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.
American hedge fund has reportedly inserted new provisions into its proposed $6.2 billion deal to purchase of Australian casino operator Crown Resorts Limited.
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April 13, 2021
In New Zealand and casino operator SkyCity Entertainment Group Limited has reportedly announced that it is to permanently cease using junket firms to attract high-value foreign gamblers to its four properties.
According to a report from Inside Asian Gaming, the Wellington and Sydney-listed company is responsible for New Zealand’s SkyCity Auckland, SkyCity Hamilton and SkyCity Queenstown properties and recently spent in the region of $243 million so as to renovate its SkyCity Adelaide venue in Australia. The source detailed that the shake-up comes after the casino operator completed an eight-week strategic review into its international business that found potential due ‘diligence’ and ‘know your customer’ shortfalls connected to the use of junket firms.