Wayne Carey, an AFL great and commentator for Seven and writer for The Age, was at the center of an unwanted incident at Crown Perth and was issued with a “withdrawal of license” according to the report in The Herald. Anti-Inflammatory White Powder Substance Not Looking Good The ban on visiting Crown properties for two […]
Crown Sidney has confirmed that its CEO, Simon McGrath, will depart the company amid the Blackstone takeover. Australian media outlets report that his resignation will be effective in September and the Australian Financial Review reported that Blackstone will announce his replacement soon. The Next CEO is Likely to Come from Macau Australian Financial Review also […]
The new body will be named the NSW Independent Casino Commission and is expected to be much stricter in its regulatory actions and should be able to uphold all the new reforms in gambling regulation as it is itself a part of them. New Regulatory Body Ups the Ante Amid Upcoming Reforms New South Wales’ […]
Credit rating agency Moody’s Investors Service has stripped Australia-based Crown Resorts Limited from its Ba3 corporate family rating (CFR), following a similar move from credit rating agency Fitch, which a few days ago also downgraded the company’s credit rating. Downgrade Resulting from Blackstone Acquisition The recent changes announced by the two major credit rating agencies […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
