\u201cThat\u2019s what caught their attention: \u2018like what the hell, you\u2019re deliberately spitting in our faces\u2019,\u201d said Ho.<\/p><\/blockquote>\n
Catastrophic Impact<\/h2>\n
The arrests were seen as a gigantic failure of risk management by Crown Resorts and have had a dramatic effect on its global strategy ever since.<\/p>\n
\n
The company quickly reduced its investment exposure to the region, divesting itself of shares in Melco Crown, the joint venture it formed with Ho to build and operate ambitious integrated resorts in Macau and the Philippines.<\/p>\n<\/div>\n
As VIP revenues nose dived, Crown also pulled out of the Alon project in Las Vegas, preferring instead to concentrate on less risky, reassuringly profitable domestic projects Down Under.<\/p>\n
There was also a board shakeup, with Robert Rankin removed as chairman. Further, Crown sold its fleet of private jets and luxury yachts, whose primary purpose had been to ferry Chinese VIPs to and from their properties.<\/p>\n
Relatives of the defendants told Reuters outside the court on Monday they were satisfied with the sentences, as even with the lesser charges, they still could have faced three years’ imprisonment.<\/p>\n","protected":false},"excerpt":{"rendered":"
In China on Monday, 19 Crown Resorts\u00a0employees were handed down relatively lenient prison terms by Shanghai\u2019s Baoshan district people\u2019s court, having all pleaded guilty to \u201cgambling crimes\u201d performed on behalf of the Australian casino giant. Five of the group, including Crown Vice President of International VIP Operations Jason O\u2019Connor, were given ten month terms, while […]<\/p>\n","protected":false},"author":42,"featured_media":53208,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,21,60,18],"tags":[],"acf":[],"yoast_head":"\n
China Decides Crown Resorts Employee Gaming Marketing Sentences<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n