|CrownGames, the Vanuatu casino set up by Kerry Packer’s publicly traded company Publishing and Broadcasting Ltd, was closed yesterday following a reported $5.6 million loss for the half year to December.|
'We have formed the view that the business will not break even this financial year and is now unlikely to achieve the scale necessary for this business to contribute meaningfully to the group's profitability' said chief executive officer Peter Yates. The company anticipated that 2003’s fiscal year, if seen to completion, would have resulted in an $8 million loss for the company.
Online gaming entrepreneurs will most likely be the group most shocked to hear about the closure of CrownGames as the industry is still in its growth phase, and savvy online entrepreneurs are still amongst the biggest winners in e-commerce.
Despite their online setback, Publishing and Broadcasting Ltd. has not given up on the gaming and leisure industry, and are eager to announce that their land-based casino Crown has not been adversely effected by the global decline in tourism caused by the Iraq war and the SARS virus.