Crown Resorts Initiates Complete Withdrawal from Macau, Sells Remaining Shares to Melco International

Crown Resorts Initiates Complete Withdrawal from Macau, Sells Remaining Shares to Melco International

Crown Resorts will divest it self of its staying shares 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 off on Macau, but the Asia arrests were the final nail in the coffin. Could Crown's current strategies be part of a plan to go into a completely new market.

The news headlines comes very nearly exactly one after Packer's Crown Resorts 21 dukes casino bonus codes 2015 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 hardly have already been worse. After very nearly two years of tumbling revenues in Macau, Crown Resorts wanted to rein in its expansion that is international and its contact with the gambling hub so that you can 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 seemingly unassailable prosperity for Macau, the other of the fastest-growing economies on the planet, weren't providing the comes back he expected.

'I don't think any of the operators could have predicRead more