Connect with us
SoftSwiss
Playson

Australia

Star Entertainment Submits Proposal to Merge with Crown Resorts

Niji Narayan

Published

on

Star Entertainment Submits Proposal to Merge with Crown Resorts
Reading Time: 2 minutes

 

Australia’s Star Entertainment Group has submitted a conditional, non-binding, indicative proposal to merge with Crown Resorts.

According to details released via the ASX, the proposal values Crown’s shares in excess of AU$14 per share – exceeding the value put forward by competing bids in recent weeks which value Crown at closer to AU$12 per share.

Those competing bids include a revised offer from American multinational private equity and hedge fund giant The Blackstone Group, received over the weekend, which increases its bid from an original AU$11.85 per share to AU$12.35 per share.

US global asset management firm Oaktree Capital Management L.P. has also proposed a AU$3 billion offer to acquire the 37% stake in Crown currently held by James Packer’s Consolidated Press Holdings.

However, Star has outlined its case for a merger, with the offer representing a share exchange ratio of 2.68 The Star shares per Crown share with a cash alternative of AU$12.50 per Crown share for up to 25% of Crown’s issued share capital.

“Based on recent trading values of The Star and the substantial value that would be unlocked by a merger, The Star estimates its pro forma share price to be more than AU$5 per share, implying potential value of the Scrip Consideration in excess of AU$14 per Crown share,” it said.

The Star said it believes a merger represents a “compelling value proposition for all shareholders by creating a national tourism and entertainment leader with a world-class portfolio of integrated resorts with enhanced scale and geographic earnings diversification, significant balance sheet strength and free cash flow generation.”

It would also allow for AU$150 million to AU$200 million in cost synergies per annum with an estimated net value of AU$2 billion.

“A merger of The Star and Crown would result in significant scale and diversification and unlock an estimated AU$2 billion in net value from synergies,” Star Chairman John O’Neill said.

“With a portfolio of world-class properties across four states in Australia’s most attractive and populated catchment areas and tourism hubs, the combined group would be a compelling investment proposition and one of the largest and most attractive integrated resort operators in the Asia Pacific region.”

According to Star, a merger would also open the door for potential sale and leaseback opportunities on some of the group’s enhanced property portfolio – leaving the door open for the likes of Blackstone and Oaktree to acquire assets in the future.

Crown said it has not yet formed a view on the merits of the proposal and will commence an assessment process on its merits.

Australia

Crown Melbourne Casino to Remain Closed

Niji Narayan

Published

on

Crown Melbourne Casino to Remain Closed
Reading Time: < 1 minute

 

Crown Resorts is reopening its hotel and food & beverage facilities at Crown Melbourne on June 11 (today), but its casino will remain closed until further notice.

The announcement comes in accordance with temporary restrictions imposed by the Victorian Government, and arrives two weeks after the venue was required to suspend the majority of its activities as Melbourne went into another Covid-19 lockdown.

Victoria entered an initial week-long lockdown on May 27 due to a rise in cases, but this was extended by another week as further cases were confirmed.

“Crown Melbourne will continue to financially support staff who remain stood down, including the majority of gaming operational staff, by paying an additional discretionary payment. This includes eligible casual staff,” a statement from Crown read.

“Crown Melbourne will continue to work closely with the Government and health authorities in Victoria and will respond to measures taken in relation to Covid-19.”

Continue Reading

Australia

LICENSED VENUE OPERATION TO ENSURE COVID & ALCOHOL SAFETY ON THE SLOPES

George Miller

Published

on

LICENSED VENUE OPERATION TO ENSURE COVID & ALCOHOL SAFETY ON THE SLOPES
Reading Time: 2 minutes

 

Liquor & Gaming inspectors will be visiting licensed venues at the snow this long weekend to ensure they have proper measures in place for COVID safety and responsible service of alcohol.
Liquor & Gaming Director of Compliance Darren Duke said venues in the snowy region are preparing for an influx of skiers and boarders and must ensure patron safety.
“The mountains are already blanketed with snow and, with the official ski season launch this long-weekend, we are ensuring all on-snow licensed venues know their responsibilities when it comes to COVID and alcohol safety,” Mr Duke said.
“Liquor & Gaming inspectors will be visiting 22 on-snow hotels, motels and bars this weekend, with a focus on ensuring patrons sign-in with the Service NSW QR Code and adhere to social distancing requirements.
“At this stage of the pandemic there is simply no excuse for not complying with the check-in requirements. Businesses must be vigilant as this data will be vital in contact tracing if NSW experiences an outbreak like Victoria.
“Inspections relating to the responsible service of alcohol and responsible conduct of gambling accreditation, along with general compliance audits will be conducted making sure venues have a good understanding of their responsibilities.
“The Snowy Mountains Liquor Accord, which includes 40 representatives from venues, police, Liquor & Gaming NSW and stakeholders, also met earlier this month to ensure a coordinated effort promoting a safe and successful ski season.
“The annual snow season provides great economic benefits for the local community and Liquor & Gaming inspectors will be visiting again throughout the season. It’s in everyone’s best interests for all venues to ensure patron safety.”
Liquor & Gaming NSW inspectors will conduct targeted operations in Jindabyne, Thedbo and Perisher to check venues are complying with legislative requirements relating to:
  • COVID QR Code sign in,
  • Patron behaviour and intoxication levels,
  • Undesirable liquor promotions and activities,
  • Compliance with licence conditions,
  • Responsible service of alcohol and responsible conduct of gambling accreditation, and
  • Prevention of alcohol sales to minors.
Continue Reading

Australia

Cloud Gaming Platform Antstream Arcade Launches in Australia

George Miller

Published

on

Cloud Gaming Platform Antstream Arcade Launches in Australia
Reading Time: 2 minutes

 

Leading global retro games company Antstream Arcade has today announced its launch into Australia, following significant growth in both the UK and US markets.

Making its library of over 1000 iconic video games available to play for free through its video game streaming platform, players in Australia will be able to play classics titles like Space Invaders, Asteroids and Mortal Kombat over any 3G, 4G, 5G, wired or Wifi connection. They will also be able to swap between any game on almost any device they choose, from TVs, laptops, desktops, tablets and mobile phones, with no need to download games to their device thanks to Antstream Arcade’s streaming infrastructure.

This launch coincides with the Australian launch of the Atari VCS, Atari’s modern video computer system that blends the best of PCs and consoles. Antstream Arcade will come preloaded on the console, providing Australian Atari users with an expansive retro gaming experience. Antstream Arcade will also provide something new for players, with many games on its platform featuring challenge modes, tournaments and international leaderboards, giving retro gamers old and new a modern social aspect to classic games.

Steve Cottam, CEO of Antstream said: “Australia is a country underserved by the emerging cloud gaming market. We aim to change that by giving Australian gamers the chance to enjoy over 1000 iconic games for free thanks to our cloud gaming platform. Antstream is the first truly device agnostic game streaming service in the world, and the first to offer its library of games to players for free via an ad-funded model and premium ad-free subscription service – allowing us to bring our library of classics and forgotten gems to the widest audience possible.”

Antstream Arcade’s library features games from over 55 publishing partners across the games industry, including the likes of Bandai Namco, Taito, Disney/LucasArts, Atari and Warner media to name a few. Combined, this makes Antstream Arcade’s library the world’s largest collection of iconic retro games in the world. With playable titles ranging from definitive classics to obscure curios, Antstream Arcade represents the only way that players are able to officially access the games of the past while supporting the game’s original creators and rights holders.

Continue Reading
Advertisement
NSoft
Advertisement
EvoPlay
Advertisement
Kasyno Online na HEX Polska

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.