Today the Melco Crown Resorts case was heard in a Shanghai Court. The trial resulted in 16 Crown Resorts casino employees jailed in China. They were all sentenced to 9-10 months in prison. All had pleaded guilty as charged.
The casino employees had been arrested on 14th October 2016 and their time already served in prison will count toward their sentences. Fines were also levied.
There were originally 19 defendants in the court case but three were released last November. They worked for the sales and marketing department and they were not fined or sentenced to jail.
Rumours have been rising that James Packer’s Crown Casino in Melbourne is in trouble. The Crown Casino troubles follow the arrest of fourteen Chinese workers during 2014. Many Chinese high rolling gamblers have since avoided the casino.
Last week there were reports of a large scale lay-off of staff. Today, shares have been crashing as a possible cash flow crisis looms at the casino.
There also reports that James Packer’s Crown Casino will have to offload hundreds of millions of dollars worth of assets. Those assets include three luxury jets, luxury yachts, a golf club and the Packers classy Hunter Valley property. Waning interest from Chinese high rollers continues to been blamed.
Who would have believed Saipan Gambling would be booming due to China’s battle to protect its currency and stamp out corruption.
If you have heard of it you might know that it was the scene of a bloody world war II battle between Japan and America. At the end of the war America took sovereignty of the island. It is now a peaceful tropical holiday island in the Pacific Ocean with a resident population of just 50,000 people. It is just 2500 miles from Beijing in eastern China.