Tag Archives: Crown Resorts
Australia – Austrac launches money laundering investigation in Perth, Sydney and Adelaide
More controversy looks to be heading to the casino sector in Australia where the Australian Transaction Reports and Analysis Centre (Austrac) has contacted three of the major operators over potential money laundering breaches. Austrac has contacted Crown Resorts, Star Entertainment Group and SkyCity Entertainment Group over breaches of Anti-Money Laundering laws at casinos in Perth,…
Australia – Crown forced to shut as Victoria imposes third lockdown
Crown Melbourne has been forced to shut up shop for the third time as the Australian state of Victoria committed to a seven day lockdown. A hotel quarantine breach has caused a spike in COVID cases with the government saying residents can only leave their home for food and supplies, essential work, exercise with one…
Australia – Crown rejects Blackstone offer but asks for more info from Star
Australian casino operator Crown Resorts has rejected a takeover bid from private equity and hedge fund group Blackstone, due to the offer undervaluing its assets and earnings potential but the door remains open to the merger proposal from Australian competitor Star Entertainment. Crown said: “The Board has carefully considered the revised proposal, [from The Blackstone…
Australia – Crown could get to open cashless Barangaroo gaming floor this year
Crown Resorts could get the green light to open a cashless, junket-free Barangaroo casino in Sydney by the end of the year after agreeing to a list of new measures with the NSW Independent Liquor & Gaming Authority. Crown would not be able to operate any international junket operations at Crown Sydney. It would have…
Australia – Crown appoints expert in regulatory environment as new CEO
Crown Resorts has appointed Steve McCann as Chief Executive Officer and Managing Director of Crown, subject to the receipt of probity and regulatory approvals. Mr McCann is an experienced global executive with an acute understanding of the Australian corporate and regulatory environment after a 25-year executive career. Mr McCann is currently Group Chief Executive Officer…
Australia – The Star launches bid to merge with Australian rival Crown
Somewhat out of the blue, the Star Entertainment Group has submitted a conditional, non-binding, indicative proposal to merge with Crown Resorts at a nil-premium share exchange ratio of 2.68 The Star shares per Crown share. Based on recent trading values of The Star and the substantial value that would be unlocked by a merger, The…
Australia – Victorian Commission fines Crown Melbourne $1m for junket failings
The Victorian Commission for Gambling and Liquor Regulation has fined Crown Melbourne $1m for failing to comply with regulatory requirements in relation to the management of junket operations Over an extended period of time, Crown failed to implement robust processes to consider the ongoing probity of junket entities. This is the first time Crown has…
Australia – Crown could be declared a suitable operator by second half of 2021
The NSW Independent Liquor & Gaming Authority has said that Crown could prove its suitability to be a casino operator at its Crown Sydney in Barangaroo by the middle of this year. The suggestion came as Crown Resorts was granted a six-month extension of its liquor licenses for Crown Sydney by the NSW Independent Liquor…
Australia – Oaktree adds its name to Crown’s options with deal to buy Packer out
Investment firm Oaktree wants to buy James Packer’s stake in Crown Resorts, providing a new avenue for the Australian casino operator as it explores how it could be granted its Sydney gaming licence. Crown said it had received a ‘non-binding and indicative’ proposal from Oaktree Investments to fund a buy back of shares owned by…
