Crown Abandons Pagcor City Plans

23 July 2008

James Packer's Crown Ltd has given up its plans to invest in the development of a casino complex in the Philippines' new Pagcor City in Manila Bay, citing the global credit crunch as the main reason.

"The recent and ongoing events in the world credit markets have made it very difficult for gaming operators to develop commercially viable casino entertainment projects where those projects require significant external debt funding," chief executive Rowen Craigie told Australian Associated Press.

"After further review, Crown has determined not to participate in Bloombury's proposal or any other proposal to develop an integrated casino-entertainment complex in Manila Bay."