• Subscribe
  • Magazines
  • About
  • Contact
  • Advertise
Wednesday 14 May 2025
  • zh-hant 中文
  • ja 日本語
  • en English
IAG
Advertisement
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
No Result
View All Result
IAG
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
No Result
View All Result
IAG
No Result
View All Result

Star Entertainment Group withdraws Crown merger offer

Ben Blaschke by Ben Blaschke
Fri 23 Jul 2021 at 06:59
Star Entertainment Group falls to AU$95 million loss in FY20 but domestic gaming showing signs of recovery

The Star Sydney

48
SHARES
1.2k
VIEWS
Print Friendly, PDF & Email

Star Entertainment Group has withdrawn a proposal to merge with fellow Australian casino operator Crown Resorts in the wake of calls this week for Victoria’s Royal Commission to find Crown unsuitable to retain its state casino license.

In a Friday morning filing, Star said there had been limited engagement with Crown since first putting forward its proposal on 10 May and that “issues raised at Victoria’s Royal Commission into Crown Melbourne have the potential to materially impact the value of Crown, including whether it retains the license to operate its Melbourne casino or the conditions under which its license is retained.”

Star said it was open to revisiting a merger or other “value enhancing opportunities with Crown” in the future but would closely monitor the Royal Commissions currently underway in both Victoria, home of Crown Melbourne, and Western Australia, home of Crown Perth.

Star, which owns and operates The Star Sydney, The Star Gold Coast and Treasury Brisbane, and is developing the AU$3.5 billion (US$2.6 billion) Queen’s Wharf development in Brisbane, had stated its belief that merging the two companies would create cost synergies of between AU$150 million and AU$200 million (US$111 million and US$148 million) annually.

“A merger of The Star and Crown would result in significant scale and diversification and unlock an estimated AU$2 billion (US$1.5 billion) in net value from synergies,” said Star Chairman John O’Neill in May.

“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.”

Crown appears to be facing an uphill battle to keep its Melbourne casino license with Counsel Assisting the Royal Commission this week asking for a finding of unsuitability on public interest grounds and due to breaches of Victoria’s Casino Control Act.

RelatedPosts

Ainsworth flags 1H25 revenue growth on Australian market strength but Novomatic takeover facing opposition by family of founder

Ainsworth flags 1H25 revenue growth on Australian market strength but Novomatic takeover facing opposition by family of founder

Mon 12 May 2025 at 15:56
Ben Attwood: Land of Wonder

Regulating the Game announces CherryHub and Ebet as joint RegTech sponsors of 2026 Sydney conference

Tue 6 May 2025 at 13:03
Unhitching Online Poker

Regulating the Game conference to include inaugural RTG Global Awards in 2026

Thu 1 May 2025 at 08:18
Crown down but Star not ruling out junkets

Star falls further as 1Q25 EBITDA loss hits AU$21 million

Thu 1 May 2025 at 07:49
Load More
Tags: AustraliaCrown MelbourneCrown ResortsJohn O’Neillmergerroyal commissionStar Entertainment Group
Share19Share3
Ben Blaschke

Ben Blaschke

A former sports journalist in Sydney, Australia, Ben has been Managing Editor of Inside Asian Gaming since early 2016. He played a leading role in developing and launching IAG Breakfast Briefing in April 2017 and oversees as well as being a key contributor to all of IAG’s editorial pursuits.

Current Issue

Editorial – Knife’s edge

Editorial – Knife’s edge

by Andrew W Scott and Ben Blaschke
Tue 29 Apr 2025 at 15:14

Thailand’s Entertainment Complex journey is at a critical point, with the success or failure of the initiative to be determined...

The changing face of Macau

The changing face of Macau

by Ben Blaschke
Tue 29 Apr 2025 at 15:09

Inside Asian Gaming takes a deep dive into the new, post-COVID Macau where a revenue environment that seems to be...

Born again

Born again

by Pierce Chan
Tue 29 Apr 2025 at 14:47

Premiering in September 2010 at City of Dreams, The House of Dancing Water was a visionary creation by artistic maestro...

Richard Howarth – Testing the limits

Richard Howarth – Testing the limits

by Ben Blaschke
Tue 29 Apr 2025 at 13:17

Richard Howarth, Chief Business Officer APAC for global testing laboratory GLI, discusses his career journey and his passion for fast-paced...

Evolution Asia
Aristocrat
GLI
Mindslot
Solaire
Hann
Tecnet
Nustar
Jumbo

Related Posts

Marina Bay Sands completes transformation of entire hotel room inventory

Marina Bay Sands completes transformation of entire hotel room inventory

by Ben Blaschke
Tue 13 May 2025 at 10:47

Singapore’s Marina Bay Sands revealed Tuesday that is has now completed the renovation of its entire hotel room inventory – part of a massive US$1.75 billion multi-year transformation of the iconic integrated resort. The renovations, which included the expansion of...

PhilWeb falls to US$10.5 million loss in FY24 on asset impairments

Philippines Anti-Money Laundering Council launches investigation into laundering of murdered billionaire’s ransom through casino junkets

by Ben Blaschke
Tue 13 May 2025 at 06:48

The Philippines’ Anti-Money Laundering Council (AMLC) said Monday that it would launch an investigation into the alleged money laundering of junket operators 9 Dynasty Group and White Horse Club, as well as their VIP players, following revelations they were involved...

Korea’s Paradise Co plays unlucky in April as casino revenue falls 13% to US$51 million

Korea’s Paradise Co reports higher casino sales in 1Q25 on strong hold, record mass drop

by Newsdesk
Tue 13 May 2025 at 06:20

Korea’s leading foreigner-only casino operator Paradise Co reported a 7.0% year-on-year increase in group-wide sales to KRW283.3 billion (US$199.8 million) in 1Q25, buoyed by a 13.0% increase in casino sales at its Seoul, Jeju and Busan properties to KRW115.6 billion...

Sega Sammy’s FY25 sales hit by decline in pachinko but new gaming segment shows promise

Sega Sammy’s FY25 sales hit by decline in pachinko but new gaming segment shows promise

by Ben Blaschke
Tue 13 May 2025 at 05:54

The new gaming business segment of Japan’s Sega Sammy Holdings showed positive signs in its first year of operations, generating sales of JPY5.4 billion (US$36.4 million) and Adjusted EBITDA of JPY1.0 billion (US$6.7 million) for the year ended 31 March...



IAG

© 2005-2024
Inside Asian Gaming.
All rights reserved.

  • SUBSCRIBE FREE
  • NEWSFEED
  • MAG ARTICLES
  • VIDEO
  • OPINION
  • TAGS
  • REGIONAL
  • EVENTS
  • CONSULTING
  • CONTRIBUTORS
  • MAGAZINES
  • ABOUT
  • CONTACT
  • ADVERTISE

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • Subscribe
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
  • Events
  • Contributors
  • Magazines
  • Advertise
  • Contact
  • About
  • Home for G2E Asia

© 2005-2024
Inside Asian Gaming.
All rights reserved.

  • English