Crown board dodges spill at AGM

The board of the casino group, Crown, has dodged a spill after shareholders overwhelmingly approved the company's remuneration report.

More than 75 per cent of shareholders voted in favour of the report at its annual general meeting in Perth, after last year rejecting the pay deals.

Under the two strikes rule on executive pay, a board must stand for re-election if more than 25 per cent of investors reject the pay deals for two years in a row.

James Packer says the new hotel will boost WA's capability to attract Asian tourists.

Chairman James Packer outlined Crown's future development plans, saying the Sydney Hotel proposal is progressing well.

He also emphasised the importance of capitalising on the growing number of Asian tourists, saying the development of Crown's new six star hotel in Perth is key to that market.

Mr Packer says tourist numbers from the United States and England have been sluggish in recent years, while Asian visitors has increased dramatically.

He says that figure could be boosted further and using Perth as the gateway to that market is essential.

Mr Packer says the company's plans to develop Perth's first six star hotel will boost the state's ability to capitalise on the growing number of Asian tourists.

The 500 room hotel, to be called Crown Towers, will be built alongside the Burswood Casino on land taken up at present by a golf course.

He says Singapore has emerged as a rival to Australia for the growing number of Chinese tourists and now is the time to start attracting their attention.

Source: ABC News, 30 October 2012