Crown shareholders approve Blackstone deal
Friday 20 de May 2022 / 12:39
2 minutos de lectura
(Australia).- Crown Resorts Ltd's (CWN.AX) shareholders approved a $6.3 billion buyout by Blackstone Inc (BX.N) on Friday, but the deal faces further delays as it awaits nods from the regulators of states where the troubled casino operator ran its businesses.
Crown's Chairman Ziggy Switkowski said the company would delay a conclusive Federal Court hearing - earlier scheduled for next week - to week starting June 6, as it was unsure of securing regulatory assent before that.
In the scheme meeting, 92.1% Crown shareholders voted in favour of the deal, while 99.9% of the votes were in approval.
The success of the deal with the U.S. private equity giant could give billionaire James Packer an out from the beleaguered Australian casino firm hit by scandals and regulatory setbacks and draw the curtain on one of Australia's most storied business dynasties.
Packer, Crown's biggest shareholder and founder, will cash in his chips, worth about A$3.3 billion ($2.32 billion), a decade and a half after he created the company.
The ball is now in the court of gambling regulators in New South Wales, Victoria and Western Australia, who have all found Crown unfit to hold gaming licenses at different times. read more
"Crown will continue to assist Blackstone as it works towards obtaining the required gaming regulatory approvals," the firm said in a statement.
The licence for Crown's flagship A$2.2 billion casino skyscraper in Sydney remains suspended, more than a year after it was due to open, and its Melbourne casino has been operating with a government-appointed supervisor since last year.
Earlier in the day, advisory firm Grant Samuel, appointed as an independent expert by Crown, said that the scheme consideration was fair "even if none of the contingent liabilities arise."
Crown's stock ended marginally higher, while the benchmark index (.AXJO) advanced over 1%.
($1 = 1.4237 Australian dollars)
Categoría:Others
Tags: Sin tags
País: Australia
Event
iGaming Club Conference Cancun
24 de November 2025
Levon Nikoghosyan Confirms iGaming Cancun’s Success and Future LATAM Expansion
(Cancun, SoloAzar Exclusive).- The vibrant energy of iGaming Cancun has set the tone for a new chapter in the Latin American iGaming industry. Levon Nikoghosyan, CEO and Co-Founder of AffPapa and iGaming Club, shared his enthusiasm for the event’s debut in Mexico, highlighting its impact on the regional market and the company’s ambitious plans for the future.
Thursday 04 Dec 2025 / 12:00
iGaming Club Cancún 2025 Concludes Successfully with Strong Connections in Its First LatAm Edition
(Cancun, SoloAzar Exclusive).- iGaming Club Cancún 2025 came to a close last night with a comprehensive experience of conferences, networking, and the AffPapa iGaming Awards LATAM gala, consolidating itself as a unique space for operators, affiliates, and providers in the region.
Thursday 27 Nov 2025 / 12:00
iGaming Club Cancún 2025: Affiliates, Operators, and Innovation Take Center Stage on Final Day
(Cancun, SoloAzar Exclusive).- The second and final day of iGaming Club Cancún 2025 unfolds today, bringing together operators, affiliates, and select B2B providers in a unique networking and conference environment that highlights the evolving dynamics of the Latin American iGaming market.
Wednesday 26 Nov 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.