R92 Gambling Activities

Aristocrat Leisure lands games giant Big Fish for $1.3 billion

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Original article by John Stensholt
The Australian Financial Review – Page: 19 : 1-Dec-17

Aristocrat Leisure’s push to reduce its reliance on poker machine sales continued on 30 November with its announcement that it had acquired US social gaming firm Big Fish Gaming for $US900 million ($A1.3 billion). The purchase will increase the percentage of its revenue that comes from digital sources to around 38 per cent, and follows its August purchase of Israeli-based game developer Plarium. Aristocrat also handed down its 2017 fiscal year results on 30 November, reporting a net profit of $A495 million, up 41 per cent, earned on revenue of about $A2.4 billion.

CORPORATES
ARISTOCRAT LEISURE LIMITED – ASX ALL, BIG FISH GAMING INCORPORATED, PLARIUM LLC, CHURCHILL DOWNS, MOODY’S INVESTORS SERVICE INCORPORATED, VIDEO GAMING TECHNOLOGIES INCORPORATED

Packer concedes global strategy failed

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Original article by Aaron Patrick
The Australian Financial Review – Page: 5 : 27-Oct-17

Crown Resort’s controlling shareholder, James Packer, has conceded at the its AGM that the casino group’s offshore expansion was a failure. However, he said he is optimistic about the prospects of its Sydney casino, hotel and apartment complex, which Lendlease is building on Sydney Harbour. Packer also observed that Crown had made around $A2 billion from its international foray, which was possibly the best result of all Australian companies that have abandoned offshore expansion plans.

CORPORATES
CROWN RESORTS LIMITED – ASX CWN, LEND LEASE GROUP LIMITED – ASX LLC, MELCO CROWN ENTERTAINMENT LIMITED

Tatts sale vote put back to AGM

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Original article by Sarah-Jane Tasker
The Australian – Page: 21 : 29-Sep-17

The Australian Competition Tribunal will undertake a second review of the proposed merger between Tabcorp and Tatts Group in late October. This will affect the timetable for implementing the merger, as Tatts shareholders were slated to vote on the deal in early October. The vote will now be held at Tatts’ AGM on 30 November, and the two gaming groups hope to implement the merger on 14 December. The merger agreement stated that the deal must be finalised by 31 December, and it may have to be renegotiated if this deadline is not met.

CORPORATES
TABCORP HOLDINGS LIMITED – ASX TAH, TATTS GROUP LIMITED – ASX TTS, AUSTRALIA. COMPETITION TRIBUNAL

Tabcorp-Tatts merger up in air as court orders new competition hearing

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Original article by Damon Kitney, Scott Murdoch
The Australian – Page: 17 & 20 : 21-Sep-17

The Australian Competition Tribunal will reassess the proposed merger between Tabcorp and Tatts Group after the Federal Court upheld an appeal against its decision to approve the deal. However, the court has placed a five-day embargo on disclosing its reasons for ruling in favour of the Australian Competition & Consumer Commission, which will give the competition regular limited time to prepare a new submission on the $A11bn merger. The ACCC had argued that several points of law regarding the merger needed to be clarified.

CORPORATES
TABCORP HOLDINGS LIMITED – ASX TAH, TATTS GROUP LIMITED – ASX TTS, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, AUSTRALIA. COMPETITION TRIBUNAL, FEDERAL COURT OF AUSTRALIA, HIGH COURT OF AUSTRALIA, CROWNBET PTY LTD

Stars align for Packer as Ellerston swoops

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Original article by Sarah-Jane Tasker, Damon Kitney
The Australian – Page: 17 & 28 : 18-Jul-17

Ellerston Capital has become a substantial shareholder in casino operator The Star Entertainment Group, after increasing its stake in mid-July. Crown Resorts’ major shareholder James Packer is a passive investor in Ellerston, with a 25 per cent stake. Ellerston’s move to increase its stake in The Star has prompted speculation of a potential consolidation in the gambling sector, particularly in the wake of Crown’s decision to focus on its Australian operations. Rohan Sundram of Citigroup recently noted the synergies arising from a merger between Crown and The Star.

CORPORATES
THE STAR ENTERTAINMENT GROUP LIMITED – ASX SGR, ELLERSTON CAPITAL PTY LTD, CROWN RESORTS LIMITED – ASX CWN, CITIGROUP PTY LTD, PERPETUAL LIMITED – ASX PPT, GENTING BERHAD, CONSOLIDATED PRESS HOLDINGS LIMITED, UBS HOLDINGS PTY LTD, ELLERSTON AUSTRALIAN SHARE FUND, MACQUARIE GROUP LIMITED – ASX MQG

Tatts takeover at risk of delay, says Tabcorp

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Original article by Sarah-Jane Tasker
The Australian – Page: 19 : 12-Jul-17

Tabcorp has advised shareholders that a court challenge should not affect its timetable to complete an $A11bn merger with Tatts Group. The wagering giant still expects the deal to be completed during the December 2017 quarter, despite a move by the Australian Competition & Consumer Commission to seek a judicial review of the Competition Tribunal’s decision to approve the merger. Tabcorp has indicated that it will push for an expedited hearing of the ACCC’s application to the Federal Court.

CORPORATES
TABCORP HOLDINGS LIMITED – ASX TAH, TATTS GROUP LIMITED – ASX TTS, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, AUSTRALIA. COMPETITION TRIBUNAL, FEDERAL COURT OF AUSTRALIA, DEUTSCHE BANK AG, ORD MINNETT GROUP LIMITED, MACQUARIE GROUP LIMITED – ASX MQG, PACIFIC CONSORTIUM

ACCC appeals Tabcorp-Tatts merger ruling

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Original article by Ben Butler
The Australian – Page: 17 & 20 : 11-Jul-17

The Australian Competition & Consumer Commission will challenge the Competition Tribunal’s decision to approve the $A11bn merger between Tabcorp and Tatts Group. The ACCC has argued in the Federal Court that the tribunal made three legal errors in approving the deal. Amongst other things, it claims that the tribunal only considered whether the merger would be detrimental if it resulted in a "substantial" lessening of competition. The ACCC is of the view that the tribunal should have considered whether there would be any lessening of competition.

CORPORATES
TABCORP HOLDINGS LIMITED – ASX TAH, TATTS GROUP LIMITED – ASX TTS, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, AUSTRALIA. COMPETITION TRIBUNAL, FEDERAL COURT OF AUSTRALIA, PACIFIC BRANDS LIMITED

Crown’s get-out-of-jail card

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Original article by Angus Grigg, Lisa Murray
The Australian Financial Review – Page: 1 & 8 : 27-Jun-17

Nineteen current and former employees of Crown Resorts pleaded guilty to gambling-related charges in a Shanghai court on 26 June 2017. They included three Australian citizens, among them senior executive Jason O’Connor. He was given a 10-month jail sentence, which includes time already spent in custody. The 19 were also served with fines totalling more than $A1.7 million, which Crown will pay on their behalf. Observers stated that the jail terms were shorter than expected, with the sentences including time served.

CORPORATES
CROWN RESORTS LIMITED – ASX CWN, PACIFIC FINANCIAL SERVICES, MELCO CROWN ENTERTAINMENT LIMITED, CHINA. MINISTRY OF PUBLIC SECURITY

Tribunal dismisses concerns in Tab deal

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Original article by John Stensholt
The Australian Financial Review – Page: 20 : 23-Jun-17

The Australian Competition Tribunal, which approved Tabcorp’s $A11 billion merger with Tatts Group on 20 June 2017, has published in full the reasons for its decision. The tribunal has rejected claims by Racing.com that it would be placed in crisis if conditions were not imposed on the merged entity when bidding for future broadcasting rights. The tribunal also did not believe the Australian Competition & Consumer Commission’s view that allowing the merger to proceed would reduce competitive bidding for the next wagering licence in Victoria.

CORPORATES
TABCORP HOLDINGS LIMITED – ASX TAH, TATTS GROUP LIMITED – ASX TTS, AUSTRALIA. COMPETITION TRIBUNAL, RACING.COM, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, RACING VICTORIA LIMITED, SEVEN WEST MEDIA LIMITED – ASX SWM, ODYSSEY GAMING LIMITED

ACCC bypass comes up trumps for Tabcorp

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Original article by John Stensholt
The Australian Financial Review – Page: 15 & 20 : 21-Jun-17

The Australian Competition Tribunal has cleared the proposed $A11bn merger of gambling giants Tabcorp Holdings and Tatts Group. Tribunal president Justice John Middleton rejected the Australian Competition & Consumer Commission’s concerns about the impact on competition, arguing that the merger will result in significant benefits for the public. However, he has stipulated that Tabcorp must proceed with the sale of Odyssey Gaming Services. Tabcorp hopes to finalise the merger by September.

CORPORATES
TABCORP HOLDINGS LIMITED – ASX TAH, TATTS GROUP LIMITED – ASX TTS, AUSTRALIA. COMPETITION TRIBUNAL, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, CROWNBET PTY LTD, RACING.COM, RACING VICTORIA LIMITED, NEWS CORPORATION – ASX NWS, SUN BETS