Crown Resorts

For pre-2007 company history, see Publishing and Broadcasting Limited.
Crown Resorts Limited
Public
Traded as ASX: CWN
Industry Gaming, Tourism
Founded 31 May 2007[1]
Headquarters Crown Casino and Entertainment Complex
Southbank, Melbourne, Australia
Key people
 James Packer - Executive Chairman[2]
Rowen Craigie - Chief Executive Officer and Managing Director[3]
Revenue Increase A$2.3 billion 2008-09 [4]
Subsidiaries Crown Melbourne Limited, Burswood Limited
Website www.crownlimited.com

Crown Resorts Limited is one of Australia's largest gaming and entertainment groups which had, at June 2010, a market capitalisation of just over A$6 billion.

The company was established in 2007 when Publishing and Broadcasting Limited (PBL) divested its gaming assets to Crown Limited. PBL was renamed to Consolidated Media Holdings, retaining all of the remaining assets.[5]

In 2008, Crown attempted to enter the Las Vegas gambling market by acquiring a 19.6 per cent stake in Fontainebleau Resorts for US$ 250 million, which resulted in a total loss the following year when other investors withdrew US$ 800 million financing, resulting in bankruptcy applications.[6] This was one of a succession of similar major losses in Gateway Casinos, Harrah's Entertainment and Station Casinos from which a total of $547.5 million was written off.[7]

Crown wholly owns and operates two of Australia’s leading gaming and entertainment complexes, Crown Casino and Entertainment Complex in Melbourne and Crown Perth, formerly the Burswood Entertainment Complex, in Perth.

In September 2013, the Sri Lankan government gave approval to Packer to invest in a two tower building in the heart of the Sri Lankan capital Colombo. The project was to be completed by 2015. However when a new government took office, President Maithripala Sirisena canceled all three casino licenses awarded by the previous administration; including the Crown Resorts project. [8]

Holdings

Gallery

Philanthropy

The company's Crown Resorts Foundation makes grants to the arts, community welfare, education, health care and the environment. In July 2014 Crown's chairman and largest shareholder James Packer launched a new initiative, the National Philanthropic Fund, to which his family foundation, and the Crown foundation would each contribute $100 million over ten years to support community projects in Australia.[13]

References

External links