CASINOS – AUSTRALIA

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

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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

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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

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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

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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

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

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

China hearing date for Crown staff

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Original article by Angus Grigg, Lisa Murray
The Australian Financial Review – Page: 7 : 14-Jun-17

Australian-listed Crown Resorts has confirmed that 19 of its current and former employees have been formally charged in China following their arrest in October 2017. They face charges of promoting gambling in China, and are scheduled to appear in court on 26 June 2017. Shanghai criminal lawyer Si Weijiang says the most senior employees could be given longer sentences, while some of the more junior employees could potentially be given suspended sentences. Fourteen current Crown employees and two former employees are still being held in custody, while three have been released on bail.

CORPORATES
CROWN RESORTS LIMITED – ASX CWN

Packer back in charge

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Original article by Anne Hyland, John Stensholt
The Australian Financial Review – Page: 1 & 19 : 11-Jan-17

Robert Rankin will remain on the board of casinos group Crown Resorts when he steps down as chairman on 1 February 2017. He will be succeeded by John Alexander, who has been on Crown’s board since 2007. Crown has also appointed 48.2 per cent shareholder James Packer to its board less than 18 months after he resigned as executive chairman. Packer has outlined five priorities for Crown in 2017. Meanwhile, Guy Jalland will replace Rankin as CEO of Packer’s private company, Consolidated Press Holdings.

CORPORATES
CROWN RESORTS LIMITED – ASX CWN, CONSOLIDATED PRESS HOLDINGS LIMITED, MELCO CROWN ENTERTAINMENT LIMITED, CLUBS NSW PTY LTD, SEVEN WEST MEDIA LIMITED – ASX SWM, PACIFIC POINT PARTNERS, PUBLISHING AND BROADCASTING LIMITED

Packer crowns year by folding his China cards

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Original article by John Stensholt, Jessica Gardner
The Australian Financial Review – Page: 1 & 10 : 16-Dec-16

Crown Resorts has flagged its intention to focus on its casinos business in Australia. The group has agreed to sell a 13.4 per cent stake in the Melco Crown Entertainment venture in Macau for $A1.6bn, while it will not proceed wth the Alon casino project in Las Vegas. Crown will use the proceeds from the sale of the Melco stake to reduce debt, pay a special dividend and finance a share buyback. The group still intends to establish a separate real estate investment trust for its property assets.

CORPORATES
CROWN RESORTS LIMITED – ASX CWN, MELCO CROWN ENTERTAINMENT LIMITED, ARNHEM INVESTMENT MANAGEMENT PTY LTD, ASPINALL’S CLUB LIMITED, DCN GAMES, MELCO INTERNATIONAL DEVELOPMENT LIMITED, CONSOLIDATED PRESS HOLDINGS LIMITED

Packer bid to unlock Crown value

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Original article by James Thomson, Perry Williams, John Stensholt
The Australian Financial Review – Page: 1 & 10 : 16-Jun-16

The board of Crown Resorts has proposed to restructure the Australian-listed company. The new corporate structure involves the creation of an international holding company which will hold Crown’s stakes in Melco Crown, a US casino and hotel, the Nobu restaurant chain, British casino operator Aspers and Caesars Growth Partners. Crown Resorts will retain its existing local assets, which include casinos and hotels in Melbourne and Perth, the Barangaroo project in Sydney, Betfair Australasia, and stakes in Crownbet and the Ellerston resort in New South Wales. A listed property trust will also be created.

CORPORATES
CROWN RESORTS LIMITED – ASX CWN, MELCO CROWN ENTERTAINMENT LIMITED, CONSOLIDATED PRESS HOLDINGS LIMITED, ALON, NOBU, CAESARS GROWTH PARTNERS, ASPERS, BETFAIR AUSTRALASIA PTY LTD, CROWNBET PTY LTD, CROWN TOWERS, CONSOLIDATED PRESS HOLDINGS LIMITED