Business
April 27, 2022
Blackstone Set to Wait Three More Weeks to Take Over Crown Resorts
Blackstone’s takeover of Crown Resorts has been delayed due to the fact that the private equity company needs to make a case with Australian regulators that it is fit to be in control of the casino operator. As a result, Blackstone will have to wait additional 3 weeks to receive the necessary approvals. The Company […]
Casino
April 5, 2022
Crown Melbourne’s Illegal Money Transfers Could Cost AU$100m
Crown Resorts is facing a sanction of up to AU$100 million ($75 million) for violations of the Casino Control Act related to the illegal transfer of funds from China via China UnionPay cards. New Disciplinary Action against Crown Melbourne The Victorian Gambling and Casino Control Commission (VGCCC) launched the new disciplinary action against the troubled […]
Casino
March 29, 2022
Blackstone’s Acquisition of Crown Resorts Now Closer to Realization
The Foreign Investment Review Board has given the green light on Blackstone Group’s proposed acquisition of Crown Resorts and in doing so, the first hurdle has been passed as the Australian government has no objection to the purchase. Blackstone Offered $6.5 Billion All-Cash to Buy Crown Blackstone’s offer of AU$8.9 billion ($6.5 billion) was met […]
Casino
March 24, 2022
A New Report Sends Crown Perth on a 2-Year Pathway to Suitability
A probe into Crown Perth’s business completed by the Perth Casino Royal Commission (PCRC) in Australia deemed the company not suitable to hold a license. However, the Commission decided to grant Crown Perth the possibility to remedy its shortcomings for a period of two years instead of proposing license revocation. During that time, Crown Perth […]
Casino
February 18, 2022
Crown Resorts Turns a Corner, Doubles Down on Recovery
Crown Resorts has faced some of its most challenging years of operations, with the company buffeted by regulatory headwinds, lack of travelers and players, and stringent COVID-19 restrictions that kept many properties on shutdown or running skeletal services. To Crown Resorts managing director and CEO Steve McCann, the worst may now be over with the […]
Industry
February 14, 2022
Blackstone to Acquire Crown Resorts for $6.5 Billion
Crown Resorts announced that it entered into an implementation deed under which its shares will be acquired by Blackstone Inc. for AU$13.10 per share. Blackstone, Crown Resorts Enter Into Implementation Deed Crown Resorts, one of Australia’s largest entertainment groups and a leading casino operator, announced on Monday that it entered into an implementation deed with […]
Legal
February 3, 2022
Crown’s Former Boss Felstead Rejects WA Royal Commission Findings
Barry Felstead, a former chief executive officer of Crown Resorts, rejected intermediary findings of the Perth Casino Royal Commission that, according to his barrister, could lead to prosecution, The Sydney Morning Herald reported. Rejecting Findings Leading to Prosecution The former boss of Crown Resorts from 2013-2020 Barry Felstead, via his barrister Joanne Shepard, addressed the […]
Industry
February 1, 2022
Western Australia’s Gaming Regulator Admits Mistakes in Crown Oversight
The gaming regulator in Western Australia (WA) has admitted that it did not properly manage conflicts of interest related to Crown Perth’s operations. The admission comes as a royal commission investigates whether poor government oversight led to problems such as money laundering and problem gambling at the casino. This revelation will give Crown Resorts ammunition […]
Casino
January 17, 2022
Crown Resorts Appoints Anne Ward as a Non-Executive Director
Australia’s largest casino and hospitality company, Crown Resorts, has added a new name to its leadership team. Anne Ward will be joining the operator, stepping into the shoes of a non-executive director. Ward Joins Crown Resorts Ward came to power as a director on January 13. It was confirmed that she had passed all approvals […]
Business
January 13, 2022
Crown Resorts Warming Up to Blackstone Takeover Offer
Crown Resorts could be closer to having a new owner. After Blackstone improved its previous offer to purchase the Australian casino operator, Crown Resorts has agreed to join takeover negotiations with the US-based investment firm. Blackstone is ready to put US$6.46 billion up for the purchase. Crown Close to Changing Hands Blackstone’s latest bid came […]