{"id":92942,"date":"2018-11-19T06:42:19","date_gmt":"2018-11-19T14:42:19","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=92942"},"modified":"2018-11-19T07:19:04","modified_gmt":"2018-11-19T15:19:04","slug":"crown-resorts-shares-plunge-20-percent-in-three-months-james-packer-takes-824-million-hit","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/crown-resorts-shares-plunge-20-percent-in-three-months-james-packer-takes-824-million-hit\/","title":{"rendered":"Crown Resorts Shares Plunge 20 Percent in Three Months, Packer Takes $824 Million Hit"},"content":{"rendered":"

Poor VIP turnout at Crown Resorts properties has shaken investor faith in the Australian casino giant, with share prices nosediving almost 20 percent since mid-August.<\/p>\n

\"Crown
Crown Resorts\u2019 stock market dive appears to be related to a drought in Chinese VIP gamblers, in Australia as well as Macau. This time around, though, Macau\u2019s loss won\u2019t be James Packer\u2019s gain. (Image: Justin Chin\/Getty)<\/figcaption><\/figure>\n

According to The Australian Financial Review<\/em>, the plunge has wiped over $824 million off the net worth of one of Australia\u2019s richest men, James Packer. Packer owns a 46 percent stake in Crown through his company Consolidated Press Holdings.<\/p>\n

It\u2019s not just Crown Resorts that\u2019s feeling the pinch — shares in domestic rivals Star Entertainment have fallen 21 percent since September, as a slowing Chinese economy and possible side-effects of the US-China trade war have interrupted the flow of high-rolling Asian gamblers.<\/p>\n

Meanwhile, growth has slowed in Macau, and baccarat revenues — that ultimate measure of Asian high-roller activity — have dipped on the Las Vegas Strip.<\/p>\n

This Time It\u2019s Different <\/strong><\/h2>\n

Last time the high-rollers dried up in Macau, the Australian casino industry was a beneficiary. In 2014, Chinese President Xi Jinping\u2019s \u201ccorruption crackdown\u201d focused its sights on the Asian gambling hub and set about stemming the flow of dirty money into its casino sector.<\/p>\n

The high-rollers were unnerved and avoided Macau, which sent its revenues spiraling downwards for over two years. Macau\u2019s loss was the Australian operators\u2019 gain as they stepped up their marketing activities on the Chinese mainland.<\/p>\n

But October 2015, 18 Crown employees were arrested in China and eventually tried and imprisoned for \u201cgambling crimes.\u201d Crown was severely embarrassed and forced to curb its marketing to China and withdraw from projects in Macau, the Philippines, and Las Vegas, as a hugely lucrative segment suddenly dried up.<\/p>\n

The difference this time around is that it\u2019s not about authorities curbing the activity of the VIP segment, it\u2019s about the segment restricting itself.<\/p>\n

What we’ve seen more recently is murky,” said Wynn Resorts CEO Maddox in an earnings call last week of the apparent softening of the Macau market. \u201cSince Golden Week [early May], we’ve noticed that during the mid-week it’s been quite choppy and the weekends have been sporadic.”<\/p><\/blockquote>\n

Packer Recuperating <\/strong><\/h2>\n

Packer resigned from the Crown board last March, citing \u201cmental health reasons,\u201d and is understood to be in Los Angeles recuperating from depression and anxiety.<\/p>\n

In a recent authorized biography<\/a>, the casino mogul admitted \u201cfeeling manic and paranoid\u201d after Crown Resorts received a $362 million tax bill<\/a> in Australia, related to an aborted attempt to enter the Las Vegas casino market.<\/p>\n

His stock market fortunes — and the softness of the casino market in Australia and abroad — over the past few months are unlikely to have improved his mood.<\/p>\n","protected":false},"excerpt":{"rendered":"

Poor VIP turnout at Crown Resorts properties has shaken investor faith in the Australian casino giant, with share prices nosediving almost 20 percent since mid-August. According to The Australian Financial Review, the plunge has wiped over $824 million off the net worth of one of Australia\u2019s richest men, James Packer. Packer owns a 46 percent […]<\/p>\n","protected":false},"author":36,"featured_media":92944,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,10,18],"tags":[],"acf":[],"yoast_head":"\nCrown Resorts Shares Plunge 20 Percent in Three Months<\/title>\n<meta name=\"description\" content=\"James Packer\u2019s Crown Resorts shares fall almost 20 percent in November, wiping hundreds of millions off the depressed billionaire\u2019s net worth.\" \/>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Crown Resorts Shares Plunge 20 Percent in Three Months\" \/>\n<meta property=\"og:description\" content=\"James Packer\u2019s Crown Resorts shares fall almost 20 percent in November, wiping hundreds of millions off the depressed billionaire\u2019s net worth.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/crown-resorts-shares-plunge-20-percent-in-three-months-james-packer-takes-824-million-hit\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2018-11-19T14:42:19+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2018-11-19T15:19:04+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2018\/11\/packer.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1140\" \/>\n\t<meta property=\"og:image:height\" content=\"728\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Philip Conneller\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@casinoorgphilc\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Philip Conneller\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/crown-resorts-shares-plunge-20-percent-in-three-months-james-packer-takes-824-million-hit\/\",\"url\":\"https:\/\/www.casino.org\/news\/crown-resorts-shares-plunge-20-percent-in-three-months-james-packer-takes-824-million-hit\/\",\"name\":\"Crown Resorts Shares Plunge 20 Percent in Three Months\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/crown-resorts-shares-plunge-20-percent-in-three-months-james-packer-takes-824-million-hit\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/crown-resorts-shares-plunge-20-percent-in-three-months-james-packer-takes-824-million-hit\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2018\/11\/packer.jpg\",\"datePublished\":\"2018-11-19T14:42:19+00:00\",\"dateModified\":\"2018-11-19T15:19:04+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/58769b72851c8cf117fb58ca150ebf8b\"},\"description\":\"James Packer\u2019s Crown Resorts shares fall almost 20 percent in November, wiping hundreds of millions off the depressed billionaire\u2019s net worth.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/crown-resorts-shares-plunge-20-percent-in-three-months-james-packer-takes-824-million-hit\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/crown-resorts-shares-plunge-20-percent-in-three-months-james-packer-takes-824-million-hit\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/crown-resorts-shares-plunge-20-percent-in-three-months-james-packer-takes-824-million-hit\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2018\/11\/packer.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2018\/11\/packer.jpg\",\"width\":1140,\"height\":728,\"caption\":\"Crown Resorts\u2019 stock market dive appears to be related to a drought in Chinese VIP gamblers, in Australia as well as Macau. 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