Tuesday, May 02, 2017

Tech billionare buys Sydney mansion for record price

SYDNEY: Tech billionaire Scott Farquhar has bought a Sydney waterfront mansion for an Australian record A$75 million (US$56 million), a report said Monday, after the owners resisted selling the 1863-built home to developers. The co-founder of Australian software giant Atlassian, which floated in the United States in late 2015, snapped up the iconic "Elaine" from John Brehmer Fairfax, whose family formerly owned the Sydney Morning Herald. The estate, which stretches down to a harbour beach in Sydney's prestigious Point Piper, had been in the Fairfax family since 1891 when it was bought for 2,100 pounds. It features horse stables, a tennis court and a ballroom. Fairfax reportedly resisted larger offers from developers to subdivide the land. "We're thrilled with the purchase and honoured to take over the Elaine estate in its entirety from the Fairfax family," Farquhar, 37, told Fairfax Media. "It would have been a great loss to see this rare property sold to developers and carved up. "When we heard of the plans, we just couldn't let this beautiful piece of Australian history be turned into a development site." The price tag set a record for residential property in Australia, the Australian Financial Review said. It topped the previous A$70 million in 2015 when mogul James Packer, who runs worldwide gambling empire Crown, sold his Sydney home to Australian-Chinese billionaire businessman Chau Chak Wing. Source: AFP

Monday, January 19, 2015

Property News Media - Casino News Media flashback: Station Casino execs drive spike to begin construction of 587-room/22-story tower - 07/09/90

Casino News Media flashback: Station Casino execs drive spike to begin construction of 587-room/22-story tower - 07/09/90
Frank Fertitta Jr/father (CEO), Glen Christensen, Joe Canfora, Jim Faso, Lorenzo Fertitta (VP), Frank Fertitta III (Pres.) & Blake Sartini/cousin (Dir. Ops) Media Man website network Media Man Int Media Man Casino News Media

Sunday, December 15, 2013

Australia's Crown Faces Slot Machine Levy - December 2013



SYDNEY--Shares in Australian casino company Crown Ltd. (CWN.AU) came under pressure Friday after lawmakers proposed a new tax on slot machines at its flagship Crown casino in Melbourne.

Victoria state proposed an annual levy of A$22,175 (US$19,800) per slot machine to raise A$56.8 million a year, as it attempts to fund infrastructure developments such as roads and schools while holding onto its AAA credit rating.

Crown shares fell as much as 6% in Sydney before closing down 4.3% at A$15.90 in a overall strong market.

"In these challenging economic times the coalition government must maintain a disciplined budget to ensure we can continue to invest in the critical infrastructure and services that Victorian families and businesses deserve," the state's Treasurer, Michael O'Brien said in a statement.

Any changes to tax arrangements between Crown and the Victorian government need to be agreed by both parties.

Crown, which is controlled by billionaire James Packer, confirmed that it was in discussions with lawmakers and expects talks to conclude early next year.

Describing the discussions as "positive", Mr. Packer said he hoped they would create an outcome that allowed the casino to continue competing effectively with international and interstate rivals.

"Both Crown and the Victorian government would like to see the Crown Melbourne resort continue to grow and to attract more overseas and interstate tourists," Mr. Packer said.

Still, the decision comes at a tough time for Australia's gambling sector, which is being hurt by fragile consumer confidence as the country's long mining boom fades.

Crown's underlying profit for the year through June, which removes one-off items like asset sales, swelled by 14% to A$473.2 million. The result, however, was boosted by a large jump in earnings from the company's joint venture in Macau with Lawrence Ho.

Crown Melbourne remains the biggest contributor to the company's profits and suffered a 12% decrease in operating earnings last financial year.

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