On 5 August 2014 Crown bought the site of the New Frontier Hotel and Casino on the Las Vegas Strip for $280 million with the intent to build a new hotel beginning in 2015. 11 In December 2014, James Packer signed a deal with Matthew Tripp, which gained Packer control over Tripp's online betting platform BetEasy. At Crown we value the contribution of each and every employee and have designed a Reward and Recognition program to celebrate achievements, initiative, hard work and determination to exceed expectations. Crown Resorts has been the recipient of many prestigious awards for excellence in training and development and as an Employer of Choice.

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One of the ways to track a gambling business through the coronavirus pandemic is to follow one company, to look at the way it handles the rough times.

Crown Resorts is a well-known company in Australia and even in the gambling and resort business worldwide. It’s an ideal specimen.

Initial Reactions

When the number of COVID-19 cases in Australia began to increase in March, Crown instructed its casinos institute the same protocol as nearly every other casino.

Let’s look at the timeline of the past few weeks as told by press releases:

• March 16: Crown Melbourne would deactivate every second gaming machine and electronic table game, distance seats at table games, prohibit standing players, restrict players at table games, provide hand sanitizer, strengthen cleaning measures.
• March 17: Above social distancing measures applied to Crown Perth as well.
• March 19: Above policies amended to restrict restaurants, bars, conferences to 100 persons.
• March 20: Paused trading. Soon after, halted trading.
• March 23: Resumed trading but closed all gaming at Melbourne and Perth casinos, restricted restaurants to takeaway or delivery only, hotel to operate at reduced capacity

The aforementioned pause and halt in trading happened when stock prices plummeted during that initial week of changes and then the closures. The price on March 2 was $10.24, but by March 20, it sunk to $5.90.

Making Business Moves

Earlier in March, on the business side of Crown, Ken Barton took over as Director. And soon after, Crown appointed Alan McGregor took on the role of Chief Financial Officer.

As Crown began implementing its coronavirus response measures, the company also made a $1.5 million payment on a loan.

On April 1, Crown updated shareholders regarding interim dividends, specifically one declared on February 19 on ordinary shares of $0.30 per share to be franked to 25%. The Board decided to defer that payment from April 3 to April 17, and the dividend will be unfranked.

As of March 31, Crown’s share price on the Australian Securities Exchange rebounded a bit, hitting a high point of $7.98. It has since settled on $7.49.

Market Reactions

Back on March 24, when Crown stood down thousands upon thousands of workers, Moody’s Investor Service placed Crown Resorts Limited (CWN) on a review for downgrade. What was already a moderate credit risk was to be reviewed for a further downgrade from Baa2.

On April 1, Fitch Ratings asserted that Crown Resorts has the “cushion to manage coronavirus shutdown.” Its analysts believe that the low net debt position as of December 31 and the highly variable cost structure provides the company with the necessary room to absorb the effects of the facility shutdowns over the past several weeks.

Fitch understands that Crown’s ability to generate revenue from its operations will be directly and severely restricted for the indefinite future. It could be one month or many months before its properties can reopen, and it is now known how business will rebound.

Many await the measures that Crown is expected to reveal to minimize the harm amidst the current and future restrictions. Fitch, in particular, believes that Crown will implement extraordinary measures, like suspending its dividend and preserving cash.

Employees Out on a Limb

The Guardian reported that Crown stood down 10,000 workers on March 23, according to the United Workers Union. The UWU also estimated that another 10,000 could be out of work when smaller operations began to shutter. And subsequent reports that the total came to nearly 18,500 people.

The initial reports indicated that UWU ensured employees would be paid for another two weeks based on average hours worked. And casual payments would be $1,000.

The Australian government then announced on March 30 that it will provide fortnightly payments to workers who lost their jobs. This will benefit Crown if former employees use less of their annual leave due to the government subsidies.

Employees are just starting to feel the impact of their unemployment or will in the coming weeks. Crown’s response to those employees will affect the company’s image and possibly the trust of its shareholders, who must inevitably – and hopefully, for the sake of the workers – balance humanity and stock value.

Monday 6 March 2017

Crown Confidential: Packer's Losing Hand

James Packer and his Crown gambling and entertainment empire have bet big, for more than a decade on China, and its VIP gamblers. These high rollers have fuelled Crown's booming businesses in Asia and Australia.

Crown Casino Number Of Employees Salaries

'Ladies and Gentlemen, I have made many, many mistakes in my life, but investing in China is not one of them.'James Packer, March 14, 2013

But one night in October last year, all that was turned on its head.

'They said it felt like they were suspects of a murder investigation or a drug bust. That was just how sudden and forceful the raids were.'Reporter

Fifteen Crown employees and a number of associates were swept into custody in a carefully co-ordinated series of raids across four cities in China.

'If you are referring to the Australian nationals who were detained by Chinese authorities a few days ago on suspicion of gambling activities... gambling is illegal in China.'China's Foreign Ministry Spokesperson

Crown's operations had run headlong into China's biggest ever corruption crackdown, leaving its business model in disarray.

'This was a shot across the bows by the Chinese Government... of Crown, but it was a general warning to everybody else who was thinking about sending people to China to recruit Chinese high rollers to gamble in their casinos.'Former Hong Kong Prosecutor

On Monday night Four Corners investigates what went wrong for Crown in China.

Reporter Marian Wilkinson pieces together the key characters and events in the lead up to the arrests.

'There was a certain arrogance... they wouldn't touch us because we are, frankly speaking, we are white guys.'Casino Consultant

And explores what this means for Crown's casino business here in Australia, especially the multi-billion dollar Barangaroo project in Sydney, as the bottom falls out of their Chinese high roller market.

'If you've been going to Crown and you are phoned up by the local police and questioned on your movements and your past history of travel to Australia, you would be close to borderline suicidal if you were to make another trip to Australia. It's like putting big 'X' across your forehead.'Casino Consultant

Crown Confidential, reported by Marian Wilkinson and presented by Sarah Ferguson, goes to air on Monday 6th March at 8.30pm EDT. It is replayed on Tuesday 7th March at 10.00am and Wednesday 8th at 11pm. It can also be seen on ABC News 24 on Saturday at 8.00pm AEST, ABC iview and at abc.net.au/4corners.

Background Information

PAPERS AND REPORTS

Rescuing Autocracy from Itself: China's Anti-Corruption Campaign University of California, Berkeley 7 Sep 2016 - Study on the corruption crackdown by Chinese President Xi Jinping, by Xi Lu and Peter Lorentzen. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2835841

Triad Organized Crime in Macau Casinos: Extra-Legal Governance and Entrepreneurship British Journal of Criminology 8 Feb 2016 - The Chinese criminal underworld is evolving along two paths: structural and territorial-based triads and criminal groups formed by entrepreneurs. The present study used triad involvement in casino VIP rooms to examine how these two paths cross after China resumed sovereignty of Macau in 1999. Read the study, by Dr Sharon Kwok and Professor Lo of Hong Kong City University. https://academic.oup.com/bjc/article-abstract/doi/10.1093/bjc/azw014/2623919/Triad-Organized-Crime-in-Macau-Casinos-Extra-Legal

RELATED NEWS COVERAGE

Life inside a Shanghai detention centre: Former detainee offers insight to Crown staff - by Four Corners ABC News 6 Mar 2017 - Peter Humphrey is a British national who was arrested and held in a Shanghai detention centre in 2013. He spoke to Four Corners about his traumatic experience during his two years behind bars. https://www.abc.net.au/news/2017-03-06/former-shanghai-detention-centre-detainee-gives-advice-crown/8328054

Crown's local casino licences under scrutiny if China hands down conviction, former regulator boss warns, by Four Corners ABC News 6 Mar 2017 - https://www.abc.net.au/news/2017-03-06/crown-resorts-local-operations-under-scrutiny-four-corners/8326428

Crown assembles legal war room in act of 'a--- covering' The Age 26 Nov 2016 - http://www.theage.com.au/business/crown-assembles-legal-war-room-in-act-of-a-covering-20161124-gswpdv.html

Crown staff 'formally arrested', face months behind bars SMH 21 Nov 2016 - http://www.smh.com.au/business/crown-resorts-employees-formally-arrested-face-months-behind-bars-20161120-gstlh1.html

Crown's Chinese middleman to VIP high-rollers among those arrested in raids by Philip Wen SMH 7 Nov 2016 - http://www.smh.com.au/business/crowns-chinese-middleman-to-vip-highrollers-among-those-arrested-in-raids-20161103-gsh1aj.html

Four Australians being helped in China, Julie Bishop says SMH 30 Oct 2016 - http://www.smh.com.au/business/crown-arrests-julie-bishop-says-four-australians-receiving-assistance-in-china-20161030-gse0p9.html

Meet 'Mr Chinatown' of Toorak, Crown's biggest whale catcher SMH 29 Oct 2016 - http://www.smh.com.au/business/meet-mr-chinatown-of-toorak-crown-casinos-biggest-whale-catcher-20161027-gscj6d.html

Macau junkets are finally on a roll, but will it last? South China Morning Post 24 Oct 2016 - http://www.scmp.com/week-asia/business/article/2039082/macau-junkets-are-finally-roll-will-it-last

Crown Casino arrests: Jail fears for staff detained in China for alleged gambling crimes ABC News 17 Oct 2016 - https://www.abc.net.au/news/2016-10-17/crown-casino-resorts-staff-in-china-jail-fears/7937608

ANALYSIS James Packer's Crown casino plans for Barangaroo threatened by China arrests, by Ian Verrender ABC News 17 Oct 2016 - https://www.abc.net.au/news/2016-10-17/james-packer-crown-barangaroo-plans-threatened/7938136

Three Australians among 18 Crown Resorts staff held in mainland South China Morning Post 16 Oct 2016 - http://www.scmp.com/news/china/article/2028434/three-australians-among-18-crown-resorts-staff-held-mainland

Here's how the real high-rolling VIPs gamble Business Insider 16 Sep 2015 - http://www.businessinsider.com.au/how-high-rollers-vips-gamble-casinsos-2015-9

British Investigator Hired by Glaxo Is Freed From China Prison NYT 9 Jun 2015 - https://www.nytimes.com/2015/06/10/business/international/british-investigator-peter-humphrey-is-released-from-chinese-prison.html

Crown Casino Number Of Employees Login

WATCH RELATED 4 CORNERS

Crown Casino Number Of Employees Compensation

High Rollers - High Risk? 15th September 2014 - Linton Besser investigates the drive to entice foreign gamblers to Australia and the implications of that strategy. Watch Online

Crown Casino Number Of Employees Directory

Will the Son Also Rise 12 Oct 2009 - The story of James Packer, his attempt to create a global gaming empire and the business gambles that cost him billions. Watch Online