Crown Casino Sues High Roller Over Gambling Debt

Card Player – The Crown casino in Australia is going after a high roller for allegedly stiffing the house on a massive gambling debt of $6.8 million, according to the Herald Sun. The casino said that a 13-day gambling binge left the high roller, Zhao Li, with the debt, but that he neglected or refused to pay it despite “repeated requests” by Crown. According to Crown, back in October they granted him $13 million in credit. Crown Resorts, which is owned by billionaire James Packer, might want some of that money back as it looks to invest in properties in…

Crown Earnings Miss Estimates

Bloomberg – Crown Resorts Ltd. (CWN), the gaming company controlled by billionaire James Packer, slumped after first-half profit missed analyst estimates as a 26 percent decline in bets from high-rolling gamblers weighed on earnings. Net income was A$382.5 million ($344 million) in the six months ended Dec. 31, the Melbourne-based company said in a regulatory statement today, more than double the A$180.8 million result a year earlier. Crown fell 3.2 percent to A$16.68 at the close in Sydney trading, the biggest decline since Dec. 13. Australian casino companies are counting on growing demand from high-spending Chinese and other Asian tourists…