Crown Resorts will divest itself of its remaining stocks in Melco Resorts and Entertainment, the business which was, until last month, known as Melco Crown. The move completes James Packer’s total withdrawal from Macau.
James Packer’s timing was off on Macau, but the Asia arrests had been the final nail in the coffin. Could Crown’s present strategies be part of a plan to move into a market that is completely new.
The news comes nearly precisely one 12 months after Packer’s Crown Resorts made the shock decision to cut its stake into the company it had formed jointly with Lawrence Ho’s Melco Global from 34.3 percent to 27.4 per cent. This was just five months after the opening of Melco Crown’s long-awaited $4.5 billion Studio City resort.
In hindsight, the timing could hardly have been worse. After nearly two years of tumbling profits in Macau, Crown Resorts desired to rein in its expansion that is international and its contact with the gambling hub to be able to concentrate on projects closer to home.
Timing is Everything
Packer’s Asian dream had failed, shattered by Beijing’s anti-corruption drive of 2014. The Melco Crown https://myfreepokies.com/21-dukes-casino/ properties, cooked up in a climate of apparently prosperity that is unassailable Macau, the other associated with fastest-growing economies in the world, weren’t providing the comes back he expected.
‘I don’t think any of the operators could have predicted what Continue reading Crown Resorts Initiates Complete Withdrawal from Macau, Sells Staying Shares to Melco International