Published On: Mon, Aug 31st, 2015

AUSTRALIA: James Packer’s Crown Resorts rolls the dice on new casinos as sliding revenues see debts increase

James Packer's recent decision to step aside as chairman of his Crown Resorts gambling empire may have come as a bolt from the blue to many observers.

james-packer

But his move to a more hands-on role has coincided with Crown’s very own high-stakes game, rolling the dice on major new casinos just as sliding revenues have caused a rapid lift in debt.

“Crown’s at a bit of a tipping point, a precipice as it were, ” Lincoln Indicators chief executive Elio D’Amato said.

“(If) all goes to plan they will be fine, otherwise they may very well be scrambling for some more capital. And investors definitely won’t be happy about that.”

Crown’s jewel will be the $1.4 billion Barangaroo casino in Sydney, along with development plans in Las Vegas, a new five-star hotel in Melbourne, a Perth casino redevelopment and a third casino in Macau.

With so many wheels spinning, Mr James Packer will move into a day-to-day management role when he steps down as chairman this month.

Read the full story at ABC.AU, by Emily Stewart

 

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