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.
Australian casino operator Star Entertainment Group Ltd has submitted a merger proposal to its market rival Crown Resorts Ltd, setting up a bidding war with private equity management firm Blackstone Group Inc.
In a Monday filing, Star Entertainment said its non-binding proposal offers 2.68 of its own shares per Crown share. Star Entertainment said its proposal values Crown shares above AUD14.00 (US$11.00).
Crown shareholders would also be offered the alternative of AUD12.50 cash per share, up to a limit of 25 percent of its shares, according to Star Entertainment’s proposal.
Star Entertainment owns and operates The Star Sydney casino hotel (pictured) in New South Wales, and two other gaming venues in the state of Queensland, the Star Gold Coast and the Treasury Casino and Hotel Brisbane. The company is currently expanding its Queen’s Wharf Brisbane scheme, with two Hong Kong-based partners.
Benjamin Alexander Brazil (b) Owner or controller of interests and short positions disclosed, if different from 1(a): The naming of nominee or vehicle companies is insufficient. For a trust, the trustee(s), settlor and beneficiaries must be named. 2B Investments (Australia) Holdings Pty Ltd is Trustee of 2B Aviation Trust, the beneficiaries of which are Consolidated Press Holdings Pty Ltd, Unisuper Limited as trustee for Unisuper, Wroxby Pty Ltd, and Benjamin Alexander Brazil. Benjamin Alexander Brazil controls all voting rights with respect to the holding disclosed below through his control of 2B Investments (UK Representative) Limited which is the representative of 2B Investments (Australia) Holdings Pty Ltd.
Benjamin Alexander Brazil (b) Owner or controller of interests and short positions disclosed, if different from 1(a): The naming of nominee or vehicle companies is insufficient. For a trust, the trustee(s), settlor and beneficiaries must be named. 2B Investments (Australia) Holdings Pty Ltd is Trustee of 2B Aviation Trust, the beneficiaries of which are Consolidated Press Holdings Pty Ltd, Unisuper Limited as trustee for Unisuper, Wroxby Pty Ltd, and Benjamin Alexander Brazil. Benjamin Alexander Brazil controls all voting rights with respect to the holding disclosed below through his control of 2B Investments (UK Representative) Limited which is the representative of 2B Investments (Australia) Holdings Pty Ltd.