Crown Resorts will divest it self of its staying 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 recent strategies be part of a plan to maneuver into a completely new market.
The headlines comes almost exactly one 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 year. This was just five months after the opening of Melco Crown’s long-awaited $4.5 billion Studio City resort.
In hindsight, the timing could barely have been worse. After nearly two years of tumbling profits in Macau, Crown Resorts wanted to rein in its international expansion and reduce its contact with 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, prepared up in a climate of apparently prosperity that is unassailable Macau, the other regarding the fastest-growing economies on earth, were not providing the comes back he expected.
‘I don’t think some of the operators could have predicted what has h Read More