Packer's Melco casino's new boss, by Glenda Korporaal - The Australian - 26th April 2008


James Packer's US-listed Macau casino company, Melco PBL Entertainment, has appointed Mirvac chairman James Mackenzie to its board.

The company announced the appointment yesterday following the resignation of director David Elmsie, who has become chief operating officer of the international business of Mr Packer's Crown Limited.

Mr Mackenzie, who is based in Melbourne, will chair the audit committee.

Melco PBL, which listed on US over-the-counter market, Nasdaq, in December 2006, owns the Crown Macau casino in Macau, where it is also building the $2.3 billion City of Dreams and has plans for a third hotel/casino development.

Crown Limited has a 37.9 per cent stake in Melco PBL, along with the Hong Kong-based Melco, which is run by Lawrence Ho, son of Macau casino veteran Stanley Ho.

Mr Mackenzie is a former chairman of the Victorian Workcover Authority, managing director of funds management and insurance with ANZ, chief executive of Norwich Union Australia and chairman of Victoria's Transport Accident Commission.

The former partner of accounting firm Deloitte also spent 10 years working in Asia and Britain, and on assignment in mainland Europe and the US.

Melco PBL shares have had a rocky time since listing in the US over a year ago at $US19 a share, following the downturn in world share markets and investors' uncertainty over higher risk and speculative investments. The company's shares fell to a low of $US8.20 before rising to their current price of $US13.85 ($14.87) after a share-buying exercise last year.

It received a boost this week with news from Macau that the government had no immediate plans to offer any more casino licences in the territory, bolstering the position of the six existing licence holders.

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