Crown Resorts’ largest shareholder has reached an accord with the New South Wales regulator under which it agreed not to seek representation on the board, share information with the company or have discussions that are not in a public forum.
James Packer’s Consolidated Press Holdings also agreed not to seek any amendment to the Australian operator’s constitution that would affect the business.
The Bergin inquiry, which found Crown not suitable to hold a license for its new property in Sydney, raised grave concerns about Packer’s undue influence over the company. The billionaire has a 37 percent stake.
The world is bouncing back, or at least coming to grips with the fact that going forward not much will be the same as before. Commendably, this industry quickly understood the need to adapt to a new normal, and that the days of targeting the low hanging fruit of the VIP sector are gone.
Over the years, many of the answers have been remarkably prescient in their forecasts for the near-term direction of Asia’s gaming industry. However, we can safely say that no one came anywhere close to guessing what 2020 may have had in store.