Crown Resorts will divest it self of its remaining stocks in Melco Resorts and Entertainment, the company 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 China arrests had been the final nail in the coffin. Could Crown’s present strategies engage in a plan to move into a market that is completely new.
The news comes very nearly exactly one year after Packer’s Crown Resorts made the shock decision to cut its stake in the company it had created jointly with Lawrence Ho’s Melco International from 34.3 percent to 27.4 %. 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 scarcely were worse. After nearly two years of tumbling profits in Macau, Crown Resorts desired to rein in its expansion that is international and its contact with 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, prepared up in a climate of seemingly prosperity that is unassailable Macau, the other of the fastest-growing economies on earth, weren’t providing the returns he expected.
‘we don’t think some of the operators could have predicted what has hap (more…)