Crown shareholders approve Blackstone deal
Friday 20 de May 2022 / 12:39
⏱ 2 min read
(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
GAT EXPO CARTAGENA 2026
24 de March 2026
Technology, AI and Traceability: Keys to the Future of Gaming at the GAT Expo Cartagena Suppliers Panel
(Cartagena de Indias, SoloAzar Exclusive).- Within GAT Expo Cartagena 2026, technology sector leaders analyzed the challenges and opportunities of the gaming industry during the panel “Innovation, Traceability and Control”.
Tuesday 31 Mar 2026 / 12:00
Gamification with Purpose: Andrés Blanco Explains How to Drive Real Engagement at GAT Expo Cartagena
(Cartagena de Indias, SoloAzar Exclusive).- At GAT Expo Cartagena 2026, one of Latin America’s most important gaming industry events, Andrés Blanco, Managing Director and Chief Product Officer at Gamanza Engage, shared his vision of how gamification can become a strategic tool to foster genuine user engagement.
Monday 30 Mar 2026 / 12:00
Nevada’s Regulatory Model, Taxation Challenges and Prediction Markets Take Center Stage at GAT Expo Cartagena
(Cartagena de Indias, SoloAzar Exclusive).- During a high-level fireside chat at GAT Expo Cartagena 2026, Brian Krolicki, Vice Chairman of the Nevada Gaming Commission, and Rodrigo Afanador Carrasco, CEO of Zamba and General Manager of Grupo Vicca, explored key regulatory challenges shaping the global gaming industry, with a particular focus on Latin America.
Monday 30 Mar 2026 / 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.
