Crown and other Australian casinos might be wise to take a page out of Macau’s playbook. The Chinese enclave \u2013 the only spot in the People’s Republic where gambling is legal \u2013 has in recent years switched focus from the VIP to the general public.<\/p>\n
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The pivot was a result of China President Xi Jinping directing law enforcement agencies to crack down on junket groups that organize gambling trips for the mainland’s wealthiest citizens to the Special Administrative Region. Gross gaming revenue in the world’s richest gambling hub has increased in each of the last two years.<\/p>\n<\/div>\n
Crown Resorts Executive Chairman John Alexander admitted to investors that the concerns in China are impacting operations in Australia.<\/p>\n
Alexander explained the “macro factors that we all read about in China such as the slowdown in the economy, crackdown on conspicuous consumption, and further regulation around money transfers” are all impeding business Down Under. “Chinese people \u2026 are suddenly feeling a bit poorer than they were a few years ago because of what’s going on, and it all goes to spending patterns.”<\/p>\n","protected":false},"excerpt":{"rendered":"
Crown Resorts, the Australian casino empire controlled by billionaire James Packer, saw its stock plummet this week after reporting disappointing financials largely due to weak VIP play from China. Crown \u2013 which owns and operates three integrated casino resorts in Australia and the Crown Aspinall’s private club in London \u2013 said net profits for the […]<\/p>\n","protected":false},"author":25,"featured_media":98847,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,10],"tags":[],"acf":[],"yoast_head":"\n
Crown Resorts Stock Plunges, Casino Operator Reports Weak VIP Play<\/title>\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