from Bloomberg. Eighteen Crown staff, including the company’s vice president of VIP International, Jason O’Connor, were detained in a co-ordinated swoop […]
REPORT: China warned Crown about recruiting high rollers last year
Markets

DEUTSCHE BANK: Buy Crown

Deutsche Bank has upgraded its rating on Crown Resorts to a buy from a hold. Crown’s shares dropped hard yesterday as news broke about 18 of its staff being arrested in China in an apparent crackdown on the marketing efforts of casino operators. Deutsche Bank says the stock was trading […]
DEUTSCHE BANK: Buy Crown
Markets

James Packer is ‘deeply concerned’ for detained staff in China

Billionaire James Packer says he will do everything possible for his Crown Resorts staff detained in China. “As the major shareholder of Crown Resorts, I am deeply concerned for the welfare of those Crown employees detained in China,” he said in a statement. The 18 Crown Resorts staff detained, including […]
James Packer is ‘deeply concerned’ for detained staff in China