Credit Suisse believes it’s time to examine the possibility of a Crown-Star tie-up in light of both companies’ reduced revenue from the pandemic and China’s clampdown on overseas gambling activities.
Time to think about a $12b Crown, Star merger: CS (AFR)
From India to Australia, casinos across the Asia Pacific region have closed their doors in response to efforts to combat the spread of the coronavirus, with little to no visibility at present as to the evolution of the situation.
Private-equity company Blackstone, which bought a 10 percent stake in Crown Resorts earlier this year, may prove to be a suitable buyer for the company that may need to change its ownership to retain its casino license, Reuters' Breakingviews argues.
Crown Resorts said its Crown Melbourne property will reopen from Wednesday Nov. 25th with a maximum capacity of 1,000 and every second gaming machine turned off.
Patricia Bergin SC, 71, is the presiding Commissioner over the high-profile inquiry into Crown Resorts’ suitability to hold a Sydney casino license.
Crown Resorts said Moody's has downgraded its debt rating to Baa3, which will result in an increase in the interest cost on its medium-term notes by about $1 million a year.
At least two operators in the Asia Pacific region this week have to be thinking thank goodness it’s Friday. The ongoing sagas at both Imperial Pacific and Crown Resorts only got more tawdry, doing little to improve the brand image of the region’s gambling industry.
Crown Resorts' lawyers told a regulatory inquiry in Sydney that the best way for the company to prove its fit to hold a license is to open its Barangaroo property under strict supervision as a working test. The New South Wales Independent Liquor and Gaming Authority effectively barred Crown from opening the casino in December as planned, until the results of the probe are presented in February.
Crown Resorts will not be opening its A$2.2 billion Sydney casino in December and will need to wait until February before it hears whether it will retain its license, which was thrown into further doubt after a last-minute admission of money laundering.
In an 11th hour admission, Crown Resort told a suitability inquiry in Sydney that it was possible that money laundering had likely taken place in its casinos through accounts set up for VIP players.
Crown Resorts says the gaming operations of its new Sydney resort won't open in December as planned as the New South Wales Independent Liquor and Gaming Authority has deferred its review of required applications until February next year.