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Business
July 28, 2021
Crown Resorts Agrees to Pay Small Part of Multimillion-Dollar Tax Bill
Crown Resorts is opening its wallet to settle an outstanding debt with the Victorian government, but it may not be enough. The beleaguered Australian casino operator has acknowledged that it will hand over approximately AUD$37 million (around $44.6 million) after it inadvertently underpaid its taxes for 2012. The sudden windfall will be welcome by the […]
Casino
July 26, 2021
Decision on Crown Resorts’ Future in Western Australia to be Delayed
It was initially thought that an ongoing investigation into Crown Resorts’ suitability as a casino operator in Western Australia (WA) would have been wrapping up soon. Then, an extension was given to the investigation as it became clear that the casino operator’s possible derelictions were more extensive than initially thought. As of the end of […]
Casino
July 23, 2021
Star Entertainment Shies Away from Crown Resorts Takeover
Star Entertainment is no longer entertaining the idea of a Crown Resorts takeover. On paper dubbed a merger, any action by Star to integrate Crown’s operations into its own would have put the latter’s brass on notice that their days were numbered. However, seeing that Crown continues to face more scrutiny across Australia and may […]
Business
July 20, 2021
Crown Melbourne Faces Possible License Suspension in Victoria
Crown Resorts may face another massive setback in Australia. The counsel assisting the Royal Commission in Victoria in its investigation of the casino operator thinks it shouldn’t retain its license due to the fact that it breached the Casino Control Act of Victoria. Barrister Adrian Finanzio SC has stated that Crown may not be worthy of […]
Casino
July 12, 2021
Crown Resorts Called Out for Trying to Manipulate Ongoing Investigation
Crown Resorts has tried to play the pity card in Victoria and it didn’t go over very well. The casino operator has already shown its inability to act as a good corporate citizen in New South Wales (NSW) and could be facing similar trouble in Victoria and other states. Perhaps seeing the writing on the […]
Business
July 8, 2021
Crown Resorts Boss Shows Long-Time Dissention in the Ranks
The truth always comes out and Crown Resorts is learning the lesson the hard way. The Australian casino operator, once at the top of the hospitality charts in the country, has slid from grace due to a number of issues that have plagued it over the past several years. It has been accused of tampering […]
Industry
July 6, 2021
Crown Resorts May Face Difficulties This Year, Next Year, Too
In light of the impact of the COVID-19 pandemic, Crown Resorts released a trading and earnings update. The company revealed that it may report an operating loss for 2021, while a further negative financial impact may be observed next year, as well. Crown Resorts May Report Operating Loss for 2021 Fiscal Year Australia-based entertainment company […]
Industry
June 25, 2021
Australia’s Gaming Industry Likely to Undergo Monumental Changes
If any good is coming out of the debacle surrounding Crown Resorts in Australia, it’s that the country’s gaming regulations are likely to be tweaked. Fitch Ratings has weighed in on what is happening in Australia with Crown and Star Entertainment, as well as the gaming industry, in general, and believes that the screws are […]
Casino
June 22, 2021
Star, Crown Resorts Meet over Potential Merger
As Crown Resorts continues to fend off an assault on its reputation and viability as a casino operator, a number of companies haven’t wasted time approaching it to offer potential buyout deals. Oaktree Capital Group and the Blackstone Group were seen as the largest contenders, especially because of their deep pockets, but then Australia’s own […]
Business
June 15, 2021
Oaktree’s Structured Facility Bid to Crown Upped to AU$3.1B
Oaktree, a private equity firm based in the US, revised its initial offer to Crown Resorts related to the purchase of shares held by Consolidated Press Holdings (CPH), the troubled casino operator announced in a filing to the Australian Securities Exchange (ASX) Tuesday. CPH Stake Buy Back In April, the investment fund offered a funding […]