Inside Asian Gaming

IAG APR 2021年4月 亞博匯 37 封面故事 casino license. He also promised to take a detour into how Crown deals with issues around problem gambling. Given concerns that the Royal Commission is politically motivated – it took authorities north of the border to uncover indiscretions taking place in Melbourne – Crown executives may be facing more sleepless nights ahead. If Crown is sold to Blackstone, it has been suggested that the company’s local rival, Star Entertainment Group – operator of The Star Sydney, The Star Gold Coast and Brisbane’s Treasury Casino – could be appointed to manage gaming operations at Crown Sydney. Such an arrangement, state JP Morgan analysts Don Carducci and Abhinay Jeggannagari, would mirror those adopted in Las Vegas where Blackstone has spent almost US$9 billion in the last two years to acquire Bellagio, MGM Grand and Mandalay Bay. “Blackstone owns the properties and receives rent payments from the operators (MGM),” they write in a research note. “Blackstone could look to apply a similar strategy with Crown where it splits the company into a property company, which holds premium hotels/tourism assets, and a company that runs the casino (subject to approvals/probity/finding a suitable owner). “If Blackstone is unable/willing to operate the casino, Star could make probity easier as the OpCo for an owner whilst extracting fees and avoiding Sydney competition.” Could Crown lose its licenses altogether? That extreme seems unlikely, according to Green – even if he remains unconvinced of the company’s efforts to clean up its act. “The question now becomes: are they capable of actually rectifying the many defects and shortcomings that will have been identified by the end of these Royal Commissions?” Green continues, “I can see one argument that the deficiencies are so ingrained and so deep that it really isn’t possible unless there is a complete change of everyone [including Coonan]. The problem then is 黑石集團在過去兩年中斥資近90億美元收購了Bellagio、MGM Grand以及Mandalay Bay。 他們在一份研究報告中寫道：「黑石擁有物業，並從營運商（ 美高梅）那裏收取租金。」黑石可能會對皇冠採取類似策略，將其 拆分成一家擁有高級酒店及旅遊資產的地產公司、以及一家賭場 營運公司（須獲得批准、財務廉潔及找到適格所有人）。 「如果黑石集團無法或不願經營賭場，那麼星億可以作為賭 場業主的營運部門令財務廉潔更為容易，收取費用的同時避免了 在悉尼的競爭。」 皇冠會完全失去賭牌嗎？Green認為這種極端情況似乎不太 可能發生——儘管他仍然認為該公司現在的整頓行為並不令人滿 For all its progress in NSW, the bigger concern for Crown appears to be in Victoria and Western Australia where state governments have responded to the Bergin Report by launching Royal Commissions of their own. 然而儘管在新州有所進展，但皇冠似乎現 在更應擔心維多利亞州及西澳州，這兩個 州的政府目前都針對《Bergin Report》 成立了各自的皇家調查委員會。