Markets

CROWN SHARES PLUNGE IN EARLY TRADE

Shares in Crown Resorts fell hard in early trade after Australian employees were detained in China for gambling-related offences. A short time ago, the shares were down 10% to $11.65. Crown says it believes that its Executive Vice President VIP International, Jason O’Connor, is one of 18 Crown employees detained. […]
CROWN SHARES PLUNGE IN EARLY TRADE
Markets

James Packer is selling down his share of Crown

Billionaire James Packer has sold 4.8% of Crown Resorts. A short time ago, Crown shares were down 1.85% to $13.27. Packer’s private company, Consolidated Press Holdings, says it has agreed to sell about 35 million shares for about $450 million. This will leave Packer with 48.2% of Crown, just short […]
James Packer is selling down his share of Crown
Markets

Crown casino shares are on a tear

Shares in James Packer’s Crown Resorts soared after the casino group announced a restructure into three new companies. A short time ago, the shares were up 14% to $12.840. Billionaire Packer, who owns 53% of Crown Resorts, has made no secret that he thinks the casino returns have been substandard. […]
Crown casino shares are on a tear
Markets

James Packer’s casino empire is being broken up

Billionaire James Packer’s Crown Resorts is being split to isolate the struggling Macau business and break free the cash machine of the Australian casinos and associated property holdings. A demerger will pull together the Melbourne and Perth casinos, the planned resort in Sydney and online gaming. A separate company would […]
James Packer’s casino empire is being broken up
Markets

James Packer isn’t going to make his money back from Macau this year

Shrinking revenue from gaming in Macau, which has hit James Packer’s Crown Resorts, is unlikely to make a recovery this year. Standard & Poor’s says Macau’s better-than-expected gaming revenue numbers for February are not a sign of a rebound. The Gaming Inspection and Coordination Bureau released data showing gaming revenue […]
James Packer isn’t going to make his money back from Macau this year
Markets

James Packer’s casino profits took an 89% hit in Macau

James Packer’s Crown Resorts posted a flat 1.6% rise in half-year profits to $205.045 million on weak returns from Macau. Revenue was up 10.1% to $1.879 billion for the six months to December. However, Crown’s share of profits from Melco Crown Entertainment, the casino operator in Macau, were down 89% […]
James Packer’s casino profits took an 89% hit in Macau
Markets

Crown Resorts gets hit with an amended tax bill of $250 million

James Packer’s Crown Resorts is going to fight amended assessments from the Australian Taxation Office of $250 million. The bill, including primary tax and interest for the financial years ending June 2009 to 30 June 2014, relate to the tax treatment of some of the financing for Crown’s investment in […]
Crown Resorts gets hit with an amended tax bill of $250 million