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BENGALURU: Australia’s top two casino operators said yesterday they have laid off about 20,000 staff either temporarily or permanently and lined up about US$760mil in bank credit to survive the coronavirus crisis that has battered the industry.
SYDNEY: Australia’s two biggest casino companies said they would shut off half their poker machines to force gamblers to engage in “social distancing” and slow the spread of the coronavirus, as concerns about their future revenue sent shares tumbling.
SYDNEY: Crown Resorts Ltd billionaire James Packer has endured blow upon blow for more than three years: a bruising clash with Chinese authorities and at least two aborted deals with suitors.
SYDNEY: Shares of companies highly exposed to China's economy tumbled across Asia on Tuesday on rising concern about the impact of global travel bans associated with a virus outbreak, and even as some stocks involved in preventative health spiked.
SYDNEY: Australian construction spending slid to its lowest in almost three years last quarter as a deepening downturn in home building spread to other sectors and posed a downside risk to growth across the economy.
SYDNEY: Australian casino giant Crown Resorts Ltd says its annual profit fell on less gambling by Chinese tourists, and it again denied media reports alleging the company flouted visa rules that have triggered three regulatory probes.SYDNEY: Australian casino giant Crown Resorts Ltd says its annual profit fell on less gambling by Chinese tourists, and it again denied media reports alleging the company flouted visa rules that have triggered three regulatory probes.
SYDNEY: Crown Resorts Ltd and Australian government agencies will be investigated after allegations of money laundering at the firm’s casinos and the fast-tracking of visas for wealthy overseas gamblers.
HONG KONG/BENGALURU: Melco Resorts & Entertainment Ltd said on Thursday it would buy a 20% stake in Australia's Crown Resorts Ltd from casino mogul James Packer for A$1.76 billion ($1.22 billion), just months after Wynn Resorts withdrew its offer to buy Crown.
SYDNEY: Forced to anchor in licensed clusters in Las Vegas and Macau, the world’s biggest casino operators rarely get a free shot at expansion. That’s why a once-in-a-generation opportunity to buy established resorts in Australia could escalate into a bidding war.