Packer taps Moelis to weigh up Crown sale

Original article by Lachlan Moffet Gray
The Australian – Page: 13 & 17 : 7-Apr-21

Consolidated Press Holdings has appointed investment bank Moelis Australia to advise on a possible sale of its 37 per cent stake in Crown Resorts. The private investment vehicle of businessman James Packer has stated that it is open to any "suitable transaction" for Crown shares, including the $8bn indicative bid from US private equity firm Blackstone. The offer of $11.85 per share values Packer’s stake in Crown at around $2.95bn. The casino group’s shares fell 0.84 per cent to $11.81 on 6 April.

CORPORATES
CROWN RESORTS LIMITED – ASX CWN, CONSOLIDATED PRESS HOLDINGS LIMITED, MOELIS AUSTRALIA PTY LTD – ASX MOE, THE BLACKSTONE GROUP LP

Victoria, WA circle Crown over new reports on shady deals

Original article by Lucas Baird
The Australian Financial Review – Page: 21 & 26 : 20-Nov-20

The Victorian Commission for Gambling & Liquor Regulation has directed Crown Resorts to produce two reports that it presented to the New South Wales inquiry into its Sydney casino. The reports indicate that money laundering occurred in ‘shell accounts’ linked to Crown’s Perth and Melbourne casinos, while the VCGLR has indicated that it has received a response from Crown about the ‘show cause’ notice issued in October regarding Crown’s links with questionable junket operators with alleged links to organised crime. Evidence regarding the shell accounts will also be considered by Western Australia’s Gaming and Wagering Commission on 24 November.

CORPORATES
CROWN RESORTS LIMITED – ASX CWN, VICTORIAN COMMISSION FOR GAMBLING AND LIQUOR REGULATION, WESTERN AUSTRALIA. GAMING AND WAGERING COMMISSION

Crown property assets spin-off on the cards

Original article by James Thomson, Larry Schlesinger
The Australian Financial Review – Page: 20 : 1-May-20

Citi analyst Bryan Raymond contends having Blackstone as a new shareholder increases the likelihood that casino operator Crown Resorts could spin-off its property assets. Crown contemplated the idea in June 2016, but abandoned the idea some months later. It is estimated Crown’s property assets could be worth up to $5.6 billion, while Dean Dransfield from consultants Dransfield Hotels and Resorts says Crown should only sell its accommodation assets.

CORPORATES
CROWN RESORTS LIMITED – ASX CWN, CITI AUSTRALIA PTY LTD, BLACKSTONE, DRANSFIELD HOTELS AND RESORTS PTY LTD

Crown pays out $205m as staff languish

Original article by John Stensholt
The Australian – Page: 13 & 16 : 17-Apr-20

Crown Resorts CEO Ken Barton says a new $1bn debt financing deal will assist the group to ride out the impact of the coronavirus lockdown and complete work on its Barangaroo casino in Sydney. Crown has stood down some 11,500 employees since closing down its Melbourne and Perth casinos in late March, while it has confirmed that shareholders will receive the previously-declared interim dividend of $0.30 per share. Rival casino operator The Star Entertainment Group has stood down 8,500 employees and deferred its interim dividend. Both companies have registered for the JobKeeper wage subsidy scheme.

CORPORATES
CROWN RESORTS LIMITED – ASX CWN, THE STAR ENTERTAINMENT GROUP LIMITED – ASX SGR

Packer’s sale of $1.76b stake in Crown Resorts puts spotlight on Barangaroo pledge

Original article by Nick Bonyhady, Nick Toscano
The Brisbane Times – Page: Online : 31-May-19

James Packer has sold half of his stake in Crown Resorts to Hong Kong-based Melco Resorts & Entertainment, a company with which Crown once operated a casino in Macau under a joint venture. The $1.76 billion deal was transacted via Packer’s private company Consolidated Press Holdings, and leaves Packer with around 25 per cent of Crown. However, there are suggestions that the share sale may breach the conditions of Crown’s operating licence in New South Wales; a condition of the agreement requires Crown to have no associations with Stanley Ho, the father of Melco owner Lawrence Ho.

CORPORATES
CROWN RESORTS LIMITED – ASX CWN, MELCO RESORTS AND ENTERTAINMENT

‘They’re all gamblers’: high-stakes Crown still in play

Original article by Sarah-Jane Tasker
The Australian – Page: 1 & 6 : 11-Apr-19

Shares in Crown Resorts fell 9.1 per cent to $12.77 on 10 April, after US-based Wynn Resorts withdrew from takeover talks. However, observers believe that Crown is open to other offers and that another bid from Wynn cannot be ruled out. Crown’s largest shareholder James Packer is said to be keen to exit the casinos business, with an industry observer suggesting that he would be a "willing seller" at around the price that had been proposed by Wynn.

CORPORATES
CROWN RESEARCH INSTITUTES, WYNN RESORTS LIMITED, WHITE FUNDS MANAGEMENT PTY LTD

Packer’s deal goes bust

Original article by Sarah-Jane Tasker, John Ferguson
The Australian – Page: 1 & 6 : 10-Apr-19

US-based Wynn Resorts has advised that it will not proceed with a potential takeover bid for Australian-listed Crown Resorts. The two groups are believed to have been holding confidential talks for several months, and Crown informed the ASX of the negotiations on 9 April. Wynn Resorts has cited the "premature disclosure" of these discussions for its decision to cease all negotiations with Crown. Businessman James Packer, who has a 46.1 per cent stake in Crown, would have emerged with a 10 per cent stake in Wynn Resorts if the deal had proceeded.

CORPORATES
CROWN RESORTS LIMITED – ASX CWN, WYNN RESORTS LIMITED

Crown execs support Packer exit

Original article by Sarah-Jane Tasker, Christine Lacy
The Australian – Page: 17 & 27 : 22-Mar-18

Shares in Crown Resorts closed almost one per cent lower at $A12.95 on 21 March, after major shareholder James Packer resigned from the board for personal reasons. Packer’s private company, Consolidated Press Holding, subsequently attributed his resignation to mental health issues. Crown Resorts has been under scrutiny in recent years over a series of scandals, including allegations that it had tampered with poker machines at Crown Melbourne and the arrest of Crown employees in China in 2016.

CORPORATES
CROWN RESORTS LIMITED – ASX CWN, CONSOLIDATED PRESS HOLDINGS LIMITED, BEYOND BLUE AUSTRALIA PTY LTD, VICTORIAN COMMISSION FOR GAMBLING AND LIQUOR REGULATION, VICTORIA. AUDITOR-GENERAL’S OFFICE, SEVEN NETWORK LIMITED

Packer concedes global strategy failed

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

Stars align for Packer as Ellerston swoops

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