Legal
May 13, 2021
Crown Resorts Looks to Appease Regulators by Eliminating Junkets and Cash
Crown Resorts knows that its livelihood and future as they currently stand are on the ropes. As the casino operator faces increased scrutiny over its operational integrity across Australia, it has to know that its fate has likely already been sealed. However, as it looks to stave off any further damage or public relations nightmares, […]
Business
May 10, 2021
Crown Resorts Has a New Suitor as The Star Entertainment Offers a Deal
It took a while, but The Star Entertainment Group has finally decided to step forward and offer a deal to purchase the beleaguered Crown Resorts. The casino and hospitality company has submitted a formal proposal to buy out Crown for $7 billion (AUD$9 billion) in an all-stock deal to compete against existing bids by the […]
Casino
April 30, 2021
Crown Perth Casino Set to Re-Open after 3-Day WA Lockdown
Casino and hospitality operator Crown Resorts announced in a filing to the Australian Securities Exchange (ASX) today its Crown Perth casino property will re-open starting from Saturday, May 1, 2021, in line with easing the restrictions in the Perth metropolitan area and Peel region by the Western Australian Government. Casino Games Resume Following the 3-day […]
Legal
April 28, 2021
Crown Resorts to Pay Massive Fine as Victorian Gaming Investigation Continues
Crown Resorts has left a trail of bad decisions over the years, all leading to the questionability of its right to continue operating casinos in Australia. As investigations into its history continue, additional missteps are being uncovered and the company continues to pay the price for decades of institutional mismanagement. The latest comes via the […]
Business
April 19, 2021
Competition for Control of Crown Resorts Heats up after Oaktree Steps In
Crown Resorts’ Board of Directors is going to have to make some tough decisions soon, but one of them is relatively easy. The ouster of founder and former CEO James Packer is a given and will happen at some point in the near future. It almost seemed inevitable that could be part of a deal […]
Casino
April 13, 2021
Blackstone Safeguards Crown Proposal, Tightens Conditions
Australian casino operator Crown Resorts announced conditions for the proposed buyout of outstanding shares by Blackstone Group have been modified to include safeguard against possible loss of operating licenses before the deal is complete. Regulatory Approval Condition Last month, the private equity giant which already holds a 9.99% stake at Crown Resorts acquired from Melco […]
Casino
April 8, 2021
Sale of Crown Resorts Appears Ready to Advance, But Maybe Not to Blackstone
Once a reining giant in Australia’s casino market, Crown Resorts has found itself spiraling downward the past couple of years. The casino operator has acknowledged it made a series of missteps, including not preventing money laundering at its properties, and is facing scrutiny across the country. As the saga continues to unfold, Crown’s board has […]
Casino
March 29, 2021
Blackstone’s Crown Resorts Bid to Face Regulatory Scrutiny
NSW’s gambling regulator boss, Philip Crawford, has said that Blackstone will face extensive regulatory scrutiny in its bid for Crown Resorts. Blackstone to Face Regulatory Scrutiny Blackstone’s $8 billion takeover bid for Crown Resorts should be coming to a successful close as the investor seems hell-bent on making this one work. Yet, challenges abound. The newest one comes from […]
Casino
March 22, 2021
Crown Receives AU$6.2B Buyout Offer from Blackstone Group
Troubled Australian casino operator Crown Resorts received a buyout offer from Blackstone Group Inc, the company revealed Monday declining to comment further on the unofficial bid. Price Discovery Crown’s second-largest shareholder Blackstone offered AU$11.85 per share bringing the total valuation to AU6.2 billion, but when the news hit the wires Crown’s shares jumped more than […]
Legal
February 22, 2021
Victoria Announces Royal Commission into Crown Melbourne
Crown Melbourne is subject to an AUD$5 million royal commission following a recent scandal involving Crown Resorts and organized crime. Money Laundering and Organized Crime The Victoria government has announced the launch of an investigation into casino operator Crown Resorts‘ flagship property in Melbourne to decide whether it is a suitable license holder in the […]