Thursday 15. December, 2016

Crown Resorts to Sell Off Macau Stake

Major Australian gaming company, Crown Resorts has announced its plans to sell off a major stake in its Macau casino business and cancel plans for its Alon project in Las Vegas as it turns its focus back on its local Australian businesses.

A major crackdown on gambling and corruption in China, resulting, in October, in the arrest of eighteen Crown employees, including three Australians, who were held in Shanghai for violating gambling regulations, has thrown Crown’s profits and expansion plans into chaos.

“There’s no doubt that those arrests changed everyone’s outlook for the sector,” stated Angus Gluskie, portfolio manager at White Funds Management, which holds shares in Crown. “It’s not as easy as it previously looked.”

According to Crown, turnover from their VIP program at Australian resorts was 45 percent lower for the first half of the 2017 financial year than the previous year and total revenue in the same period had fallen by around 12 percent.

The company has announced that it will sell off almost half of its shares in the underperforming Melco Crown Entertainment to raise $1.6 billion. The proceeds will allow them to cut debt, pay a $500 million special dividend and make a share buy-back of around $300 million possible.

“The transaction will enable investors and analysts to more easily evaluate the financial and operating performance of the company’s high quality core Australian assets,” read a statement from Crown Resorts Chairman Robert Rankin to the stock exchange.

Crown will also no longer pursue plans to build the Alon casino project in Las Vegas and may sell it. The company has not elaborated on its scrapped Las Vegas plans, but this was their third attempt to break into the famous casino city.


All new Australian players get 130 free spins and bonuses up to €1000 on the first three deposits.


Get 30 free spins and 4 welcome bonuses to a total value of $1400 as a new Australian customer!


New Australian players get 35 free spins on Spiñata Grande and a 100% welcome bonus up to $200!

400% BONUS

As a new Australian customer, deposit €100 and you will get €500 to play for!


Get a €10 exclusive bonus on your first depost and get 10% top-up on your winnings or 10% cashback on your losses the first week.


Get 50% of the deposit you make in free spins! Deposit $400 in order to get 200 free spins! Also, 100% bonus on your first deposit!

$500 BONUS

Join All Australian Casino and get a 100% bonus up to $500 as a new Australian customer!


As a new Australian player, you get 50 free spins and a 200% welcome bonus!


Get up to $1000 in bonus on your first four deposits. Also, 180 free spins to all new Australian players!


Get 100 free spins on Starburst and a first deposit bonus worth up to $400 as a new Australian player!

PokiesPedia was last updated:
April 16, 2017

Receive 100 Free Spins Now!

Receive 100 Free Spins Now!

Join our mailing list to receive 100 free spins instantly and the best bonus offers for Australians!

You have Successfully Subscribed!