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Sunday, February 20, 2022 5:53:43 PM
Again, jooi for you - James Packer set to pocket $3.2bn as Crown Resorts backs takeover by US private equity giant
"Jooi, for you - Casino sector heading for shake-up with Packer's Crown Sydney
"Where should Chicago build its first casino?""
Some Packer background - The broken billionaire: Inside James Packer's tough mental health battle
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=156662170
See also Blackstone reference at bottom.
Reclusive billionaire James Packer now has an easy exit from Crown Resorts and will walk away $3.2bn richer if a takeover offer succeeds.
Lauren Ferri and Rebecca Le May
February 14, 2022 - 1:08PM
NCA NewsWire
VIDEO - Crown responds to Sydney licence delay
Crown’s Sydney casino is yet to open despite the regulator flagging earlier this year it would be open by October, according to Sky News Business Editor Ross Greenwood. Yesterday, the Independent Liquor and Gaming Authority (ILGA) issued a statement indicating it was difficult to know when the casino would be open as…
James Packer is set to become $3.26bn richer after Crown Resorts accepted an offer to sell its entire Australian casino empire to a US private equity firm.
Blackstone last month finally secured the board’s support for its improved, fourth takeover offer of $13.10 per share, with the indicative bid now binding and unanimously backed by Crown’s top brass.
The $8.87bn sale remains subject to approval by shareholders, Australia's Foreign Investment Review Board and, importantly, gaming regulators in each state it operates.
There’s a strong chance they will view Blackstone’s experience in running casinos in the US favourably.
As for the reclusive billionaire, the takeover gives him an easy exit from the embattled company.
His hand is effectively forced, given last year’s Victorian royal commission recommended cutting his stake in Crown from 37 per cent to less than 5 per cent, which the state government accepted along with all other recommendations.
James Packer is set to become $3.26bn richer after Crown Resorts accepted an offer to sell its entire Australian casino empire to a US
private equity firm. Picture: Aaron Francis/The Australian
The NSW government also backed all suggestions stemming from its explosive 2020 inquiry, including limiting stakes in a casino licensee to 10 per cent unless approved by a new, powerful Independent Casino Commission.
Both recommendations came after Mr Packer’s influence on Crown was labelled “disastrous” by the NSW investigation, as he was the driving force to secure more of the Chinese high-roller junket tours at the centre of the gaming giant’s money laundering scandal.
Mr Packer has been steadily retreating from public corporate life, stepping down as Crown’s chairman in 2015, quitting the board in 2018 and then trying to sell a 19.9 per cent interest in the company to Hong Kong gambling giant Melco Resorts, an ill-fated transaction that only got halfway through when the NSW inquiry was launched.
The Victorian royal commission was damning of Crown but stopped short of stripping the Melbourne venue of its gaming licence. Picture: Darrian Traynor/Getty Images
A wildcard in the mix is other rival suitors turning the takeover into a bidding war, potentially providing a better deal for shareholders.
There are plenty to choose from: Brisbane-based Star Entertainment Group withdrew its merger bid for Crown last year after limited engagement with the target’s board.
Then there’s global private equity giant Oaktree, which last year offered to bankroll a $3bn buyback of Mr Packer’s stake.
However, Crown shares lifted as high as $12.76 in intraday trade - well short of the offer price and suggesting investors believe a better bid won’t lob in.
Denied its gaming licence for Sydney, Crown has been running restaurants and a flashy hotel and making big money from selling luxury apartments in the complex.
Picture: NCA NewsWire / Gaye Gerard
It’s been a torrid past few years for the company, which was forced to gut its board in a bid to redeem itself from the money laundering debacle and has been hit hard by Covid-related closures and restrictions.
But analysts say the jewel in Crown is its sizeable property portfolio comprising its flagship Melbourne casino, new $2.2bn development at Barangaroo in Sydney and a casino and resort in Perth.
Even with the company being denied a gambling licence for the epic new Sydney tower after the NSW regulator deemed Crown unfit to run a casino, it has been running restaurants and a flashy hotel and making big money from selling luxury apartments in the complex.
Crown also owns? a small private gambling club in London’s affluent Mayfair district.
The Perth royal commission was told that Mr Packer did not attend a single board meeting of Crown Perth’s Burswood Ltd between 2013 to 2016 when he was its
chairman and living overseas.
While Mr Packer will be decisive in the shareholder vote, the deal already has the backing of fund manager Perpetual, which owns 9 per cent of Crown.
“The announcement today represents a compelling offer for Crown’s shareholders to consider,” Crown chief executive Steve McCann said in a statement.
“The price appropriately reflects the value of Crown’s world-class assets and global reputation for premium service and experiences.”
The findings from Crown’s royal commission in Perth are due next month, following on from the Victorian royal commission – both sparked by the NSW inquiry – effectively putting the company’s Melbourne operation on probation for two years.
Crown says the Blackstone deal could be complete in the June quarter if approved by shareholders.
https://www.news.com.au/finance/business/other-industries/james-packer-set-to-pocket-32bn-as-crown-resorts-backs-takeover-by-us-private-equity-giant/news-story/603a66bebbc2ec4bb367eba58414d47b
See also:
A year after election, RNC still spending hundreds of thousands to cover Trump's legal bills
[...]
Even with all the legal expenditures, the RNC has continued to build a huge war chest over the past year. Backed by megadonors that include Blackstone Group CEO Stephen Schwarzman and casino mogul Steve Wynn, the RNC ended November with more than $65 million in cash on hand.
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=167443485
"Jooi, for you - Casino sector heading for shake-up with Packer's Crown Sydney
"Where should Chicago build its first casino?""
Some Packer background - The broken billionaire: Inside James Packer's tough mental health battle
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=156662170
See also Blackstone reference at bottom.
Reclusive billionaire James Packer now has an easy exit from Crown Resorts and will walk away $3.2bn richer if a takeover offer succeeds.
Lauren Ferri and Rebecca Le May
February 14, 2022 - 1:08PM
NCA NewsWire
VIDEO - Crown responds to Sydney licence delay
Crown’s Sydney casino is yet to open despite the regulator flagging earlier this year it would be open by October, according to Sky News Business Editor Ross Greenwood. Yesterday, the Independent Liquor and Gaming Authority (ILGA) issued a statement indicating it was difficult to know when the casino would be open as…
James Packer is set to become $3.26bn richer after Crown Resorts accepted an offer to sell its entire Australian casino empire to a US private equity firm.
Blackstone last month finally secured the board’s support for its improved, fourth takeover offer of $13.10 per share, with the indicative bid now binding and unanimously backed by Crown’s top brass.
The $8.87bn sale remains subject to approval by shareholders, Australia's Foreign Investment Review Board and, importantly, gaming regulators in each state it operates.
There’s a strong chance they will view Blackstone’s experience in running casinos in the US favourably.
As for the reclusive billionaire, the takeover gives him an easy exit from the embattled company.
His hand is effectively forced, given last year’s Victorian royal commission recommended cutting his stake in Crown from 37 per cent to less than 5 per cent, which the state government accepted along with all other recommendations.
James Packer is set to become $3.26bn richer after Crown Resorts accepted an offer to sell its entire Australian casino empire to a US
private equity firm. Picture: Aaron Francis/The Australian
The NSW government also backed all suggestions stemming from its explosive 2020 inquiry, including limiting stakes in a casino licensee to 10 per cent unless approved by a new, powerful Independent Casino Commission.
Both recommendations came after Mr Packer’s influence on Crown was labelled “disastrous” by the NSW investigation, as he was the driving force to secure more of the Chinese high-roller junket tours at the centre of the gaming giant’s money laundering scandal.
Mr Packer has been steadily retreating from public corporate life, stepping down as Crown’s chairman in 2015, quitting the board in 2018 and then trying to sell a 19.9 per cent interest in the company to Hong Kong gambling giant Melco Resorts, an ill-fated transaction that only got halfway through when the NSW inquiry was launched.
The Victorian royal commission was damning of Crown but stopped short of stripping the Melbourne venue of its gaming licence. Picture: Darrian Traynor/Getty Images
A wildcard in the mix is other rival suitors turning the takeover into a bidding war, potentially providing a better deal for shareholders.
There are plenty to choose from: Brisbane-based Star Entertainment Group withdrew its merger bid for Crown last year after limited engagement with the target’s board.
Then there’s global private equity giant Oaktree, which last year offered to bankroll a $3bn buyback of Mr Packer’s stake.
However, Crown shares lifted as high as $12.76 in intraday trade - well short of the offer price and suggesting investors believe a better bid won’t lob in.
Denied its gaming licence for Sydney, Crown has been running restaurants and a flashy hotel and making big money from selling luxury apartments in the complex.
Picture: NCA NewsWire / Gaye Gerard
It’s been a torrid past few years for the company, which was forced to gut its board in a bid to redeem itself from the money laundering debacle and has been hit hard by Covid-related closures and restrictions.
But analysts say the jewel in Crown is its sizeable property portfolio comprising its flagship Melbourne casino, new $2.2bn development at Barangaroo in Sydney and a casino and resort in Perth.
Even with the company being denied a gambling licence for the epic new Sydney tower after the NSW regulator deemed Crown unfit to run a casino, it has been running restaurants and a flashy hotel and making big money from selling luxury apartments in the complex.
Crown also owns? a small private gambling club in London’s affluent Mayfair district.
The Perth royal commission was told that Mr Packer did not attend a single board meeting of Crown Perth’s Burswood Ltd between 2013 to 2016 when he was its
chairman and living overseas.
While Mr Packer will be decisive in the shareholder vote, the deal already has the backing of fund manager Perpetual, which owns 9 per cent of Crown.
“The announcement today represents a compelling offer for Crown’s shareholders to consider,” Crown chief executive Steve McCann said in a statement.
“The price appropriately reflects the value of Crown’s world-class assets and global reputation for premium service and experiences.”
The findings from Crown’s royal commission in Perth are due next month, following on from the Victorian royal commission – both sparked by the NSW inquiry – effectively putting the company’s Melbourne operation on probation for two years.
Crown says the Blackstone deal could be complete in the June quarter if approved by shareholders.
https://www.news.com.au/finance/business/other-industries/james-packer-set-to-pocket-32bn-as-crown-resorts-backs-takeover-by-us-private-equity-giant/news-story/603a66bebbc2ec4bb367eba58414d47b
See also:
A year after election, RNC still spending hundreds of thousands to cover Trump's legal bills
[...]
Even with all the legal expenditures, the RNC has continued to build a huge war chest over the past year. Backed by megadonors that include Blackstone Group CEO Stephen Schwarzman and casino mogul Steve Wynn, the RNC ended November with more than $65 million in cash on hand.
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=167443485
It was Plato who said, “He, O men, is the wisest, who like Socrates, knows that his wisdom is in truth worth nothing”
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