Perpetual urges Crown to begin sale process
The Crown Resorts chairman has successfully deflected a number of proposals to sell the casino business, without making a commitment. Shareholders are frustrated.
May 13, 2021 – 9.06pm
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Perpetual Investments, one of the largest shareholders in Crown Resorts, is pressuring chairman Helen Coonan to start a formal sales process for the troubled $8.6 billion casino operator.
Perpetual’s head of equities, Paul Skamvougeras, issued a brief statement on Thursday calling on Coonan to abandon the board’s review of competing proposals and open its books to anyone interested in buying it.
David Rowe
“Given this interest, it makes sense for the board to immediately commence and fast-track a formal sale process, concurrent with its consideration of the proposals presented by Star Entertainment, Blackstone and Oaktree.”
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”.
Australian casino operator is reportedly working with the regulator for New South Wales in order to bring casino gaming to its fresh Crown Sydney property.
May 13, 2021
In Australia and The Star Entertainment Group Limited has reportedly followed rival casino operator Crown Resorts Limited in agreeing to stop the use of junket firms in order to attract high-value foreign players to its New South Wales property.
According to a report from Inside Asian Gaming, the move from the Brisbane-headquartered company comes a little over four months after Crown Resorts Limited was refused a gaming license for its new Crown Sydney development owing to concerns that it may have been complicit in a slew of money laundering offenses tied to its own utilization of such junkets. The source detailed that this licensing decision from the New South Wales Independent Liquor and Gaming Authority could be revisited before the end of the year so long as the operator has implemented a number of recommendations earlier laid out by an independent investigation chaired by former New South Wales Supreme Court Judge Patricia Bergin.
Australian casino operator Crown Resorts Ltd has reportedly committed itself to terminating junket operations and switching to cashless operations in its casinos, as part of a deal to restore gaming licensing for its new Sydney project at Barangaroo, in New South Wales.
The details, reported by local media outlets, were announced on Thursday by that state’s regulator, the Independent Liquor and Gaming Authority (ILGA).
In February, Crown Resorts was found unsuitable to run its new Sydney casino, following an inquiry into its fitness for a gaming licence in the state. Crown Sydney (pictured) is already licensed for – and running – a hotel and some restaurants for its guests.