Crown Resorts eyes demerger of overseas holdings, IPO of Aussie hotels

Australian casino operator Crown Resorts is pushing ahead with its plan of demerging international operations, despite growing concerns following the arrest of some of its employees in China.

In a filing to the Australian Securities Exchange on Friday, the company announced that “work on the proposed demerger, in particular, to obtain all the necessary approvals, consents and waivers from third parties, including from governments and gaming regulators, is ongoing.”

The casino operator signaled in June that it is planning to put most of its international business interests into a new listed vehicle.

Crown Resorts, which lists James Packer as its major shareholder, had already reduced its stake in its Asian-facing casino joint venture, Melco Crown Entertainment (MCE), leaving Melco International Development boss Lawrence Ho as MCE’s single largest shareholder.