Crown Resorts will divest itself of its shares that are remaining Melco Resorts and Entertainment, the organization that 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 were the nail that is final the coffin. Could Crown’s recent strategies be part of a plan to move into a completely new market.
The news 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 International from 34.3 percent to 27.4 percent. This ended up being just five months after the opening of Melco Crown’s long-awaited $4.5 billion Studio City resort.
In hindsight, the timing could hardly have already been worse. After very nearly two years of tumbling revenues in Macau, Crown Resorts desired to rein in its worldwide expansion and reduce its exposure to the gambling hub to be able to concentrate on projects closer to home.
Timing is Everything
Packer’s Asian dream had unsuccessful, shattered by Beijing’s anti-corruption drive of 2014. The Melco Crown properties, cooked up in a climate of seemingly prosperity that is unassailable Macau, the other of this fastest-growing economies in the world, were not providing the comes back he expected.
‘I don’t think some of the operat Leia mais