• About Us
  • The Team
  • Advertise with Us

The latest news on the gaming industry in Asia

() () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () ()
  • Home
  • Macau
  • Philippines
  • Singapore
  • Japan
  • Rest of Asia
  • World
  • Industry Talk
  • Trends & Tech
  • iGaming
  • follow
    • Facebook
    • Twitter
    • RSS Feed
    • LinkedIn

Packer still Melco Crown co-chair on Crown board exit

Dec 21, 2015 Newsdesk Latest News, Top of the deck, World  


Packer still Melco Crown co-chair on Crown board exit

James Packer (pictured) is to remain as co-chairman of Asian casino developer Melco Crown Entertainment Ltd – despite stepping down as of Monday as a director of Australian casino firm Crown Resorts Ltd, an investor in Melco Crown.

The news was given in a filing on the day to the Australian Securities Exchange that confirmed Mr Packer would no longer be a director of Crown Resorts.

The entrepreneur would also remain co-chairman of Alon, a Las Vegas casino resort project, said the filing.

“If you want to build a globally iconic, integrated resort company then you have to be in Las Vegas and our team on the ground are working well and we are seeing good progress there,” Mr Packer was quoted saying in an interview with the Australian Financial Review, published on Sunday.

Mr Packer’s decision to step down as a Crown Resorts director comes only four months after he resigned as chairman, becoming an executive director instead. He was succeeded as chairman by former Deutsche Bank AG executive Robert Rankin. In November 2014, Mr Rankin had been named chief executive of Mr Packer’s private company, Consolidated Press Holdings Pty Ltd.

According to a recent note by Credit Suisse AG, Consolidated Press Holdings has a controlling 53.1 percent stake in Crown Resorts.

The latest Crown Resorts boardroom move occurs shortly after Bloomberg News reported that Consolidated Press Holdings had been talking with private equity investors and pension funds about a possible bid to take private some or all of Crown’s assets.

Crown Resorts’ debt-to-earnings ratio has recently been under scrutiny from the ratings sector and from some sell-side investment analysts.

In August Crown Resorts said its net profit for financial year ending June 30 was down 41 percent due to a slump in earnings from its Macau interests.

As of August Crown Resorts owned a 34.3-percent stake in Asian casino developer Melco Crown, which on August 7 reported an 83-percent decline in net profit for the second quarter of 2015.

Crown Resorts had on Thursday said it was unaware of any potential bid for its assets, while Consolidated Press Holdings said it hadn’t made any offer.

“Now is the right time for me to focus my endeavours on my new role with Crown [Resorts],” Mr Packer said in Monday’s filing. “I intend to devote my energies to a number of key development projects in Sydney, Melbourne and Las Vegas as well as Crown’s online platforms.”

The Australian Financial Review quoted Mr Packer saying he found it “frustrating” that there had not been better progress on planning permissions for his AUD$2-billion (US$1.4-billion) Crown Sydney casino project at Barangaroo in New South Wales.

A report in Sydney’s Daily Telegraph newspaper in October said that delays to some ground preparation work for Crown Sydney could cause the opening of the project to be delayed past its permitted operational start of late 2019, “to 2020 or beyond”.

Mr Rankin, the Crown Resorts chairman, said in Monday’s filing there was still the possibility of Mr Packer returning to the Crown Resorts board.

“James will continue to have a very active involvement in his new role and as the major shareholder of the company. And of course, as the major shareholder, it is open to James to return to the Crown [Resorts] board at some time in the future,” Mr Rankin said in the filing.


  • tweet
Related articles
  • Jay Chun to share Paradise Ent chair role with a banker
    Jay Chun to share Paradise Ent chair...

    Dec 23, 2022  

  • Landing suspends chairman over HK court proceedings
    Landing suspends chairman over HK court...

    Nov 21, 2022  

More news
  • Alvin Chau and prosecution appeal court sentence
    Alvin Chau and prosecution appeal court...

    Feb 08, 2023  

  • LVS ranked by S&P as most sustainable casino sector firm
    LVS ranked by S&P as most...

    Feb 08, 2023  


Latest News

Alvin Chau and prosecution appeal court sentence

Alvin Chau and prosecution appeal court sentence

Feb 08, 2023  

The defence and the prosecution have respectively appealed against a Macau court’s sentencing decision that encompassed Alvin Chau Cheok Wa, former boss of now-defunct Macau casino junket...
Read More
LVS ranked by S&P as most sustainable casino sector firm

LVS ranked by S&P as most sustainable casino sector...

Feb 08, 2023  

Crane aims to complete split into 2 listed entities by April 3

Crane aims to complete split into 2 listed entities by...

Feb 08, 2023  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Pick of the Day

"The company will scrutinise the [26 Capital] lawsuit and properly deal with it"

Universal Entertainment

Japanese firm that controls the Okada Manila casino resort in the Philippines



Most Popular

  • Macau mulls subsidy of up to US$62 per overseas visitorMacau mulls subsidy of up to US$62 per overseas visitor February 7, 2023
  • Macau early Feb average daily GGR higher than Jan: JPMMacau early Feb average daily GGR higher than Jan: JPM February 6, 2023
  • Ex-junket boss Levo Chan aimed to go to Taiwan: policeEx-junket boss Levo Chan aimed to go to Taiwan: police February 7, 2023
  • SPAC partner in Okada Manila listing sues Universal Ent sideSPAC partner in Okada Manila listing sues Universal Ent side February 7, 2023
Copyright 2014-2023 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us