Summary of key businesses and history

In addition, Crown owns a portfolio of gaming investments that have been accumulated to complement Crown's existing core businesses and to provide for future growth. These include strategic interests in:

• Melco Crown Entertainment Limited: a NASDAQ listed company developing casino/hotel properties in Macau;
• Gateway Casinos: one of the largest casino operators in Western Canada;
• Aspinall Holdings (Jersey) Limited: a premium casino business in the United Kingdom;
• Fontainebleau Equity Holdings LLC: which owns Fontainebleau Resorts, the developer of casinos and resort properties on the Las Vegas Strip and Miami Beach; and
• Betfair Australasia Pty Ltd: an online betting exchange.

Crown announced a transaction in December 2007 to acquire Cannery Casino Resorts (CCR) which operates four casinos in Nevada and Western Pennsylvania in the USA catering to local and regional customers. This transaction is expected to close late 2008, subject to regulatory approval.

For further information about each of these investments, see below.

History

Crown Limited assumed ownership of all of the gaming assets previously owned by Publishing and Broadcasting Limited (PBL) as part of a members' scheme of arrangement between PBL and its members in 2007. For further information on the PBL scheme of arrangement, see the  PBL Scheme Booklet.

PBL was formed in 1994 and grew to be one of Australia's largest diversified media and entertainment groups. PBL's core businesses and investments were gaming and entertainment; with strategic investments in television production and broadcasting; magazine publishing and distribution; and key digital media and entertainment businesses. In 1999 Crown Limited, the original owner and developer of the Crown Entertainment Complex in Melbourne merged with PBL.

Crown's Australian Gaming Businesses

Crown Entertainment Complex

The Crown Entertainment Complex in Melbourne is one of the largest integrated entertainment complexes in the southern hemisphere, with its casino, hotels, function rooms, restaurants, shopping and entertainment facilities.

The casino features 2,500 electronic gaming machines and 350 table games and the casino licence extends to 2033. It operates one of the largest single-site VIP operations in the world. Its two hotels offer 947 rooms, including 31 luxury villas. A third hotel, with 658 rooms, is scheduled to open in 2010. For further information visit the Crown Melbourne Website.

Burswood Entertainment Complex

The Burswood Entertainment Complex was acquired in 2004. Burswood is Perth's ultimate entertainment experience. The complex encompasses two international hotels, a state of the art convention centre, the 21,000 seat Burswood Dome and award-winning food and beverage outlets catering for all tastes and budgets. 

The casino has approval for 1,750 electronic machines and 170 table games and the casino licence extends for the life of the Burswood Property Trust (currently until 2060). Like the Crown Entertainment Complex in Melbourne it has an extensive international VIP clientele. Burswood is in the unique position of being the only venue in the dynamic and exciting environment that is Western Australia to offer electronic gaming and table games. For further information visit the Burswood website.

Crown's Investments

Melco Crown Entertainment Limited

Melco Crown Entertainment Limited (MPEL) was initially established as a joint venture company in 2004 with a major Hong Kong listed company, Melco International Development Limited, to pursue new gaming ventures in Macau. MPEL is a developer and owner of casinos and entertainment resort facilities. It is focused on the Macau market and its subsidiary, Melco Crown Gaming (Macau) Limited is one of six companies granted concessions or sub concessions to operate casinos in Macau. MPEL's operating businesses include Crown Macau and the Mocha Clubs. MPEL's development projects include the City of Dreams, the initial phase of which is targeted to open in March 2009 and a conditional contract to acquire the Macau Peninsula site.

MPEL listed its American Depository shares on the NASDAQ under the symbol MPEL in December 2006. As at May 2008, Crown's interest in MPEL was approximately 38%.

Aspinalls Holdings (Jersey) Limited

Crown holds a 50% interest in Aspinalls Holdings (Jersey) Limited (Aspinalls), a long-established premium casino company, whose subsidiaries operate the renowned Aspinall's Club in London's Mayfair, Aspers at the Gate in Newcastle and Aspers at Salubrious Palace in Swansea. Two more new casinos are being developed - in Bournemouth and Northampton, the latter in a joint venture with Kerzner UK Limited.

Fontainebleau Equity Holdings

Crown holds a 19.6% interest in Fontainebleau Equity Holdings LLC which owns Fontainebleau Resorts LLC (Fontainebleau). Fontainebleau is currently building Fontainebleau Las Vegas, a 63 storey complex on a 24 acre site at the northern end of the legendary "Las Vegas Strip." Fontainebleau also has a 50% interest in the Fontainebleau Miami Beach Resort which is undertaking a major renovation at a cost of $540 million which will be completed in the second half of 2008. The Dubai based Nakheel PJSC owns the other 50% of Fontainebleau Miami Beach Resort.

Gateway Casinos Canada

Crown entered into a Joint Venture with Macquarie Bank to purchase Gateway Casinos in Canada in 2007. Gateway is one of the largest casino operators in Western Canada, operating nine casinos across the provinces of British Columbia and Alberta. Crown has a 50% interest in Gateway. On completion of planned developments (expected 2010), Gateway Casinos will operate in excess of 200 tables and 5,400 gaming machines.

Betfair Australasia

Betfair Australasia Pty Ltd (Betfair)is a joint venture company which was established in 2004 with Betfair UK (The Sporting Exchange Limited) in which Crown has a 50% interest. Betfair is a betting exchange for customers resident in Australia or New Zealand. A betting exchange operates on online market where individuals with differing views on an event make fixed-price bets, effectively wagering between themselves. Betfair does not operate retail premises, nor does it have an on-course presence; its services are exclusively provided via the internet or telephone.

Cannery Casino Resorts

In December 2007, Crown announced a transaction to acquire 100% of Cannery Casino Resorts (CCR) which is expected to close late 2008, subject to regulatory approval.

CCR is a US locals casino operator, whose current operations consist of:

• Cannery Casino, North Las Vegas;
• Rampart Casino, Summerlin, Las Vegas;
• East Side Cannery, a new facility to replace the Nevada Palace, scheduled to open in September 2008; and
• The Meadows Racetrack & Casino, Pittsburgh, Pennsylvania which is operating in a temporary facility. Construction of the Meadows permanent facility is underway and is due to open in April 2009.

Upon full build out, CCR will have a total of approximately 9,000 slots and 73 tables.

For recent announcements concerning Crown, please see the Investors section of this site.  Historical announcements made by PBL can also be found under that section.