Soon afterward, Crown signaled a retreat from international expansion plans that included Las Vegas and Macau. A court jailed 16 of the defendants, including three Australian citizens, for nine-to-10 months, with the remaining three released after around a month in detention. In 2016, 19 of its staff members were arrested in China on charges of illegally promoting gambling. Its founder, Steve Wynn, resigned as chairman and chief executive in February 2018 after claims of sexual misconduct, and has sold his stake in the company.Ĭrown, too, has battled controversy in the past three years.
runs several casinos in the United States and Macau. It’s attributed the slump slowing economic growth in China, where big gamblers who traveled to Australia are now less likely to be in the mood to gamble. Crown’s value has fallen 20% since mid-2018 as profits have fallen short of expectations.
