Connect with us

Australia

Star Entertainment Submits Proposal to Merge with Crown Resorts

Published

on

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.

Powered by WPeMatico

Continue Reading
Advertisement

Australia

Crown Melbourne Fined for Exclusion Breach

Published

on

crown-melbourne-fined-for-exclusion-breach

Reading Time: < 1 minute

Crown Melbourne has been fined $100,000 by the Victorian Gambling and Casino Control Commission (VGCCC) for allowing an excluded individual to gamble for nearly 15 hours.

VGCCC CEO Suzy Neilan said the incident underscores the need for safeguards to protect vulnerable individuals.

“Exclusion is a critical harm minimisation tool. It enables a clear barrier between an individual and the gambling environment especially during moments of vulnerability,” Ms Neilan said.

The breach occurred on the evening of 31 October 2024, when the person (who for welfare concerns was excluded by Crown in August 2024) entered Crown Melbourne and gambled continuously for 14 hours and 40 minutes. The person was not approached by a Crown PlaySafe attendant or any other employee during this period.

“For nearly 15 hours, the person was able to gamble continuously without taking a break, interacting with staff, or being identified by Crown’s surveillance systems. Crown staff only became aware of the breach after being alerted by a VGCCC inspector,” Ms Neilan said.

Ms Neilan acknowledged the individual had made efforts to conceal their identity but said the incident indicates that the implemented measures have not sufficiently mitigated potential shortcomings in Crown’s systems and controls in policing the presence of an excluded person.

Crown assisted the VGCCC with this investigation and has implemented further controls in the last 12 months, including reconfiguring gaming floor entrances, reviewing the location of facial recognition cameras and continuous training for entry point officers.

“This incident highlights the challenges of enforcing exclusions, but also the importance of continuous improvement and vigilance. Crown Melbourne must ensure that its procedures are constantly assessed so that the likelihood of an excluded person entering the casino is minimal,” Ms Neilan said.

The post Crown Melbourne Fined for Exclusion Breach appeared first on European Gaming Industry News.

Continue Reading

Australia

VGCCC: EGM Application Improvements Consultation

Published

on

vgccc:-egm-application-improvements-consultation

Reading Time: < 1 minute

VGCCC has launched consultation on proposed reforms to the application process for Electronic Gaming Machine approvals in Victoria.

“Our Electronic Gaming Machine (EGM) application process for new premises approvals under section 3.3.6 and EGM increase applications under section 3.4.17 of the Gambling Regulation Act 2003 is undergoing a significant uplift to align with modern expectations, recent legislative change, and our strengthened mandate to minimise gambling harm. It also intends to reduce red tape by ensuring applicants focus on priority factors that commonly determine the suitability of an application,” VGCCC said.

VGCCC is inviting feedback from all stakeholders — including, but not limited to, industry participants, councils, experts and community organisations — to provide feedback on:

• the clarity and practicality of the revised application and hearing processes

• ambiguities, redundancies or gaps in the revised application form and practice notes

• any other opportunities to improve the application and hearing process.

Consultation period closes on 19 December 2025.

The post VGCCC: EGM Application Improvements Consultation appeared first on European Gaming Industry News.

Continue Reading

ACMA

ACMA: Self-Excluded Gamblers Report a Better Quality of Life

Published

on

acma:-self-excluded-gamblers-report-a-better-quality-of-life

Reading Time: 2 minutes

New survey figures from the Australian Communications and Media Authority (ACMA) has revealed that around four in five people (77%) who have registered for self-exclusion from online and phone wagering services experience a better overall quality of life.

The ACMA-commissioned research into user experience with BetStop – the National Self-Exclusion Register also found 79% of registrants experienced improved mental health and 69% experience better personal relationships with family, friends and partners.

Almost all (96%) of registrants surveyed also said that they had either completely stopped betting on sports or racing events (81%) or had decreased their betting (15%).

ACMA member Carolyn Lidgerwood said that the survey and research results show how self-exclusion is helping Australians to manage their gambling behaviour.

“We know online gambling causes a great deal of harm for too many in our communities. It is wonderful to see that the national self-exclusion register is having a positive impact. The stories shared with us are both moving and compelling,” Ms Lidgerwood said.

“We want to make sure everyone who uses phone or internet gambling in Australia is aware of their options for self-exclusion.

“It only takes five minutes to register, and this could change your life,” she said.

The research was undertaken by ORIMA on behalf of the ACMA. The report, including individual case studies, is available at BetStop – the National Self-Exclusion Register research.

The findings from this research will also help to inform the statutory review of the NSER that is currently underway.

The release of the research coincides with BetStop – the National Self-Exclusion Register reaching a new milestone, with more than 50,000 Australians now having chosen to self-exclude since the launch of the programme in August 2023. Over 32,000 people currently have active exclusions.

When someone chooses to register, they are excluded from all of the approximately 190 licensed wagering providers in Australia.

The post ACMA: Self-Excluded Gamblers Report a Better Quality of Life appeared first on European Gaming Industry News.

Continue Reading

Trending

Get it on Google Play

Fresh slot games releases by the top brands of the industry. We provide you with the latest news straight from the entertainment industries.

The platform also hosts industry-relevant webinars, and provides detailed reports, making it a one-stop resource for anyone seeking information about operators, suppliers, regulators, and professional services in the European gaming market. The portal's primary goal is to keep its extensive reader base updated on the latest happenings, trends, and developments within the gaming and gambling sector, with an emphasis on the European market while also covering pertinent global news. It's an indispensable resource for gaming professionals, operators, and enthusiasts alike.

Contact us: [email protected]

Editorial / PR Submissions: [email protected]

Copyright © 2015 - 2024 - Recent Slot Releases is part of HIPTHER Agency. Registered in Romania under Proshirt SRL, Company number: 2134306, EU VAT ID: RO21343605. Office address: Blvd. 1 Decembrie 1918 nr.5, Targu Mures, Romania