Packer Back on the Board at Crown ASIA & OCEANIA
James Packer returns to the Crown Resorts boardroom as Robert Rankin steps down during a financial and politically tense period for the business
Australian billionaire James Packer is back on the board of Crown Resorts having stepped down as Chairman in May 2015.
AUSTRALIA CASINO OPERATORS
SOUTH KOREA – New Silkroad Culturaltainment has announced that its casino at Jeju KAL Hotel, South Korea, has been officially renamed as “MegaLuck.” MegaLuck currently operates one roulette table, two black jack tables, 25 Baccarat tables and 24 electronic game machines.
After a series of acquisitions, New Silkroad now controls 72 per cent of MegaLuck which owns a gaming license on Jeju Island. MegaLuck has already started to make contributions to New Silkroad financially. It has recorded HK$17m in revenue for the first half of 2016, accounting for 14.8 per cent of the company’s total revenue.
New Silkroad formed a strategic alliance with Melco International in May 2016, whereby Melco provides planning, development and implementation advisory services for the new casino, as well as the preparation and marketing events for the casino’s commercial launch.
In addition, the company also took control of Macrolink Glorious Hill via a capital injection with the objective to develop the project under Glorious Hill into a mega integrated resort complex in South Korea, within which, a large-scale casino, to further expand the gaming and entertainment business of the company.
Paul Ng, Executive Director of New Silkroad said: “New Silkroad will see MegaLuck evolve into a world-class gaming and entertainment conglomerate with the highest standards in operations and internal controls among the industry, at the same time also enabling New Silkroad to grow and enhance its core value while we expand our business into the cultural tourism area, thereby broadening our income sources and enhance business growth.
CHINA –MGM China has announced that its $3.1bn MGM Cotai, an integrated casino, hotel and entertainment resort located in Cotai, Macau, is now expected to open during the second half of 2017. The company stated: “Given the complexity of the design of MGM Cotai and the company’s commitment to a successful opening that reflects the demands of the current market, the expected opening time of MGM Cotai will be adjusted from the second quarter of 2017 to the second half of 2017. However, ultimately, the final opening date of MGM Cotai will also be subject to obtaining the required government approvals.”
It is the third time MGM has delayed the opening initially scheduled for the last quarter of 2016. Designed as the jewellery box of Cotai, its casino will have space for 500 tables, although it’s not known how many it will be allowed to operate.
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James Packer’s return to Crown Resort’s board comes after a profit slump and major problems in China where 18 Crown employees were arrested on suspicion of breaking gambling laws. Crown has since halved its share in Macau operator Melco Crown. It has also pulled out of plans to develop Alon in Las Vegas.
Mr. Packer will also be addressing concerns that Crown’s planned $2bn casino at Barrangaroo in Sydney, which has been approved by the State Government, will be adversely affected by China’s crackdown on foreign casinos targeting VIP players.
James Packer and Robert Rankin have amicably and mutually agreed that Mr Rankin will step down as CEO of CPH effective February 1, 2017.
Mr. Rankin will also step down as the Chairman of Crown Resorts Limited (Crown) effective 1 February 2017, but has agreed to remain as a director of both Crown and Melco Crown Entertainment Limited Guy Jalland will be appointed as CEO of CPH.
CPH Chairman James Packer said: “Rob is a world-class Chief Executive who has done a very good job at CPH and Crown. I trust and
Imperial Pacific produces VIP turnover of US$32.4bn
Saipan
Imperial Pacific, which operates the temporary casino Best Sunshine Live on the island of Saipan, said its VIP table games rolling chip reached US$32.4bn in 2016.
To put that figure into perspective, VIP gambling turnover reported in 2015 by the Venetian Macao, a flagship property of casino operator Sands China Ltd in the Macau, was US$31.02bn. In 2015, Wynn Macau, then Wynn Macau’s only casino in Macau, reported annual VIP rolling chip turnover of US$57.89bn
Best Sunshine Live recorded its best ever month in September when its VIP chip turnover was $3.95bn closely followed by
respect him as much today as ever and we remain the closest of friends. We have had discussions about what makes the most sense for CPH and Rob personally, since the material announcements made by Crown late last year, including its sell-down in Melco Crown and its increased focus on its core Australian business. Tis realignment of corporate priorities, which Rob strongly endorsed and drove, coupled with his own professional and personal priorities based overseas, made this conversation, like all our conversations, straightforward. I look forward to working with Rob on the Board of Crown.”
Robert Rankin said: “Crown Resorts is an outstanding company and I have relished the opportunity to guide it during a rapidly changing period. Te next stage of development of Crown Resorts will be rightfully more focused on its outstanding Australian assets and, led by John Alexander, Crown Resorts has a very strong team in place to do that.”
Mr. Alexander said: “I am very pleased to be taking on the Chairmanship of Crown Resorts at this time, particularly given our recent announcements aimed at maximising shareholder value.”
October when it was $3.84bn.
“Te actual gain or loss of the temporary casino will be determined after the review by the company’s auditors upon finalisation of the consolidated financial statements of the group,” said Imperial Pacific in its filing. Te ‘temporary casino’ in Saipan was launched in November 2015 initially as a training centre whilst the permanent casino Imperial Pacific Resort was built. Te initial plan was to open before Chinese New Year at the end of this month however the operator has now said it will “open at the end of March” instead on January 28.
“Te construction of the group’s ‘Imperial Pacific Resort’ in Garapan, Saipan has been progressing smoothly, with over 2,000 workers working around-the-clock to ensure early completion,” Imperial said.
Australia
Te start of 2017 saw the results of Australia’s new Interactive Gambling Amendment Bill 2016 taking affect as online casino operators began to withdraw services to Australian citizens. Vera&John, which operates an English-language site geared towards Australian customers, was the first to inform its customers that it was removing Australian dollar games from its site. Te company emailed customers to explain that their accounts would be closed within a week as the service was no longer available in their jurisidction, clarifying that any funds which had not already been removed could be transferred to a preferred payment provider within the seven day period. However, as G3 went to press, Malta-based V&J is the only site to make such a move. Hundreds of online casinos still operate in Australia and readily accept AU$ bets.
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