Crown Resorts plans to split its international business into a new listed vehicle with the intention of launching an IPO of several of its Australian resorts.
AUSTRALIA CASINO OPERATIONS Crown to Split Away International Business
Crown’s share in Macau operator Melco Crown will be placed into a new international holding company, along with its Las Vegas investment in Alon, it’s 50 per cent share in British casino operator Aspers and its stake in Caesars Growth Partners, according to Crown’s latest plans.
Crown Resorts will keep the company’s casinos and hotels in Melbourne and Perth and the hotel and casino under development at Sydney’s Barangaroo precinct. It will also retain Betfair Australasia and its 62 per cent stake in online bookmaker Crownbet. James packer, who owns 53 per cent of the company, will no longer be employed as an executive of Crown Resorts, nor will he take a wage although he will continue to be focussed on Crown Resorts’ businesses, in particular continuing as the Deputy Chairman of MCE and optimising Crown Resorts’ capital structure/cost of capital and returns. He will also have a key focus on Crown Resorts’ online strategy.
“I am fully supportive of the board’s decisions today,” Mr Packer said. “Crown is one of Australia’s most successful tourism and leisure company’s and I am extremely proud of what we have achieved with our resorts in Australia,
Macau/Spain
MelcoLot and Melco International Development have jointly announced that their share deal for a casino bid near Barcelona in Spain has been terminated due to uncertainty related to the tender process. “As the timetable of the tender process for the casino authorisation and the development of the project remain relatively uncertain in the current political situation in Catalonia… Melco and MelcoLot agreed to immediately terminate the share purchase agreement.” Melco Property is one of the bidders for the gaming license to develop a hotel and casino complex in BCN World. Conditions for the deal required that Melco Property should be granted a gaming license from the Catalan government before June 30 this year. But the two parties in January disclosed that the tender process was clouded with uncertainty given the current political situation.
but also across Asia. Tis new corporate structure, well positions Crown for the next decade as we continue to grow our business and meet the needs of the Asian middle class.”
Crown Resorts’ Chairman, Mr Robert Rankin, added: “We are pleased to announce that the Board has endorsed a number of initiatives designed to maximise shareholder value and ensure a more efficient ownership structure for the group’s assets.” “Te Board has for some time been looking to address what we believe to be a material undervaluation by the market of Crown Resorts’ assets, due to a traditional consolidated (or amalgamated) structure. In particular, we believe that Crown Resorts’ extremely high quality Australian resorts are not being fully valued and the Crown Resorts share price has been highly correlated to the performance of its investment in Macau.”
“Te proposed demerger reflects the different nature of Crown Resorts’ controlled Australian operating assets from its international investments. It will provide investors with greater investment choice and transparency on the underlying quality of all of Crown Resorts’ assets,” he added.
AUSTRALIA – TCSJohnHuxley is launching the media module of its Gaming Floor Live platform at Casino Canberra, owned by Aquis Entertainment, in Australia. The casino will be linking together over 30 tables that feature Baccarat and Roulette, with the ability to also feature Blackjack and Money Wheel games. Full screen media content will be displayed on TCS John Huxley’s e-FXT 27” Landscape and 29” portrait displays. Results can also be displayed using the latest Multi Table Display on any size LCD monitors throughout the casino that are connected to the system.
Before the introduction of GFL Media, casinos had to use various different systems to control and update their media. But thanks to the GFL Media module, every display can now communicate, collecting real-time results from the game and pushing out media and event content for display. By linking together previously stand-alone casino displays, operators can now alter, schedule, customise and configure displays from one central point through a browser-based user interface. This saves time and valuable resource, allowing for quick and efficient display changes to be made and eliminating the need for physical configuration of each individual screen.
CHINA –Wynn Macau has announced it will open its new resort, Wynn Palace, in the Cotai area of Macau on August 22, 2016. The company expects that the opening of Wynn Palace will help launch a new era of prosperity for Macau, attracting more international tourists to the city and further supporting its development as a world center of tourism and leisure.
China
Macau tightening rules on foreign employees Te Macau government wants to encourage casinos to promote local workers into management positions by tightening its visa policy on ex- pats and the issue of so-called ‘blue cards’. Te Human Resources Office of Macau confirmed it can refuse requests for renewals of foreign casino executives’ working visas if ‘local workers hat can fulfil the necessary conditions to perform managerial roles.’ Te office said: “In assessing requests by the six casino operators – and bearing in mind that these have been in activity for several years – we consider these firms already present enough conditions to promote local workers.”
Brokerage firm Sanford Bernstein added: ““Blue card renewal applications for management level (i.e., managers, senior managers, directors, etc.) are becoming more difficult. Several senior managers at various operators have noted this difficulty as the Macau government is pushing for more locals to be promoted into managerial roles. Te worry with respect to this issue is less about cost escalations (which we see as having been moderate), but with respect to quality and experience of managers.”
Macau locals already make up over 80 per cent of all manager-and- higher employment positions, as well as 96 per cent of all casino-specific employees.
The second luxurious integrated resort in Macau by Steve Wynn, Chairman and CEO of Wynn Resorts, features a 28-storey hotel with 1,700 well- appointed rooms, spectacular, large-scale floral displays, superbly designed gaming spaces, versatile meetings facilities, an opulent spa and salon, renowned luxury retail and gourmet dining outlets.
PHILIPPINES – Pacific Seaboard Leisure and Entertainment has been selected as the master licensor for the Philippines’ newest gaming jurisdiction APECO (Aurora Pacific Economic Zone and Freeport Authority) which will focus initially on issuing online gaming licences. It aims to challenge the existing hubs of Manila and the Cagayan Economic Zone Authority, where First Cagayan Leisure and Resort Corp is overseeing a similar role.
The cost of online operation will be US$40,000 each year both for online casinos and live dealer gaming. Gaming tax will be set at two per cent of Gross Gaming Revenue or a US$5,000-minimum levy per table. APECO said that at later date there would be ‘no limit’ on the number of land-based casinos that could be allowed in the zone.
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