Type Public Industry Gaming, Tourism | Traded as ASX: CWN | |
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Predecessor Publishing and Broadcasting Limited Founded 31 May 2007; 9 years ago (2007-05-31) Key people Robert Rankin - Executive ChairmanRowen Craigie - Chief Executive Officer and Managing Director Stock price CWN (ASX) A$ 11.65 -0.09 (-0.77%)3 Mar, 4:10 PM GMT+11 - Disclaimer CEO Rowen Bruce Craigie (Jan 2002–) Revenue 4.71 billion AUD (2014–2015) Profiles | ||
Crown Resorts Limited is one of Australia's largest gaming and entertainment groups which had, in June 2015, a market capitalisation of just over A$7.5 billion.
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Crown wholly owns and operates two of Australia’s leading gaming and entertainment complexes, Crown Casino and Entertainment Complex in Melbourne and Crown Perth, formerly the Burswood Entertainment Complex, in Perth.
History
The company was established in 2007 when Publishing and Broadcasting Limited (PBL) divested its gaming assets to Crown Limited. PBL was renamed to Consolidated Media Holdings, retaining all of the remaining assets.
In December 2007, Australian gaming company Crown Limited agreed to buy CCR for $1.75 billion. The agreement was ended in March 2009, however, with Crown instead buying a 24.5 percent stake in the company for $370 million, and paying a $50 million termination fee.
In 2008, Crown attempted to enter the Las Vegas gambling market by acquiring a 19.6 per cent stake in Fontainebleau Resorts for US$250 million, which resulted in a total loss the following year when other investors withdrew US$800 million financing, resulting in bankruptcy applications. This was one of a succession of similar major losses in Gateway Casinos, Harrah's Entertainment and Station Casinos from which a total of $547.5 million was written off.
In September 2013, the Sri Lankan government gave approval to Crown's chairman and largest shareholder, James Packer, to invest in Crown Sri Lanka in the heart of the Sri Lankan capital Colombo. The project was to be completed by 2015. However, when a new government took office, President Maithripala Sirisena canceled all three casino licenses awarded by the previous administration; including the Crown Resorts project. Ground broke in 2015 and will open in 2017.
In August 2014 Betfair completed the sale of their 50% stake in Betfair Australia to venture partner Crown Resorts, one of Australia's largest gaming and entertainment groups.
In August 2014, Crown bought the site of the New Frontier Hotel and Casino on the Las Vegas Strip with the intent to build a new hotel beginning in 2015.
In December 2014, James Packer signed a deal with Matthew Tripp, which gained Packer control over Tripp’s online betting platform BetEasy.
On 26 June 2015, Crown officially announced that the new hotel, called Alon Las Vegas, will be located in the former New Frontier site. Crown announced in December 2016 that it was halting the project and seeking to sell its investment.
In 2016, ground broke on Crown Sydney and will open in 2020.
In Feb 2017,Barry Felstead replaced Rowen Craigie as CEO Crown Resorts Melbourne.
Holdings
Former
Gallery
Philanthropy
The company's Crown Resorts Foundation makes grants to the arts, community welfare, education, health care and the environment. In July 2014 Crown's chairman and largest shareholder James Packer launched a new initiative, the National Philanthropic Fund, to which his family foundation, and the Crown foundation would each contribute $100 million over ten years to support community projects in Australia.
Illegal advertising
In April 2016, the company's joint venture with Matthew Tripp, CrownBet pleaded guilty to five counts of breaching laws by publishing illegal betting advertising that offered inducements for NSW residents to gamble. According to NSW Department of Justice, CrownBet "sought to have the matters finalised without conviction in Downing Centre Local Court yesterday but Magistrate Joanne Keogh said convictions were necessary for general deterrence to others in the industry and to protect the vulnerable. CrownBet was convicted of the five offences and ordered to pay a total of $10,500 in fines and also ordered to pay L&GNSW legal costs of $10,000."