Over that last 12 months we have seen James Packer’s Crown Casino lose $6 billion from its stock market valuation and overseas expansion plans in Macau hit the buffers. So are we seeing the demise of this budding operation of a simple retrenchment to pastures of old and a slowdown on the international scene?
While there is no other way to wrap up recent figures from the group, times are hard and the overseas expansion plan is far from running smoothly. Thankfully the state of the Australian casino market has helped to raise spirits a little as it has faired better than most casino sectors around the world. But what can we expect from Crown Casino for the future?
We have seen the group stick a toe in the water of the US market only to retreat when the going got tough and the economy turned, and we have now seen the Macau venture hit difficulties with Chinese visa restrictions halting the growing number of visitors to the region. However, the balance sheet of the group is strong, the core Australian operations are performing well but will we ever see James Packer realise the dream of owning a true international casino operation?
Over that last 12 months we have seen James Packer’s Crown Casino lose $6 billion from its stock market valuation and overseas expansion plans in Macau hit the buffers. So are we seeing the demise of this budding operation of a simple retrenchment to pastures of old and a slowdown on the international scene?