Saturday, July 02, 2022

Crown’s asset separation may face delays

James Packer’s plan to separate some of Crown Resorts’ domestic assets from its international assets may take longer than the initial nine-month time frame given by chief executive Rowen Craigie in June, local media reports.

In June 2016, the casino operator announced it was considering setting up a new listed company to host some of its domestic assets to separate it from its international assets.

The operator made the announcement in a press release on June 15 - which set out a number of “major initiatives to enhance shareholder value.”

As well as pursuing a demerger of certain international investments in a separately listed holding company, the operator said in June that it also intends to “adopt a new dividend policy to pay 100 percent of normalized net profit after tax, effective immediately”, and to “explore a potential IPO of 49 percent interest in a property trust, which would own Crown Resorts’ Australian hotels (excluding Crown Towers Melbourne)...”

However, the recent arrest of 17 Crown Resort employees in China has (expectedly) thrown a spanner into the works, according to market commentators.

Asia Gaming Brief is a news and intelligence service providing up to date market information for worldwide executives on relevant gaming issues in Asia.

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