Queen´s Wharf Casino, Brisbane
Australia casino operator Crown Resorts Ltd has revealed its plan to offset a slowdown in the Macau gambling market with all it’s problems with the downturn in the casino junket business (for those of you who are interested in investing in shares as well as having a flutter)!
The Crown Resorts’ flagship is the Crown Melbourne where the story is looking pretty healthy for the business. The company is owned by casino tycoon and billionaire James Packer, of course, who also has money invested in Melcro Crown Entertainment Ltd, which runs casinos in the Macau and Philippines.
Analysts have a new target on the stock at AUD$ 16.38. It´s at AUD$ 12.81 right now. This is coming from growth in the Australian market- particularly on the pokies and table games in Victoria. (Casinos are big news Down Under, as you can see, both landbased and online. Head to onlinepokiesaus.com for a list of online casinos that accept Australian players by the way).
Analysts are also betting that the situation in Macau will stabilise. Revenues are down in the Chinese city following a crackdown on junkets by the Chinese government.
Crown Resorts runs Crown Perth, in Western Australia, and the Crown Melbourne in Victoria.
New Builds
Crown Resorts have also got big plans for new properties.The Crown Sydney is the big one, of course. The company is also looking at heading to Las Vegas, where it has some land. It has put US$1.9 billion to one side to build a new casino resort.
There´s also a new hotel going up at its Perth casino resort which should be ready by the end of December 2016. And it has made a pitch for a new casino in Brisbane. Both Echo Entertainment and James Packer’s Crown Resorts have put in final bids for the $1 billion plus Queen’s Wharf casino complex in Brisbane.
The project, lead by the Newman government was delayed by the new Labor government, but it seems to be back on course. The winner will be chosen by the end of July.
Busy times ahead for Mr Packer.
