{"id":19726,"date":"2017-05-12T08:10:09","date_gmt":"2017-05-12T16:10:09","guid":{"rendered":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/?p=19726"},"modified":"2017-05-12T08:10:09","modified_gmt":"2017-05-12T16:10:09","slug":"packer-bows-out-adelson-puts-moves-on-brazil","status":"publish","type":"post","link":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/packer-bows-out-adelson-puts-moves-on-brazil\/","title":{"rendered":"Packer bows out; Adelson puts moves on Brazil"},"content":{"rendered":"

There’s now 100% less “Crown” in Melco Crown Entertainment<\/strong>. Colorful casino baron James Packer<\/strong> has sold his share in the company<\/a> \"\"for $1.2 billion. Reuters<\/strong> describes the move as “ending a fraught offshore expansion and freeing up cash for new projects at home.” In other words, Crown Resorts<\/strong> will be turning its back on Macao<\/strong> (and Las Vegas<\/strong>) to concentrate on Sydney<\/strong> and Perth<\/strong>. One analyst described the arrest and uncertain fate of The Crown 18<\/strong> as “a major factor in terms of considering what’s best for the future.\u00a0I think they just wanted to step completely clear of anything to do with that market.”<\/p>\n

Lawrence Ho<\/strong> will be buying the Crown shares, giving him full control of Melco [Crown] Entertainment. While Crown sticks to its knitting Down Under, Ho will be trying to crack the Japan<\/strong> market and strengthening his beachhead in Siberia<\/strong>. When it comes to ventures outside Australia<\/strong>, Packer always seems to roll snake eyes. Well, he can find comfort in Mariah Carey<\/strong>‘s arms.<\/p>\n

* Sheldon Adelson<\/strong> has been throwing money around like there’s tomorrow. He’s been lobbying for a casino in Brazil<\/strong>, now that they’re legal, and hinting at an $8 billion investment<\/a>. If competition is held to \"\"a minimum (as in Singapore<\/strong>) Adelson could probably make that lavish expenditure pencil out. However, he said that hoteliers in Rio de Janeiro<\/strong> would have to put out, building more four- and five-star hotels to make his megaresort viable. According to Mayor Marcelo Crivella<\/strong>, Adelson never mentioned the word “casino” but there’s no way he’s going to sink $8 million into Rio if he doesn’t have the gambling engine that drives the boat. He’s too smart for that.<\/p>\n