• Subscribe
  • Magazines
  • About
  • Contact
  • Advertise
Monday 6 February 2023
    • 中文
    • 日本語
IAG
Advertisement
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • Vietnam
  • Events
  • Consulting
  • Contributors
  • SUBSCRIBE FREE
  • 中文
  • 日本語
No Result
View All Result
IAG
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • Vietnam
  • Events
  • Consulting
  • Contributors
  • SUBSCRIBE FREE
  • 中文
  • 日本語
No Result
View All Result
IAG
No Result
View All Result

The Blackstone Group reveals key modifications to Crown acquisition proposal

Ben Blaschke by Ben Blaschke
Wed 14 Apr 2021 at 04:44
Going Global

Crown Melbourne

43
SHARES
1.1k
VIEWS
Print Friendly, PDF & Email

American multinational private equity and hedge fund giant The Blackstone Group has outlined a series of modifications to the conditions surrounding its AU$8 billion proposal to acquire Australia’s Crown Resorts, demanding greater clarity around the regulatory approval process.

The modifications were revealed by Crown Resorts on Tuesday and relate to a previous condition that Blackstone receive regulatory confirmation that a Blackstone-owned Crown is a suitable person to continue to own and operate the casino licenses in Sydney, Melbourne and Perth.

Blackstone now wants such confirmation to go much further, including approval from each relevant regulatory authority to acquire 100% of the issued shares in Crown as required under the applicable casino legislation and framework agreements in each of their respective states.

It also sets out a new condition that neither of its licenses in Western Australia or Victoria are either cancelled, suspended, surrendered or threatened to be, or that the New South Wales regulator confirms or threatens to confirm a license will not be granted.

Likewise, Blackstone will withdraw its offer should any regulatory authority impose terms and conditions on the licenses or framework agreements which constitute a material adverse change (to the value of the license), and will walk away should any authority issue a recommendation for any of the above instances to take place.

According to Crown, Blackstone has now indicated that it expects to receive full probity approval by 3Q21 but that its proposal is not conditional on arranging debt financing.

As previously reported by Inside Asian Gaming, the Blackstone proposal, if accepted, would see it acquire all shares in Crown by way of a scheme of arrangement at an indicative price of AU$11.85 cash per share. Blackstone currently holds a 9.99% stake in Crown Resorts which it acquired from Melco Resorts & Entertainment in April 2020.

Crown said it continues to assess the proposal.

RelatedPosts

Aristocrat completes US$965 million fundraising exercise for Playtech bid

Aristocrat grows Real Money Gaming assets as Roxor acquisition completed

Mon 6 Feb 2023 at 00:07
NSW industry body calls for regulatory overhaul to help clubs quash money laundering concerns

NSW government to ensure all poker machines go cashless within five years if re-elected

Mon 6 Feb 2023 at 00:03
IGT, Scientific Games help boost AGEM Index in December

Aristocrat and Crane Co lead AGEM Index to strong 13.5% increase in January

Sun 5 Feb 2023 at 19:53
Back with a bang

Just one month remaining to start of 2023 regulatory education program “Regulating the Game”

Sun 5 Feb 2023 at 19:43
Load More
Tags: AustraliaCrown MelbourneCrown PerthCrown ResortsCrown SydneyMelbourneNew South WalesNorth AmericaPerthproposalSydneyThe Blackstone GroupVictoria Australian State
Share17Share3
Ben Blaschke

Ben Blaschke

A former sports journalist in Sydney, Australia, Ben has been Managing Editor of Inside Asian Gaming since early 2016. He played a leading role in developing and launching IAG Breakfast Briefing in April 2017 and oversees as well as being a key contributor to all of IAG’s editorial pursuits.

Current Issue

Editorial: Macau GGR recovery: A New Hope

Editorial: Macau GGR recovery: A New Hope

by Ben Blaschke
Wed 1 Feb 2023 at 02:17

The speed with which Macau’s short-term prospects have turned around since the start of the year is nothing short of...

Publication of record

Publication of record

by Andrew W Scott and Ben Blaschke
Wed 1 Feb 2023 at 01:44

It has been quite the ride for Inside Asian Gaming, from a small 40-page pilot publication back in September 2005...

Missing in action

Missing in action

by David Green
Wed 1 Feb 2023 at 00:55

Macau’s concessionaires have committed to spending a combined US$13.5 billion on non-gaming attractions over the next 10 years, but they...

Return of the ICE age

Return of the ICE age

by Ben Blaschke
Wed 1 Feb 2023 at 00:43

A full-sized ICE London returns for the first time in three years in February, with organizers promising the biggest show...

Softswiss
Evolution Asia
Aristocrat
Solaire
Solaire
Beter
Beter
IGT

Related Posts

Two to Tango

Cyprus President says Melco’s City of Dreams Mediterranean to transform local tourism

by Newsdesk
Mon 6 Feb 2023 at 00:25

The President of Cyprus has described the impending launch of Melco Resorts and Entertainment’s €550 million City of Dreams Mediterranean project as a game-changer for the republic’s tourism industry. President Nicos Anastasiades was speaking during a special preview event held at...

Aristocrat completes US$965 million fundraising exercise for Playtech bid

Aristocrat grows Real Money Gaming assets as Roxor acquisition completed

by Newsdesk
Mon 6 Feb 2023 at 00:07

Australian industry heavyweight Aristocrat Leisure Limited has completed its acquisition of B2B online Real Money Gaming (RMG) supplier Roxor Gaming. The acquisition, first announced in September and including Roxor’s two in-house studios, will see the supplier become part of Aristocrat’s...

NSW industry body calls for regulatory overhaul to help clubs quash money laundering concerns

NSW government to ensure all poker machines go cashless within five years if re-elected

by Ben Blaschke
Mon 6 Feb 2023 at 00:03

Sweeping reforms set to be introduced into New South Wales should the current coalition government retain power in the upcoming March election would see all poker machines in the state go cashless within five years and 2,000 machines removes from...

IGT, Scientific Games help boost AGEM Index in December

Aristocrat and Crane Co lead AGEM Index to strong 13.5% increase in January

by Newsdesk
Sun 5 Feb 2023 at 19:53

The AGEM Index – a monthly stock performance guide comprising 12 global gaming suppliers – increased by 13.5% or 113.32 points in January to 952.42 points, with Aristocrat Leisure Ltd and Crane Co enjoying the most significant gains to kick...


IAG

© 2005-2023
Inside Asian Gaming.
All rights reserved.

  • SUBSCRIBE FREE
  • NEWSFEED
  • MAG ARTICLES
  • VIDEO
  • OPINION
  • TAGS
  • REGIONAL
  • EVENTS
  • CONSULTING
  • CONTRIBUTORS
  • MAGAZINES
  • ABOUT
  • CONTACT
  • ADVERTISE

No Result
View All Result
  • Subscribe
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
  • Events
  • Contributors
  • Consulting
  • Magazines
  • Advertise
  • Contact
  • About

© 2005-2023
Inside Asian Gaming.
All rights reserved.