While Crown is being investigated for its own alleged wrongful activities, Melco Resorts founder and CEO Lawrence Ho is the subject of a probe for his family’s potential link to China’s 14K and Sun Yee On triad societies. Ho’s father, Stanley, held a monopoly on casino gaming in Macau for decades until the enclave was returned from Portugal to China.<\/p>\n
Ho said recently the investigation will only help his company’s image in the long run.<\/p>\n
\n
“We are always happy to go through the regulatory process,” Ho stated in June. “We always prefer jurisdictions where there is a strong governance and a strong regulatory regime, which is why we’ve shied away from some of the other, smaller Asian countries, where their regulatory regime wasn’t as developed.”<\/p>\n<\/div>\n
Melco’s offer for Packer’s 20 percent came after Wynn Resorts rescinded its $7.1 billion acquisition proposal of Crown after leaked media reports publicized the potential deal. Wynn executives saw it as a ploy on Crown’s part to attract a better offer.<\/p>\n","protected":false},"excerpt":{"rendered":"
Crown Resorts reported statutory net profit of AUD401.8 million ($272.8 million) over the last 12 months through June, a decline of 28 percent. The Australian casino operator that has integrated resorts in Melbourne, Perth, and Sydney \u2013 as well as high-end casino clubs in London \u2013 blamed a significant decrease in VIP play from China […]<\/p>\n","protected":false},"author":25,"featured_media":112822,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,21],"tags":[],"acf":[],"yoast_head":"\n
Crown Resorts VIP Casino Revenue Plunges, CEO Lashes Out at Media<\/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