Crown Resorts' largest shareholder has reached an accord with the New South Wales regulator under which it agreed not to seek representation on the board, share information with the company or have discussions that are not in a public forum.
U.S. private equity firm Blackstone has provided more details on its bid for Australian operator Crown Resorts, saying it expects to clear the country’s notoriously tough probity checks by the third quarter of this year.
Australian billionaire James Packer has made a small but potentially significant move in the takeover play for Crown Resorts saying he is open to offers for his 37 percent stake in the operator.
Billionaire James Packer plans to abide by the decision of Crown Resorts' board on whether to accept an A$8 billion ($6.2 billion) bid from Blackstone Group, reinforcing the company's negotiating stance.
Blackstone is unlikely to win approval from Crown Resorts’ board or shareholders with its current A$11.85 bid, J.P. Morgan analysts wrote in a note.
The New South Wales Independent Liquor and Gaming Authority said it may be willing to roll over Crown Resorts' liquor license on a monthly basis while regulators deliberate whether it can regain suitability for its casino license.
Crown Resorts said a probe into its suitability to hold a casino license in Western Australia will take the form of a Royal Commission. The company is also facing the country's move wide-reaching form of inquiry in Victoria.
Crown Resorts confirms that the seventh review of its suitability to hold a casino license in Victoria will not proceed as scheduled due to a separate Royal Commission probe into its business practices.
International Entertainment said it has hired various advisers to provide a legal opinion on the operation of casinos and gaming activities and to review the company's internal control policies in order to comply with a guidance letter from the Hong Kong Stock Exchange.
The Victorian government is setting up a royal commission to probe whether Crown Resorts is suitable to hold a license for its flagship property in Melbourne.