Connect with us
SIS

Australia

Blackstone Group Buys 9.99% Stake in Crown Resorts

Niji Narayan

Published

on

Blackstone Group Buys 9.99% Stake in Crown Resorts
Reading Time: < 1 minute

 

Melco Resorts and Entertainment has sold its 9.99% stake in Australia’s Crown Resorts Ltd to Blackstone Group, the US-based investment company. Blackstone purchased a total of 67,675,000 shares at a price of US$5.32 per share.

The sale of Melco’s 9.99% stake, acquired from James Packer’s CPH Crown Holdings Pty Limited last June, comes in the midst of a public inquiry into the acquisition by the NSW Independent Liquor & Gaming Authority, currently postponed due to COVID-19.

The inquiry, launched last August and running since January, had been looking into a range of issues surrounding the transaction, including whether Crown remains a suitable person to retain its restricted gaming license for its AU$2.2 billion Crown Sydney development, due to open in 2021, and whether the disposal of shares to Melco Resorts constitutes a breach of the license or any other regulatory agreement.

Melco originally acquired the 67,675,000 shares last year at a price of US$8.49 per share.

Australia

Australia’s COVID-19 Lockdown Gives Windfall to Gamblers

Niji Narayan

Published

on

Australia’s COVID-19 Lockdown Gives Windfall to Gamblers
Reading Time: < 1 minute

 

The lockdown in Australia due to the COVID-19 crisis has given gamblers an unexpected windfall.

Facilities that offer electronic gambling machines have remained closed because of restrictions designed to slow the spread of the virus.

“That means that Australians are saving one billion U.S. dollars a month. And that is money that is appearing in people’s bank accounts and they are able to pay the bills and put food on the table, and for many people who are gambling heavily, this has come as a huge relief,” Tony Mohr, executive director of Alliance For Gambling Reform, said.

Australians lose more money to gambling than people living in any other country, almost 25 billion Australia dollars (about 16.3 billion U.S. dollars) a year. More than half of that money is pumped into electronic gambling machines.

“A woman at Easter had told me that she had money to buy Easter eggs for her children without trying to work out where to get the money from for the first time in years,” gambling reform advocate Anna Bardsley, who had a 10-year addiction to electronic gambling machines, said.

“The time is a huge loss to me. I’ll never get that time back and time that I could have been doing much better things, time that I should have been spending with my children. It was such a huge waste of time,” she said.

The shutdown has hit Australia’s gambling industry hard financially.

NSW Clubs, which represents more than 1200 facilities in New South Wales that offer electronic gambling machines, has reportedly estimated a loss of more than 35,000 jobs.

Continue Reading

Australia

Australia’s ACMA Moves to Block 10 More Illegal Gambling Websites

Niji Narayan

Published

on

Australia’s ACMA Moves to Block 10 More Illegal Gambling Websites
Reading Time: < 1 minute

 

The Australian Communications and Media Authority (ACMA) is set to request Australian internet service providers (ISPs) to block 10 more illegal offshore gambling websites.

The sites to be blocked are Grand Fortune Casino, Raging Bull Casino, True Blue Casino, Free Spin, Two Up Casino, BoVegas, Cherry Gold Casino, Slots Empire, Red Dog Casino and Wild Joker.

ACMA received over 30 complaints about these services that are accessible in Australia. ACMA’s investigations found that these sites breach the Interactive Gambling Act 2001.

Continue Reading

Australia

Aristocrat Prices New US$500 Million Term Loan B Facility

Niji Narayan

Published

on

Aristocrat Prices New US$500 Million Term Loan B Facility
Reading Time: < 1 minute

 

Aristocrat Leisure has priced a new US$500 million term loan to strengthen the group’s liquidity and balance sheet.

Aristocrat said the proceeds of the loan will be used for general corporate purposes and was strongly supported by existing and new investors. The maturity date of the loan is October 2024.

“We are very pleased with the outcome of this debt raising which was significantly oversubscribed. The TLB market continues to provide Aristocrat with flexibility and competitively priced debt on a covenant light basis and we are grateful for the ongoing support of this important debt market,” Julie Cameron-Doe, CFO of Aristocrat, said.

“The transaction is part of our ongoing strategy to further enhance our liquidity, continue to invest for growth and position the group to emerge strongly from the current COVID-19 related challenges,” Julie Cameron-Doe added.

Continue Reading
Advertisement
NSoft
Advertisement

Global Gaming Industry Newsletter – Weekly Digest (sent every Wednesday)

Please select all the ways you would like to hear from European Gaming Media and Events:

You can unsubscribe at any time by clicking the link in the footer of our emails. For information about our privacy practices, please visit our website.

We use Mailchimp as our marketing platform. By clicking below to subscribe, you acknowledge that your information will be transferred to Mailchimp for processing. Learn more about Mailchimp's privacy practices here. Read more about European Gaming Media and Event's Privacy Policy and Terms of Service.

Subscribe to our News via Email

Enter your email address to subscribe to our news and receive notifications of new posts by email.

Trending

Notice for AdBlock users

We are constantly showing banners about important news regarding events and product launches. Please turn AdBlock off in order to see these areas.