Who owns the crown casino
Who owns the crown casino
Crown Casino and Resort is owned by Crown Resorts, a listed Australian casino and entertainment company. The company is headquartered in Melbourne, Victoria, and operates casinos, hotels, and other entertainment venues in Australia and abroad.
Crown Resorts was founded in 1970 by Lloyd Williams and Len Evans, and has since grown to become one of the largest casino operators in Australia. The company currently owns and operates Crown Melbourne, Crown Perth, and Crown Sydney, as well as a number of smaller casinos and hotels in regional Australia and overseas.
Current Majority Owner and History
Crown Resorts is currently majority-owned by Blackstone Group, a global investment firm. In 2021, Blackstone acquired a 58.8% stake in Crown for AU$8.9 billion. Crown's history traces back to 1973 when it opened its first casino in Melbourne. Over the years, it expanded its operations to include casinos in Perth, Adelaide, and Sydney, as well as multiple luxury resorts and hotels.
Notable Shareholders and Their Stakes
Crown Resorts Limited's top shareholders include:
• Brookfield Asset Management: 89.99%
• Melco Resorts & Entertainment: 7.68%
• Eureka Funds Management: 2.33%
Ownership Disputes and Legal Challenges
Crown Casino and Resort has faced various ownership disputes and legal challenges over the years.
One notable dispute involves the stake held by James Packer, who was a former co-owner of Crown. In 2015, Packer sold his stake to Lawrence Ho, a Hong Kong businessman, and Melco Resorts & Entertainment Limited, a casino operator. However, Packer later alleged that Ho breached the share sale agreement by failing to disclose certain liabilities related to the Crown Casino. This led to legal proceedings between the parties.
Crown also encountered scrutiny from regulatory bodies due to concerns over money laundering and other illegal activities within its casinos. In 2021, the New South Wales Independent Liquor & Gaming Authority (ILGA) launched an inquiry into Crown's operations and found that the company had breached its gaming license. As a result, Crown was fined and ordered to implement reforms to address the identified issues.
These ownership disputes and legal challenges have raised questions about the governance and compliance practices of Crown Casino and Resort. The company has since taken measures to improve its operations and regain the trust of regulators and the public.