James packer las vegas cracked#
The gambling hub has suffered as the Chinese government cracked down on the flow of money out of the country and made examples of corrupt officials, many of whom were then reluctant to be seen splashing cash in Macau casinos. At its peak in 2013 the Chinese enclave generated total gaming revenue of $US45 billion, but this measure fell to a five-year low of $US28.9 billion in 2015, according to the Macau Gaming Inspection and Coordination Bureau. Macau is the largest gambling market in the world.
The move marks a huge retreat from the Macau market by Mr Packer. He is said to be intimately involved with the latest Crown strategic decisions, alongside Robert Rankin, Crown's chairman and the chief executive of CPH, the vehicle through which Mr Packer owns his Crown stake. The 49-year-old, whose wealth was last estimated by the BRW Rich List to be $5 billion, is currently in Argentina. Mr Packer, who owns 48 per cent of Crown, will get an immediate cash injection of $240 million from the distribution of the proceeds. Shares in James Packer's Crown Resorts have fallen since its results.
The sale to Melco International Development will generate $1.6 billion, which Crown will use to pay down debt of $800 million, fund a special dividend to shareholders of $500 million and a share buyback of $300 million. In a separate statement to the ASX Crown said it was "exploring potential options to monetise part of its residual shareholding in Melco Crown" and requested a trading halt. If the entire sale of Crown's Melco stake goes through, Crown's wagering businesses outside Australia will include the Crown Aspinall's Casino in London and Texas-based online social wagering company DCN Games.Ĭrown said it had agreed to sell 198 million Melco Crown shares to Melco International Development, the vehicle controlled by Mr Ho, the son of gambling pioneer Stanley Ho, which represents 13.4 per cent of the company.
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