Who owns crown casino perth
Who owns crown casino perth
Crown Resorts Limited owns Crown Casino Perth. As a wholly owned subsidiary of Crown Resorts, the casino operates under the Crown brand and is part of a network of casinos and resorts in Australia and internationally.
Crown Resorts is a publicly traded company listed on the Australian Securities Exchange (ASX), with majority ownership held by James Packer's private investment company, Consolidated Press Holdings.
Crown Resorts' Ownership Structure
Crown Resorts Limited is an Australian casino and entertainment company that owns and operates casinos in Perth, Melbourne, Sydney, and Brisbane. The company also has casinos in Macau and London.
Crown Resorts is a publicly listed company on the Australian Securities Exchange (ASX). The largest shareholder in Crown Resorts is James Packer, who owns 37% of the company. Other major shareholders include Melco Crown Entertainment (22%) and CPH Crown Holdings (14%).
Ownership History and Controversy
Originally owned by Burswood Ltd, Crown Casino Perth was acquired by PBL (Publishing and Broadcasting Limited) in 1999. PBL later merged with James Packer's Consolidated Media Holdings to form Crown Limited in 2004. Crown Ltd. held majority ownership until 2019, when it divested 19.99% of its interest to the Western Australian Government.
In recent years, Crown Perth has faced controversies surrounding gambling practices, money laundering allegations, and the suitability of major shareholder James Packer. These controversies culminated in a Royal Commission inquiry in 2021, which found that Crown Resorts was "not fit to hold a casino license" in Western Australia. As a result, Crown Resorts was fined and ordered to implement significant reforms.
Ownership Outlook and Potential Changes
Crown Resorts, the former owner of Crown Casino Perth, was placed into liquidation in 2022 due to its involvement in money laundering and other illegal activities. As a result, the Western Australian government is now seeking expressions of interest from potential new owners.
Several companies have expressed interest in acquiring Crown Casino Perth, including Star Entertainment Group, Blackstone Group, and Oaktree Capital Management. However, the government has indicated that it will give preference to operators with a strong track record in responsible gaming and a commitment to community engagement.
It is likely that the new owner of Crown Casino Perth will be announced in early 2024. Once a new owner is in place, it is expected that there will be significant changes to the casino's operations and management. The new owner is likely to implement new measures to prevent money laundering and other illegal activities, and it is also expected to invest in the casino's facilities and amenities.
The change in ownership is a significant opportunity for Crown Casino Perth to rebuild its reputation and become a world-class entertainment destination. The new owner will need to work closely with the Western Australian government and the community to ensure that the casino is operated in a responsible and ethical manner.