Crown: Small contribution from China VIPs
PERTH: Crown Resorts Ltd said highstakes gamblers from China generate less than 12 per cent of total revenue as the company warned it’s too early to gauge damage from China’s detention of 18 employees.
The contribution to Crown’s total profit from these big-spending, toppriority clients was even smaller, said chief executive officer Rowen Craigie after the company’s annual meeting, here, yesterday.
Crown was working with its legal team in China to understand why the staff were being held, said chairman Rob Rankin.
The roundup of the staff in China has sparked concern that the government in Beijing may be cracking down on casino companies that promote gambling abroad. Bloomberg NEW YORK: Morgan Stanley and Citigroup Inc are among those vying to be the designated United States bank clearing yuan trades in the US alongside Bank of China Ltd (BoC), China’s fourth-biggest bank by assets, said BoC senior executive on Wednesday. Appointing banks to clear yuan trades is part of China’s drive to encourage worldwide use of the currency, also known as the renminbi, which it hopes would some day supplement or rival the dollar as a global reserve currency. Unlike other countries where China is also trying to expand the yuan’s reach, the US will have two banks to clear renminbi trades, said BoC president and chief executive officer Xu Chen.