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Crown ordered to pay AU$22.5m following Bergin Inquiry
13th May 2021
| By Marese O Hagan
Crown Resorts Melbourne has been ordered to pay a total of AUD $22.5m (£12.4m/€14.4m/$17.3m) as part of measures set out by the New South Wales Independent Liquor and Gaming Authority (IGLA).
Crown must pay $12.5m towards the inquiry itself, and also pay an annual Casino Supervisory Levy of $5.0m in both FY2021 and FY2022, after the regulator found Crown “unsuitable” to operate a casino in the Barangaroo district of Sydney in February. The operator may pay a further levy in FY2023, but this is “subject to further consultation”.
Published May 13, 2021
Dive Brief:
Lendlease CEO Steve McCann will retire from the company at the end of the month and assume the role of CEO and managing director of Australian gaming and entertainment company Crown Resorts on June 1, Lendlease announced Monday. McCann will also step down from the Lendlease board of directors.
He joins Crown at a crucial point, as firms bid to buy the gaming company while regulators investigate its business practices and threaten to rescind its casino licenses.
Lendlease announced in February that McCann was retiring and that Tony Lombardo, current head of Lendlease’s Asia division, will take over as the new CEO.
Crown, revealing the details to the ASX, said the board of the merged entity would initially comprise the current directors of each of Crown and Star.
Star has stated it estimates that a merger with Crown would result in indicative cost synergies of between $150m and $200m per annum.
Star has also indicated there is the potential to unlock significant value from a sale and leaseback of the merged entity’s property portfolio.
The Star offer has now sparked a serious bidding war for the casino group, which could yet see other players emerge.
Simultaneously, Crown announced it had received an enhanced offer from a company associated with Blackstone, which already holds 10% of Crown.
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