Hospitality Leaders Hospitality Leaders Menu 0
Google Translate
Hospitality Industry News

Crown Resorts sells remaining Macau stake

Profile Photo By: Steve Shellum
May 9, 2017

Crown Resorts sells remaining Macau stake

Macau – 9 May 2017 –
Australian casino operator Crown Resorts has agreed to sell the remaining stake in its Macau venture for US$1.16 billion as the firm pursues a restructure amid a Chinese gambling crackdown.

Galaxy MacauMogul James Packer’s company will exit its holding in Melco Resorts by offloading a final 11.2 percent holding to joint-venture partner Melco International on May 15, the Australian-listed firm announced, Agence France-Presse reported.

“Crown Resorts will no longer hold an interest in Melco Resorts,” the company said in a statement.
The sell-down will complete a Macau exit for Crown, which late last year also shelved plans for a Las Vegas casino to concentrate on its Australian luxury hotel and casino business.

Crown has suffered from weakening demand in Macau following a Chinese corruption crackdown.

The casino operator had 18 staff members detained in China last year accused of organising banned gambling activities overseas for wealthy Chinese.

It has embarked on a management shake-up to energise local operations amid ailing turnover from high rollers visiting Australia.

The sale late last year of 13.4 percent of Melco Resorts for US$1.6 billion helped boost second-half profits after the firm reported a large fall in turnover from foreign VIPs.

The proceeds from the remaining Macau stake, which after a swap agreement amounts to US$987 million, will be used to reduce debt, the gaming firm said.



Uneingeschränkter Zugang

Erhalten Sie vollen Zugang zu Nachrichten aus Hotellerie und Gastgewerbe.

Jetzt anmelden. Kostenlos.
Oder importieren Sie Ihre Angaben aus