However, Crown shares shot up 13% equivalent to more than AUD$1 billion ($739 million) on Thursday, the day after the demerger announcement. Crown's share prices fell over recent months, dragged down by more than two-years of casino underperformance in Macau, in turn prompted by economic cooling in China and a corruption crackdown by Beijing.Ĭrown reported a net profit of AUD$525.5 million ($388 million) for the year ended 30 June 2015, down 17.9%, and blamed “weak market conditions in Macau” in its annual report. The distancing of the Macau assets is likely to please shareholders eyeing their dividends. Packer and the board and management for Melco Crown Entertainment (MCE) within the new separate holding company, would control luxury resorts including: City of Dreams (pictured) and Altira in Macau plus a network of niche gaming facilities in the Mocha Clubs business a 60% stake in Studio City an entertainment, retail and gaming resort in Cotai as well as a 73% interest in the operator of City of Dreams Manila.Ĭrown wants to bundle MCE with its other international assets into the new off-shoot entity:Ĭrown's investment in the 14ha vacant Alon casino site on the Las Vegas Strip, with project design and construction contracts pending after planning approval lodged, to open in 2018.Ĭrown's 20% holding in Nobu, which operates 13 owned Japanese restaurants in the United States, London and Tokyo, 17 international licenced restaurants and two hotels in Las Vegas and Manila.Ĭrown's 50% holding in Aspers, which runs four casinos in the United Kingdom – London, Milton Keynes, Northampton, and Newcastle.Ĭrown's investment in Caesars Entertainment Corporation. Australian casino firm Crown Resorts plans to spin-off its international investments, including its underperforming AUD$2.7 billion ($2 billion) interests in the Chinese gaming capital Macau, into a separate listed company.įormer chairman James Packer, son of the late media mogul Kerry Packer, remains the majority controller of Crown Resorts with a 53% stake.
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