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Casino
July 7, 2022
Crown Melbourne Makes Positive Changes, Claims Report
It was last autumn when Ray Finkelstein launched a probe into Crown Melbourne’s operations. The Royal Commissioner unveiled a massive scheme involving card transfers via China UnionPay that enabled high-rollers from China to skip currency restrictions. Following Finkelstein’s report, the operator was given two years to implement changes and ensure its compliance with the local […]
Business
July 6, 2022
Fitch Lowers Crown’s Rating Post-Blackstone Takeover
Crown Resorts, Australia’s largest gaming operator, recently sold its business to The Blackstone Group, a real estate and private equity firm. As a result, Fitch Ratings, a major rating agency, downgraded its rating of Crown’s business. Fitch Changed Its Ratings Soon after Blackstone completed the deal, Fitch lowered Crown Resorts’ Issuer Default Rating from BBB […]
Legal
July 4, 2022
VGCCC Would Not Let Crown Resorts ‘Off the Hook’ Easily
Crown Resorts is facing a fine of up to AU$100 million ($69 million) for its responsible gambling failures at Crown Melbourne after the state gambling regulator initiated a second round of disciplinary action against the troubled casino operator. ‘Condition of the Casino License’ The Victorian Gambling and Casino Control Commission (VGCCC) announced today it has […]
Casino
June 24, 2022
Blackstone Acquires Crown Resorts, the Real Estate Firm Confirms
Blackstone, a real estate and private equity firm, has officially confirmed that it completed Crown Resorts’ acquisition. With this development, Blackstone will take over three premium casino resorts, located in Sydney, Melbourne, and Perth. The news comes just days after Crown Sydney was granted a conditional license. The Acquisition is Blackstone’s Largest Investment in the […]
Casino
June 22, 2022
Crown Sydney Casino Granted Conditional License, Will Open Soon
Crown Entertainment has been in the news quite a lot in the past 2 years and now is one of the few times it’s been for a positive reason. Crown’s almost 18-month-long limbo nears its end with the ILGA granting it a provisional gaming license for the Sydney casino. Provisional License Temporary, Opening Date TBD […]
Casino
June 15, 2022
Crown’s Acquisition by Blackstone Will Breathe New Life into the Brand
The Federal Court of Australia has approved the takeover of beleaguered casino operator Crown by The Blackstone Group, a US-based private equity giant. This approval clears the final hurdle before the $6.5 billion acquisition, which will conclude on 24 June. The takeover has already secured the other required approvals from Victoria, Western Australia, and New […]
Industry
June 13, 2022
Western Australia Backs Blackstone’s Bid on Crown
The Blackstone Group, a US-based private equity company, is on the way to acquiring Crown Resorts, an Australian casino business. As per the agreement, the former firm will acquire the operator for a total of around $6.5 billion. The deal was approved by Crown’s shareholders and has now been approved by Australia’s regulators as well. […]
Business
June 9, 2022
Two Australian Watchdogs Back Blackstone-Crown Resorts Deal
The Blackstone Group has cleared an important hurdle as it pivots towards the acquisition of Crown Resorts Ltd. The company has got the go-ahead by regulators in Victoria and New South Wales with the Victorian Gambling and Casino Control Commission (VGCCC) and the New South Wales Independent Liquor and Gaming Authority (ILGA) backing the move, […]
Casino
June 9, 2022
Crown Resorts CEO to Make Sydney a Casino Industry Benchmark
Crown Resorts is awaiting a verdict that could leave it short of a license in New South Wales, but while anticipation builds up company chief executive officer Steve McCann feels optimistic about the future and the role Crown Sydney can play in establishing a new benchmark for casino operators anywhere in Australia. Crown CEO Hopeful […]
Casino
June 6, 2022
New Job Ads Signal Crown Sydney Casino Might Get License After All
New job ads for casino personnel at Crown’s Sydney venue signal that the venue may be turning a new page officially. Updates and official statements are still upcoming. Job Ads Mean Business The Bergin inquiry into Crown’s operational activities found the Sydney property was “unfit” for a license after it concluded the year-long review process […]
