Crown Resorts

Last updated

Crown Resorts Limited
Company typeSubsidiary
Industry Gaming, tourism
Predecessor Publishing & Broadcasting Limited
Founded31 May 2007;17 years ago (2007-05-31) [1]
Headquarters Southbank, Melbourne, Australia
Key people
Ciarán Carruthers (Chief Executive Officer) [2]
RevenueIncrease2.svg A$8.71 billion (2020-21) [3]
Parent Blackstone
Subsidiaries Crown Melbourne
Crown Perth
Crown Sydney
Crown London Aspinalls
Nobu
Website crownresorts.com.au

Crown Resorts Limited is an Australian gaming and entertainment group that owns and operates various entertainment complexes, including Crown Melbourne, Crown Perth and Crown Sydney. It was listed on the Australian Securities Exchange until purchased by Blackstone in June 2022.

Contents

History

2000s

Crown Melbourne serves as the global corporate headquarters. Melbourne Yarra River of City South & North Bank.jpg
Crown Melbourne serves as the global corporate headquarters.

The company was established in 2007 when Publishing & Broadcasting Limited (PBL) divested its gambling assets to Crown Limited. PBL was renamed Consolidated Media Holdings, retaining all of the remaining assets. [4]

In December 2007, Australian gambling company Crown Limited agreed to buy Cannery Casino Resorts (CCR) for $1.75 billion. [5] The agreement was ended in March 2009, however, with Crown instead buying a 24.5 percent stake in the company for $370 million, and paying a $50 million termination fee. [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]

2010s

In September 2013, the Sri Lankan government gave approval to Crown's then chairman and largest shareholder, James Packer, to invest in Crown Sri Lanka 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 cancelled all three casino licenses awarded by the previous administration; including the Crown Resorts project. [8]

In August 2014 Betfair completed the sale of their 50% stake in Betfair Australia to venture partner Crown Resorts. [9]

On 5 August 2014, Crown bought the site of the New Frontier Hotel and Casino on the Las Vegas Strip for $280 million with the intent to build a new hotel beginning in 2015. [10]

In December 2014, James Packer signed a deal with Matthew Tripp, which gained Packer control over Tripp's online betting platform BetEasy. [11]

On 26 June 2015, Crown officially announced that the new $6 billion hotel, called Alon Las Vegas, was to be located on the former New Frontier site and to open in 2018. [12] Crown announced in December 2016 that it was halting the project and seeking to sell its investment. [13]

In October 2015, Crown acquired a 20 per cent stake in restaurant and hotel company Nobu for US$100 million. [14]

In 2016, ground broke on Crown Sydney and was scheduled to open in 2020, which was planned for sometime thereafter the 14 December. [15]

In February 2017, Barry Felstead replaced Rowen Craigie as CEO of Crown Melbourne. On 21 March 2018, James Packer resigned as an executive chairman of Crown Resorts. [16]

In May 2019, Packer agreed to sell 20% of Crown's shares, representing nearly half his personal stake in the company, to Melco Resorts & Entertainment, for A$1.76 billion (US$1.22 billion). Melco is led by Lawrence Ho, Packer's former joint venture partner in Melco Crown Entertainment. [17] On 8 August 2019, the gaming regulator in the state of New South Wales (NSW), the Independent Liquor and Gaming Authority (ILGA), announced that it was conducting an inquiry into Melco's deal for Crown's shares [18] based on new information that Lawrence Ho was until 28 June 2019 a director of a company with which Crown was forbidden to associate. [19] The inquiry will also look into allegations made on a recent broadcast of Australia's 60 Minutes television program.

2020s

In December 2020, due to ongoing inquiry in the Supreme Court of New South Wales, Crown Sydney was granted a temporary liquor licence and allowed to open its accommodation, dining and bar facilities - pending court findings expected at the beginning of February 2021; this licence was valid until 30 April 2021 and did not allow for the opening of any gaming floors and/or associated gambling activities in any capacity. Therefore a soft opening of several restaurants, and accommodation facilities resulted in the final days of 2020, with more opening in the new year. [20] In February 2021, Supreme Court Justice findings informed that Crown Limited were deemed "unsuitable" to operate in the state of NSW without significant cultural, operational and managerial change - but that the NSW government body, the Independent Liquor and Gaming Authority (ILGA) would ultimately have the final say; [21] the ILGA report (penned to the NSW Parliament) reinforced these findings, leaving Crown Sydney's gaming operations' debut stalled indefinitely whilst also turning the future of Crown in Australia somewhat of a gamble. [20] [21] [22] The relevant Member of Parliament for NSW stated their response would come after scrutiny of said report, whilst Crown Resorts Limited inferred mutual scrutiny with no mention of when a statement would be released to the public. [22]

In December 2021, Crown announced plans to premier the gambling element within its Crown Sydney development ‘early in the new year’. [23]

In February 2022, Crown Resorts accepted a A$8.9 billion takeover offer from US private equity firm Blackstone. [24] The deal was approved by the Federal Court of Australia in June 2022 and Crown was delisted from the Australian Securities Exchange. [25] [26]

In July 2024, Crown sold its stake in Nobu to a Blackstone portfolio company for US$180 million (A$266 million). [27]

Holdings

Former

Crown Rewards

Crown Rewards is the loyalty program for Crown Melbourne, Crown Sydney and Crown Perth. [37] The program features five different tiers (member, silver, gold, platinum, and black). Everyone starts at the member tier and can upgrade their card when they attain a certain amount of status credits. Membership status is reviewed every six months and cards can be downgraded due to inactivity. [38] Status credits can be earned by accumulating points. Either 500 casino points or 1,500 lifestyle points form one status credit. [38] Casino points are earned when a player inserts their reward card into a poker machine or when they hand their Crown Reward card to the croupier. When earning lifestyle points, every dollar spent on hotels, restaurants, bars, retail, or events earns 5 points. [38] Points can also be redeemed without effecting the user's ability to earn status credits with 100 points usually equaling a $1 reward. [38]

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. [39]

Controversies

Illegal advertising

In April 2016, the company's joint venture with Matthew Tripp, CrownBet pleaded guilty to five counts of breaching laws by publishing illegal betting advertising that offered inducements for NSW residents to gamble. [40] [41] [42] [43] According to NSW Department of Justice, CrownBet "sought to have the matters finalised without conviction in Downing Centre Local Court yesterday but Magistrate Joanne Keogh said convictions were necessary for general deterrence to others in the industry and to protect the vulnerable. CrownBet was convicted of the five offences and ordered to pay a total of $10,500 in fines and also ordered to pay Liquor & Gaming NSW legal costs of $10,000." [40] [42]

60 Minutes 'Crown Unmasked'

In July 2019, Nine Network's investigative TV program 60 Minutes aired a report titled Crown Unmasked which made allegations that Crown had violated Chinese law by promoting its casinos to mainland gamblers. [44] The investigation, which was assisted by The Age and the Sydney Morning Herald newspapers (which became sister businesses of Nine Network after Nine Entertainment acquired Fairfax Media in 2018) and featured comments from former Crown employees, also questioned Crown's relationships with certain junket operators — the middlemen who help recruit VIP gamblers and act as credit agents to get around China's capital controls — that have been linked to Hong Kong's triads. [45] The investigation also revealed the existence of an arrangement with Australia's Department of Home Affairs to speed up processing of short-stay visa applications by Crown's VIP gamblers. [46] Crown denied the report's claims, publishing advertisements in local newspapers calling the investigation “a deceitful campaign” that relied on “unsubstantiated allegations, exaggerations, unsupported connections and outright falsehoods.” [47] Federal and state authorities, including the Australian Commission for Law Enforcement Integrity and the Australian Criminal Intelligence Commission, have opened probes into the allegations. [48]

Government inquiries

In February 2021 an inquiry by New South Wales deemed crown unfit to hold a gaming license. Meaning that gaming would not be allowed at Crown Sydney saying that Crown facilitated hundred of millions of dollars worth of money laundering in Crown Perth and Crown Melbourne. And that junket operators who brought high-rollers in were linked to organized crime. It also stated Crown used a $2 shell company Riverbank Investments Pty Ltd and another company called Southbank for money laundering. [49] On 22 February 2021 it was also reported that Victoria would establish a royal commission into Crown Melbourne. [50] Western Australia has also announced an inquiry into Crown and has banned Crown from using overseas junket operators in Crown Perth. [51] [52]

In March 2022 the Royal Commission issued its final report [53] concluding that the company is unsuitable to run its Perth casino, but was given two years to return to suitability under the watch of an independent monitor. [54] Crown Resorts responded in a statement released to the Australian Stock Exchange, acknowledging the findings and promising to work with the government to reach compliance. [55]

In May 2022, Crown Resorts was fined $80m for illegally accepting Chinese bank cards in its casino in Melbourne. The transactions were falsely classified as hotel services. This fine ensured that Crown Resorts was stripped of its revenue derived from the process. [56]

Internal investigations

In December 2023, the company launched an internal investigation into allegations that its chief executive officer, Ciaran Carruthers, had intervened and permitted patrons to gamble despite them having been blocked by security. The first alleged incident occurred on 25 November 2023 when Carruthers was claimed to have allowed an intoxicated woman access the Victoria facility's gaming floor. The second incident alleges he allowed a patron into the premises who has been subject to a one-year ban for bringing a minor into a casino area. [57] Chief Legal and Compliance Officer for Crown Resorts Limited, Anthony Pearl, confirmed the internal review in accordance with "governance protocols" that were laid down in reform recommendations from the company's 2021 license review. [58]

In February 2024, the internal investigation ended, and Carruthers was cleared of the allegations. [59] The Victorian Gambling and Casino Control Commission had been conducting its own probe into the alleged actions of Carruthers but told the Australian Financial Review it is satisfied with Crown Resorts Limited’s handling of the matter. [60]

See also

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References

  1. ↑ Crown Resorts Limited Archived 6 July 2011 at the Wayback Machine at ASIC National Names Index
  2. ↑ Senior Management Crown Resorts
  3. ↑ "Crown Limited Annual Report 2015" (PDF). Crownresorts.com.au. Retrieved 7 August 2016.
  4. ↑ "PBL Scheme and Demerger Scheme – Market Update" (PDF). 30 November 2007. Retrieved 16 December 2007.
  5. 1 2 Stutz, Howard (13 March 2009). "Plan to buy Cannery Casino Resorts falls apart". Las Vegas Review-Journal. Retrieved 23 March 2012.
  6. ↑ Carson, Vanda Packer's US casino gamble in $250m loss Sydney Morning Herald , 11 June 2009
  7. ↑ Tabakoff, Nick Why James Packer attracts so much publicity The Australian Business, 7 March 2009
  8. ↑ "Sri Lanka's new government cancels new casino licenses". News.worldcasinodirectory.com. 3 February 2015. Retrieved 7 August 2016.
  9. ↑ "Betfair sells 50pc stake in Australian business". 13 August 2014. Retrieved 23 March 2014.
  10. ↑ Gardner, Jessica; Thomson, James (5 August 2014). "James Packer snaps up Las Vegas site". Sydney Morning Herald. Retrieved 7 August 2016.
  11. ↑ "James Packer to Work in Collaboration With Matthew Tripp". Casino News Daily. 17 December 2014.
  12. ↑ "Vision for Alon Las Vegas, resort on former New Frontier site, is filed with county". Vegas Inc. 26 June 2015. Retrieved 7 August 2016.
  13. ↑ "Alon management exploring options after loss of backer". LasVegasSun.com. 15 December 2016. Retrieved 15 December 2016.
  14. ↑ Gardner, Jessica (28 October 2015). "James Packer and Robert De Niro in Nobu restaurant joint venture". Australian Financial Review. Retrieved 16 November 2020.
  15. ↑ Smith, Alexandra; Gorrey, Megan (9 October 2020). "Crown to open Barangaroo casino before licence decision". The Age. Retrieved 9 February 2021.
  16. ↑ Williams, Perry (21 December 2015). "James Packer resigns as director of Crown Resorts". The Sydney Morning Herald . Archived from the original on 23 July 2018. Retrieved 23 July 2018.
  17. ↑ Nainan, Nikhil; Master, Farah (30 May 2019). "Casino operator Melco to buy 20% of Crown Resorts from billionaire..." Reuters. Retrieved 8 August 2019.
  18. ↑ "NSW Independent Liquor and Gaming Authority inquiry into Barangaroo restricted gaming facility licensee and its close associates". Liquor & Gaming Authority NSW. 8 August 2019. Retrieved 8 August 2019.
  19. ↑ Davies, Anne; Butler, Ben (8 August 2019). "Packer sold share of Crown Resorts to tycoon who was director of 'banned' company". The Guardian. Retrieved 8 August 2019.
  20. 1 2 "Crown Sydney to commence first non-gaming operations on 28 December after regulator grants interim liquor license". IAG. 16 December 2020. Retrieved 9 February 2021.
  21. 1 2 "Casino in $2.2b Sydney skyscraper may never open after Crown deemed unsuitable for licence". www.abc.net.au. 9 February 2021. Retrieved 9 February 2021.
  22. 1 2 "Crown Sydney gaming licence 'should be revoked'". NewsComAu. 9 February 2021. Retrieved 9 February 2021.
  23. ↑ "Crown Resorts Limited Looking to Open Crown Sydney Casino 'Early in the New Year'". 30 December 2021. Retrieved 22 January 2022.
  24. ↑ Brumpton, Harry; Vercoe, Peter (13 February 2022). "Blackstone Wins Crown Resorts With $6.4 Billion Takeover Bid". Bloomberg.com. Retrieved 15 October 2023.
  25. ↑ Court rubberstamps Blackstone takeover of Crown, James Packer to get $3.36b payday ABC News 15 June 2022
  26. ↑ Crown Resorts Limited - Suspension of Fully Paid Ordinary Shares from Official Quotation Australian Securities Exchange 15 June 2022
  27. 1 2 Lenaghan, Nick; Cranston, Matthew (11 July 2024). "Crown offloads Nobu stake in deal valuing restaurant group at $1.3b" . Australian Financial Review. Retrieved 13 July 2024.
  28. 1 2 3 4 5 6 "About Us". Crown Resorts. Retrieved 16 October 2023.
  29. ↑ "PBL announces split into separate listed gambling and media companies" (PDF). 8 May 2007. Archived from the original (PDF) on 27 September 2007. Retrieved 16 December 2007.
  30. 1 2 Fildes, Nic (14 February 2022). "Crown Resorts recommends Blackstone's $6.4bn bid". Financial Times. Retrieved 15 October 2023.
  31. ↑ Gardner, Jessica (13 August 2014). "Crown buys rest of Betfair for $10m". The Sydney Morning Herald. Retrieved 15 October 2023.
  32. ↑ Menmuir, Ted (17 August 2015). "Crown Resorts enters Social Gambling space with $27.5 million DGN Games acquisition". SBC News. Retrieved 16 October 2023.
  33. ↑ Toscano, Nick (31 August 2018). "Packer's Crown targeting Millennials with gamer pokies". The Sydney Morning Herald. Retrieved 16 October 2023.
  34. 1 2 "Crown Limited - About Crown". Archived from the original on 16 September 2009. Retrieved 2009-01-03.
  35. 1 2 "Crown Confirms it is in Discussions To Develop an Integrated Resort in Sri Lanka" (PDF). Asx.com.au. Retrieved 7 August 2016.
  36. ↑ "James Packer Wins Casino Deal in Sri Lanka". The Australian . Retrieved 7 August 2016.
  37. ↑ Cook, Riley (5 June 2022). "Crown Rewards: Does it Deserve a Throne?". Loyalty & Reward Co. Retrieved 12 March 2023.
  38. 1 2 3 4 "Benefits of the Crown Rewards Program Tiers - Crown Melbourne". Crown Melbourne. Archived from the original on 30 January 2017. Retrieved 10 November 2021.
  39. ↑ "James Packer leaves $200 million on the table". The Daily Telegraph. Retrieved 25 July 2014.
  40. 1 2 "James Packer's Crownbet Fined For Illegal Ads". The Australian . Retrieved 7 August 2016.
  41. ↑ "CrownBet convicted of illegal advertising". Skynews.com.au. 22 April 2016. Retrieved 7 August 2016.
  42. 1 2 "Crownbet Convicted of Illegal Advertising". Justice.nsw.gov.au. 22 April 2016. Retrieved 7 August 2016.
  43. ↑ "CrownBet Cops To Illegal Come-Hither Inducements | Online Gambling News". CalvinAyre.com. 26 April 2016. Retrieved 7 August 2016.
  44. ↑ "Crown Unmasked". 60 Minutes. 28 July 2019. Nine Network. Archived from the original on 12 December 2021.
  45. ↑ Butler, Ben (1 August 2019). "Victorian government orders investigation into Crown casino crime allegations". The Guardian. Retrieved 8 August 2019.
  46. ↑ Harris, Rob; Crowe, David (29 July 2019). "Home Affairs had an agreement to fast-track visa applications for Crown". The Age. Retrieved 8 August 2019.
  47. ↑ Kaye, Byron (1 August 2019). "Crown Resorts takes out newspaper ads in attack on 'deceitful campaign' | Financial Post". Reuters. Retrieved 8 August 2019.
  48. ↑ McKenzie, Nick; Toscano, Nick; Tobin, Grace (31 July 2019). "Crime agency reveals a major investigation into organised crime at casinos". The Age. Retrieved 8 August 2019.
  49. ↑ "Hundreds of millions believed laundered through $2 shell company at Crown Perth". www.abc.net.au. 10 February 2021. Retrieved 24 February 2021.
  50. ↑ "Victoria to establish royal commission into Melbourne's Crown casino". the Guardian. 22 February 2021. Retrieved 24 February 2021.
  51. ↑ "Third Australian state to hold powerful inquiry into Crown Resorts". Reuters. 22 February 2021. Retrieved 24 February 2021.
  52. ↑ "WA takes latest swipe at Crown". www.theaustralian.com.au. 23 February 2021. Retrieved 24 February 2021.
  53. ↑ "Perth Casino Royal Commission - Final Report". wa.gov.au. 24 March 2022. Retrieved 28 March 2022.
  54. ↑ "Crown Resorts Declared Unsuitable to Operate Perth Casino". 24 March 2022. Retrieved 28 March 2022.
  55. ↑ Perth Casino Royal Commission Report Released
  56. ↑ "Crown Resorts: Casino firm fined over illegal China dealings". BBC News. 31 May 2022. Retrieved 31 May 2022.
  57. ↑ "Crown Resorts Limited Initiates Independent CEO Probe". www.casinos.com. 14 December 2023. Retrieved 20 December 2023.
  58. ↑ "Crown Resorts found unfit to run casino in Western Australia but will not lose licence". www.theguardian.com. 24 March 2022. Retrieved 20 December 2023.
  59. ↑ "Crown Resorts Limited Probe Exonerates Ciaran Carruthers". www.casinos.com. 14 February 2024. Retrieved 15 February 2024.
  60. ↑ "Crown Resorts clears its CEO of law breaches". www.afr.com/. 8 February 2024. Retrieved 15 February 2024.
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