This was one of a succession of similar major losses in Gateway Casinos, Harrah's Entertainment and Station Casinos from which a total of $547.5 million was written off. In 2008, Crown attempted to enter the Las Vegas gambling market by acquiring a 19.6 per cent stake in Fontainebleau Resorts for US$250 million, which resulted in a total loss the following year when other investors withdrew US$800 million financing, resulting in bankruptcy applications. The agreement was ended in March 2009, however, with Crown instead buying a 24.5 percent stake in the company for $370 million, and paying a $50 million termination fee. In December 2007, Australian gambling company Crown Limited agreed to buy CCR for $1.75 billion. PBL was renamed Consolidated Media Holdings, retaining all of the remaining assets. The company was established in 2007 when Publishing & Broadcasting Limited (PBL) divested its gambling assets to Crown Limited.
Crown Melbourne serves as the global corporate headquarters
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