Operator News
Australia – Rumours resurface over Sands’ interest in Crown following NYE celebrations
By Phil - 5 January 2021
The rumours that Las Vegas Sands is looking to buy a piece of Australian operator Crown Resorts are back following reports that casino tycoons Sheldon Adelson and James Packer were spotted together during a New Year’s Eve bash in the French Caribbean.
The potential for Mr Packer selling his 36 per cent stake in Crown Resorts to the Las Vegas Sands founder and CEO first aired in May last year. They have resurfaced due to media reports that Mr. Packer’s $200m superyacht was docked alongside Mr. Adelson’s $70m Queen Miri with boats seen going back and forth between the yachts.
Speaking to investors last May, Mr. Adelson said: “We are looking to see high quality assets where they are in key markets where it may be cheaper to buy them to build, and you may find something that is attractive and fits into our overall strategy in the long run, and I think we’re going to be very returns focused. We are interested in M&A. I’m not going to give up on developing Integrated Resorts.”
“We’ve always said that Asia is the best place for us, if we can find something good in Asia we’d certainly like to do that,” he stated.
Union Gaming Analyst John DeCree said back then that Crown Resorts ‘includes a collection of high quality assets in a first world market with a solid Chinese VIP junket business, plenty of owned real estate, and some additional growth/development prospects.’
“The company is under levered and with COVID-19 – trading at a discount to replacement cost,” he noted.
