Blackstone Modifies Crown Bid Terms and Conditions For Gaming
Australian Casino Operator Crown Resorts Ltd claims it has got a letter “drafted an amendment” to some of the provisions of the above proposal to purchase all stock of Crown from private equity management company Blackstone Group Inc online gambling singapore. The provisions now attached to the proposal apply, according to a Tuesday submission, to Crown’s gaming licences in the three Australian states.
Crown said that in late March, at a “indicative amount” of AUD 11.85 (USD 9.01) per share, it obtained a “unwanted, non-binding and indicative proposal” of the Blackstone Group. The plan of Blackstone priced the agreement by over AUD 8,02 billion, centred on the outstanding shares of the Australian company
Related approvals
The application was subject to a variety of conditions, “including that a regulatory assurance has been received from Blackstone that Crown owned the licences for Sydney, Melbourne, Perth, as well as other gaming-related approval sg casino 12Joker, could continue to be deemed appropriate for the Blackstone to continue operating and own.”
In the Australian Securities Exchange Tuesday filing, Crown stated that it is expected to be approved by “both of the government’s gaming regulators by the third quarter of 2021.” Crown further noted that Blackstone’s proposal had changed the condition of regulatory approval in order to add new terms relating to gaming licences.
According to the statement, a new prerequisite for a contract is that neither Crown casino licence is or is threatened to be revoked, suspended or cancelled in Victoria and in Western Australia respectively, or is subject to the same action.
Found unsuitable
It also adds that the offer could fail if the ILGA “confirms or threatens to conclude that the New-south Wales Independent Liquor and Gaming Authority (ILGA) cannot be issued (or subject to similar measures).”
In Australia, Crown faced rigorous regulatory oversight. In February, the company was found unable to run a new casino in New South Wales, Sydney, in Barangaroo. In order to be deemed suitable for gaming licences, the regulator proposed a series of suggestions by the company.
Regulatory scrutiny
In Australia’s Crown Melbourne, and in western Australian where Crown Perth runs (photos), the casino operator is still under regulatory criticism over the appropriateness of the company to keep its casino licences in those countries.
The new terms also specify that if either of the three gambling regulators in Australia ‘imposes (or indicates or intends to impose) restrictions on Crown or any of its existing or foreshadowed casino licences or framework arrangements, which together, represent a substantive adverse event,’ the plan will not go forward.
Crown said in its Tuesday filing that its board “continued the evaluation” of the proposal and that the importance and terms of the proposal and other aspects be taken into account.” The casino company added that Blackstone had said its plan “was not dependent upon debt funding arrangements. This was to modify “the goal of ensuring that all licenced casinos do not engage in money laundering within their casino operations. The Royal Commission in Victoria, where Crown Resorts operates Crown Melbourne, is an excellent regulatory test.
This royal commission began on 24 March, and it is planned that another royal commission will begin in Western Australia shortly after that.
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