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

Tabcorp hits out over 40pc first strike

Original article by Sarah-Jane Tasker
The Australian – Page: 17 & 21 : 18-Oct-18

Tabcorp Holdings’ remuneration report was rejected by 40.4 per cent of shareholders at its 2018 annual meeting. Tabcorp chair Paula Dwyer attributes the high protest vote to factors such as the wagering group’s decision to terminate its Sun Bets joint venture in the UK and a record fine of $45m for breaching anti-money-laundering and counterterrorism financing laws. Dwyer has also accused proxy advisers of providing misleading information to investors about Tabcorp, and says shareholders should engage directly with the company rather than via such advisers.

CORPORATES
TABCORP HOLDINGS LIMITED – ASX TAH, SUN BETS, NEWS CORPORATION – ASX NWS, TATTS GROUP LIMITED – ASX TTS, CALTEX AUSTRALIA LIMITED – ASX CTX, AUSTRALIA. ATTORNEY-GENERAL’S DEPT. AUSTRALIAN TRANSACTION REPORTS AND ANALYSIS CENTRE, AUSTRALIAN FEDERAL POLICE, AUSTRALIAN SHAREHOLDERS’ ASSOCIATION

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

CrownBet wins race for William Hill

Original article by Sarah-Jane Tasker
The Australian – Page: 28 : 7-Mar-18

CrownBet will become Australia’s third-largest wagering group after securing a deal to acquire the local arm of UK-based William Hill for $A300m. Rival bidder Sportsbet was trumped after CrownBet’s bid gained the support of its major shareholder, The Stars Group, which bought its controlling stake from Crown Resorts in 2017. William Hill chose to withdraw from the Australian market due to rising losses and a ban on credit betting.

CORPORATES
CROWNBET PTY LTD, WILLIAM HILL AUSTRALIA PTY LTD, WILLIAM HILL PLC, THE STARS GROUP, SPORTSBET AUSTRALIA, CROWN RESORTS LIMITED – ASX CWN, TABCORP HOLDINGS LIMITED – ASX TAH, BETSTARS, POKERSTARS, AUSTRALIA. FOREIGN INVESTMENT REVIEW BOARD, NORTHERN TERRITORY. RACING COMMISSION

Tatts all folks: Tabcorp wins bid

Original article by Sarah-Jane Tasker
The Australian – Page: 19 : 13-Dec-17

Some 98.64 per cent of Tatts Group shareholders voted in favour of a merger with Tabcorp Holdings at a scheme of arrangement meeting on 12 December. The enlarged Tabcorp will boast a market capitalisation of about $A11bn and pro-forma annual revenue of $A5bn. Tatts’ outgoing CEO Robbie Cooke noted at its last AGM that the gaming and lotteries group’s market value has risen by $A2.5bn since he took the helm five years ago. Tatts chairman Harry Boon will join the Tabcorp board.

CORPORATES
TABCORP HOLDINGS LIMITED – ASX TAH, TATTS GROUP LIMITED – ASX TTS, LADECO AIRLINES, GVC CORPORATION

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

Tatts sale vote put back to AGM

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

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