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May 10, 2021
In Australia and The Star Entertainment Group Limited has reportedly floated a non-binding proposal that could see it merge with rival casino operator Crown Resorts Limited to create an entity that would run seven properties across four states.
According to a report from GGRAsia, the consolidation bid from the Brisbane-headquartered operator values individual shares in Crown Resorts Limited at about $11 and proposes offering backers in its biggest competitor 2.68 of its own interests for every stake it receives. The source detailed that the proposition is also providing such shareholders with the alternative of receiving slightly over $9.84 in cash for up to 25% of their investments.
April 19, 2021
Australian casino operator Crown Resorts Limited has reportedly been offered up to $2.3 billion in private financing so as to buy back some or all of the 37% shareholding currently owned by company founder James Packer (pictured).
According to separate reports from the Bloomberg and Reuters news services, the proposal from American investment equity giant Oaktree Capital Management LP would see the Melbourne-headquartered casino firm enter into a ‘structured investment’ in order to acquire the shares from Packer’s Consolidated Press Holdings Proprietary Limited (CPHPL) vehicle. The sources detailed that such an arrangement could allow Crown Resorts Limited to partially rehabilitate its image following the recent determination that it was unfit to hold a gambling license for its new Crown Sydney development.
April 16, 2021
Following months of negotiations and billionaire businessman James Packer (pictured) has reportedly agreed a deal that will allow him to retain his around 37% stake in beleaguered Australian casino operator Crown Resorts Limited.
According to a Thursday report from The Sydney Morning Herald newspaper, the arrangement worked out with the New South Wales Independent Liquor and Gaming Authority is set to permit the 53-year-old’s Consolidated Press Holdings Proprietary Limited (CPHPL) vehicle to remain as the largest individual shareholder in Crown Resorts Limited. The source explained that this comes despite accusations uncovered via a recent investigation that Packer had potentially been exercising undue influence over the day-to-day operations of the firm behind the gambling-friendly Crown Melbourne and Crown Perth properties.
February 10, 2021
In Australia and the Consolidated Press Holdings Proprietary Limited (CPHPL) vehicle of billionaire businessman James Packer has reportedly severed its boardroom ties with prominent casino operator Crown Resorts Limited.
According to a Tuesday report from the Australian Broadcasting Corporation, the investments enterprise holds a preeminent 36% stake in the casino firm although it has now nevertheless terminated the consultancy contract it held with Crown Resorts Limited non-executive director John Poynton.
Voluminous vacuum:
CPHPL appointee left on the board of
Crown Resorts Limited following the Tuesday resignations of fellow non-executive directors
Guy Jalland and
Michael Johnston. Although the experienced businessman is to remain on the Sydney-listed casino firm’s board, the move purportedly means that