Packer to surpass Macau revenues crisis

James Packer, investor of Crown Resorts, will adjust the company’s economy to face Macau’s decline.

Australia.- James Packer announced that Crown Resorts will divide its international investments to control the Australian assets from Macau revenues’ decline. The spin off includes US$2 billion stake in Macau casino operator, Melco Crown Entertainment.

“This new corporate structure, well positions Crown for the next decade as we continue to grow our business and meet the needs of the emerging Asian middle class,” explained Packer, who will still keep its position as deputy chairman of Melco.

Crown’s reduction of its Melco stake will take six to nine months to be finished as to gaming and casino businesses. The five freehold, non-gaming hotels demerger could take longer. Packer’s company will present immediately a policy to return all of its net income to shareholders through dividend payments.

Packer’s upcoming entity is set to house its development site in Las Vegas, a 20 per cent stake in Nobu, the Japanese restaurant, half of UK casino operator Aspers Group, London casino Aspinalls and online gaming operations such as CrownBet.