Crown casino annual report 2010
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Crown Resorts : 2016 Crown Resorts Limited Annual Report
This was a solid result considering the subdued markets in Western Australia and in Macau. Importantly, we continue our major contribution to the communities in which we operate through our corporate social responsibility programs and the important work of the Crown Resorts Foundation. Major initiatives to enhance shareholder value One of Crown's major objectives is to increase shareholder returns and the Board has recently endorsed a number of initiatives designed to achieve this. Implementation of this proposed IPO is subject to approval from the Crown Resorts Board and approvals, consents and waivers from third parties, however it could realise significant value for shareholders. We are also excited to have begun construction work on the highly anticipated Crown Sydney project and we continue to progress our planning application for a proposed fourth hotel development at Crown Melbourne. The proposed new structure for the company will address what we believe is an undervaluation of the Australian resorts business. The demerger will also provide shareholders with greater investment choice and the ability to tailor their investment towards their preferred company.
Proposed design of One Queensbridge project subject to planning approval in Melbourne by architects Wilkinson Eyre Chairman's Message Crown Resorts has pursued important initiatives to increase transparency, unlock value for shareholders and position the company for the next decade of growth. As a leading Australian tourism and entertainment company, Crown Resorts is building a worldwide reputation for the best in luxury experiences, gaming, hotel accommodation, signature dining and retail.
It is this reputation that has helped make our Australian resorts so appealing to local and international visitors, attracting more than 31 million visits during the year. Crown continues to invest in our tourism assets to ensure they are equal to or better than the finest resorts in the world. We are excited by the imminent opening of Crown Towers in Perth, which will be one of Australia's most luxurious hotels.
We are also excited to have begun construction work on the highly anticipated Crown Sydney project and we continue to progress our planning application for a proposed fourth hotel development at Crown Melbourne. This was a solid result considering the subdued markets in Western Australia and in Macau.
This was by far the largest of the significant items reported. The net proceeds from the partial sale of Melco Crown shares this year forms a key part of Crown's capital management strategy to reduce net debt.
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