Crown Resorts will divest itself of its staying shares 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 down on Macau, but the Asia arrests had been the nail that is final the coffin. Could Crown’s current strategies be part of a plan to maneuver into a completely new market.
The news headlines comes very nearly exactly one 12 months after Packer’s Crown Resorts made the shock decision to cut its stake in the company it had formed jointly with Lawrence Ho’s Melco Overseas from 34.3 percent to 27.4 %. This had been just five months after the opening of Melco Crown’s long-awaited $4.5 billion Studio City resort.
In hindsight, the timing could barely were worse. After very nearly two years of tumbling profits in Macau, Crown Resorts desired to rein in its expansion that is international and its exposure to the gambling hub so that you can 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 properties, cooked up in a climate of apparently unassailable success for Macau, the other associated with fastest-growing economies on the planet, were not providing the comes back he expected.
‘I don’t think some of the operators could have predic Læs videre “Crown Resorts Initiates Complete Withdrawal from Macau, Sells Staying Shares to Melco International”