James Packer's Crown Resorts will split its international business into a new listed vehicle and explore a potential IPO of a property trust including the bulk of its Australian hotels after admitting its poorly performing Macau business had dragged down value for shareholders.
Mr Packer will no longer be employed as an executive of Crown Resorts under the proposal, but will continue as the deputy chair of Macau-focused Melco Crown and the co-chair of its planned Las Vegas casino, Alon.
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James Thomson is senior Chanticleer columnist based in Melbourne. He was the Companies editor and editor of BRW Magazine. Connect with James on Twitter. Email James at j.thomson@afr.com
John Stensholt is a former editor of the BRW Rich 200 and Young Rich Lists.
Perry Williams writes on business from our Sydney newsroom, specialising in gaming and resources. Connect with Perry on Twitter.
