Casino ownership gambits a distraction from the main game
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The built structures of Crown’s casino businesses loom large on the skylines of Sydney, Melbourne and Perth. The Victorian capital was the scene of much of the misconduct identified in this masthead’s original reporting from 2019 onwards and a royal commission is belatedly under way in that state into its operations. Western Australia is in the early stages of its own royal commission; but it was Sydney’s fledgling Barangaroo operation that was first declared to have “a way to go” before winning back its suspended licence and admitting its very first gamblers.
UPDATE 3-Australia s Star makes $7 bln play for Crown, taking on private equity giants reuters.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from reuters.com Daily Mail and Mail on Sunday newspapers.
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SYDNEY Australian casino operator Star Entertainment Group on Monday proposed an all-stock buyout of larger rival Crown Resorts Ltd that it valued at A$9 billion ($7 billion), vying with two private equity giants for control of the troubled company.
Three months after Crown was declared unfit for a gambling license at its new Sydney resort tower, Star said the share-swap takeover approach would create “one of the largest and most attractive integrated resort operators in the Asia Pacific region.”
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Bidding War Heats Up For Aussie Billionaire James Packer s Crown Resorts forbes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from forbes.com Daily Mail and Mail on Sunday newspapers.
Bidding War Drives Share Jump for Australia s Largest Casino Company Crown Resorts has competing bids from Blackstone, Oaktree Capital and Australia s second-largest casino company, Star. Stocks quotes in this article: BX
A billion-dollar bidding war among three would-be investors has emerged for Australia s largest casino operator, Crown Resorts (CWLDY). That in turn has given its shares another boost. For a company that runs casinos that has been told it s unfit to run casinos, it s doing pretty well.
On Monday, the Blackstone Group (BX) raised its offer price for the company. For good reason, because there are new horses in this race. Also on Monday, rival Aussie casino operator Star Entertainment Group (ECHEY) delivered a competing bid. Oaktree Capital Management (OAK) has lodged a separate plan to rescue the troubled company.