Star, Crown CEOs hold first meeting over potential merger
Tuesday 22 de June 2021 / 09:33
2 minutos de lectura
(Macau).- The CEOs of Australia’s leading casino and integrated resort operators, Crown Resorts and Star Entertainment Group, are said to have met to discuss in detail a proposal to bring the two companies together by merger.
According to a report by the Australian Financial Review, Star CEO Matt Bekier met with recently appointed Crown Resorts boss Steve McCann last week to walk through some of the finer details of the proposal put forward by Star in early May. McCann took over as Crown CEO on 1 June following the departure of Ken Barton in the wake of the damning Bergin Report into Crown’s suitability to hold a NSW casino license.
As previously reported by IAG, if accepted and fully taken up the offer would result in pro forma ownership of a newly merged entity of 59% for Crown shareholders and 41% for Star shareholders.
Monday’s AFR report says Bekier’s pitch to McCann centered around an estimated AU$150 million to AU$200 million in annual cost savings from a potential sale and leaseback plan for some of the two companies’ properties in Melbourne, Sydney, the Gold Coast and Brisbane.
Star’s proposal is one of a number of M&A proposals currently on the table for Crown, including an AU$3.1 billion offer from American global asset management firm Oaktree Capital Management LP to acquire the 37% stake in Crown currently held by James Packer’s Consolidated Press Holdings. Crown has already knocked back a takeover bid from American multinational private equity and hedge fund giant The Blackstone Group, claiming its offer undervalues its assets and future earnings power.
The offers come with Crown in the midst of two concurrent Royal Commissions into its suitability in Victoria and Western Australia, while negotiations are ongoing with regulators in NSW in the company’s bid to reach suitability and launch casino operations at its AU$2.2 billion Crown Sydney development.
By Ben Blaschke
Categoría:Gaming
Tags: Sin tags
País: Macao
Event
SBC Summit Americas 2025
13 de May 2025
Redefining Innovation: Soft2Bet’s Market-Ready Tech and Experiential Advancements at SBC Summit Americas
(Fort Lauderdale, SoloAzar Exclusive).- In this Q&A, Slobodan Georgijevski, Soft2Bet Senior Sales Manager, highlighted innovation and presence of the firm at recent SBC Summit Americas, and shared a broader industry insight and evolution over the years.
Friday 06 Jun 2025 / 12:00
Belatra Games Unveils 'Cyber Gypsies' and AI-Driven Innovations at SBC Summit Americas 2025
(Fort Lauderdale, SoloAzar Exclusive).- At SBC Summit Americas 2025, Belatra Games took center stage with groundbreaking innovations, introducing its newest slot experience, Cyber Gypsies. Alongside this thrilling launch, it reinforced its commitment to AI, gamification, and player protection, setting a new standard for engaging and responsible gaming. But what makes these innovations stand out, and how is Belatra redefining industry trends? Let’s dive in.
Thursday 05 Jun 2025 / 12:00
Blokotech at SBC Summit Americas: Cutting-Edge Launches and New Features
(Fort Lauderdale, SoloAzar Exclusive).- In an exclusive interview with SoloAzar, Alberto Alfieri, Blokotech Co-Founder & Executive Chairman, discussed the innovations the company presented at SBC Summit Americas 2025 and how they address the industry's evolving needs, among other topics.
Monday 02 Jun 2025 / 12:00
SUSCRIBIRSE
Para suscribirse a nuestro newsletter, complete sus datos
Reciba todo el contenido más reciente en su correo electrónico varias veces al mes.