Tag Archives: Cannery Casino Resorts

Cannery Casino Plays Musical Chairs with Executives

Cannery Casino Resorts, the Las Vegas-based company that owns The Meadows Racetrack & Casino, is restructuring its executive line-up to allow its founders to spend more time on long-term strategic planning, according to a story in the Las Vegas Review-Journal. Cannery

The newspaper reported that CCR named Tom Lettero to the newly created position of president. Lettero also will retain his duties as chief financial officer.

Xavier Walsh was hired from Melbourne, Australia-based casino owner Crown Ltd. to be CCR’s chief operating officer, a position Lettero is surrendering.

Walsh will oversee operations of all CCR properties, which also include the Cannery in North Las Vegas and the Rampart Casino at the JW Marriott at Summerlin. 

Walsh’s prior employer, Crown Ltd., suspended its attempt to purchase CCR for $1.75 billion in March. While Crown still has a two-year option to close the sale, the company, controlled by billionaire James Packer, paid $325 million for a 24.5 percent stake in Cannery pending regulatory approval.

 CCR, like its competitors, is burdened by heavy debt and declining casino revenue.   It had about $860 million in debt in late May. Executives told the newspaper the company is financially strong and is making plans beyond the current economy.

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James Packer, Crown Casino Scraps Cannery Casino Resorts Deal

Australian billionaire James Packer, 41, has scrapped his plans, at least for now, for a $1.75 billion takeover of Cannery Casino Resorts LLC.  Had the deal gone through, Packer would have obtained three Nevada casinos. 

Packer’s Crown Casino enterprise, Australia’s biggest, rose 13.5 percent on the news- an especially good sign as the Australian media has been especially hard on Packer as of late. jamespacker

Packer’s fortune shrank to half this past year according to Forbes Magazine and Crown has lost 56 percent of its value.

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