Monday, August 8, 2022

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Australia

Crown Resorts to begin VIP gamings in Sydney on August 8th

Sharon Singleton -
Crown Resorts will begin gaming operations in Sydney under a provisional license on August 8th, more than 18 months after the Barangaroo resort opened. 
Macau

Wynn loses COO Ciarán Carruthers, bound to take over at Crown Resorts from Steve McCann

AGBrief Editorial -
Ciarán Carruthers, who has just resigned as COO of Wynn Macau, will be replacing Crown Resorts’ Steve McCann gone two weeks after the takeover from private equity firm Blackstone.
Australia

Crown Resorts downgraded following Blackstone takeover: Fitch

Sharon Singleton -
Crown Resorts’ credit rating was downgraded by analysts at Fitch Ratings due to the deterioration in the company’s financial profile following the recently completed acquisition by Blackstone. 
Australia

Blackstone gets green light for A$8.90b Crown Resorts takeover in Victoria, NSW

Sharon Singleton -
Blackstone’s A$8.9 billion ($6.3 billion) acquisition of Crown Resorts has taken a step forward with regulators in New South Wales and Victoria finding the U.S. investment group suitable to hold a license
Australia

Crown Resorts to get go-ahead to open Sydney casino

AGBrief Editorial -
Crown Resorts is expected to be given the go-ahead to open a casino at its new Barangaroo resort in Sydney and is advertising for gaming staff, local media reports.
Australia

Crown Resorts can absorb regulator fine with no impact on credit metrics: Fitch

Sharon Singleton -
Crown Resorts’ strong financial profile has helped it to weather the Covid crisis and still maintain a buffer that will allow it to absorb regulatory fines at its current rating level, Fitch said.
Australia

Crown Resorts gets A$80m fine, warns there may be more to come

Sharon Singleton -
Crown Resorts said it has been fined A$80 million ($54.4 million) for the illegal use of China UnionPay cards and warned it may be facing further punitive damages.
Australia

Victoria strengthens gaming regulator’s oversight of Crown Resorts

Felix Ng -
The Victorian government has proposed new legislation that will further enhance the compliance and enforcement powers of its gaming regulator as part of its oversight of Crown Resorts.
Australia

Crown Resorts shareholders approve $6.3 billion Blackstone takeover

Sharon Singleton -
Crown Resorts’ shareholders have voted in favor of an A$8.9 billion ($6.3 billion) takeover offer from Blackstone, although the U.S. investor has still not cleared Australian regulatory hurdles.
Australia

Victoria tax changes to trim as much as 5% from Crown Resorts EBITDA from 2024

Sharon Singleton -
A proposed tax increase on electronic gaming machines at Crown Melbourne is likely to trim between 3 to 5 percent from EBITDA from 2024 onwards, says J.P. Morgan, which has cut its price target and rating for the group.

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