Crown Limited
 |
|
| Public | |
| Traded as | ASX: CWN |
| Industry | Gaming, Tourism |
| Predecessor | Publishing & Broadcasting Limited |
| Founded | 31 May 2007 |
| Headquarters | Southbank, Melbourne, Australia |
|
Key people
|
Robert Rankin - Executive Chairman Rowen Craigie - Chief Executive Officer and Managing Director |
| Revenue |
 A$4.71 billion (2014-15) |
| Subsidiaries |
Crown Melbourne Limited Crown Perth Limited |
| Website | crownresorts |
Crown Resorts Limited is one of Australia's largest gaming and entertainment groups which had, in June 2015, a market capitalisation of just over A$7.5 billion.
Crown wholly owns and operates two of Australia’s leading gaming and entertainment complexes, Crown Melbourne and Crown Perth.
The company was established in 2007 when Publishing & Broadcasting Limited (PBL) divested its gaming assets to Crown Limited. PBL was renamed Consolidated Media Holdings, retaining all of the remaining assets.
In December 2007, Australian gaming company Crown Limited agreed to buy CCR for $1.75 billion. 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.
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. 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.
In September 2013, the Sri Lankan government gave approval to Crown's 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 canceled all three casino licenses awarded by the previous administration; including the Crown Resorts project. Ground broke in 2015 and will open in 2017.
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