• Subscribe
  • Magazines
  • About
  • Contact
  • Advertise
Wednesday 30 July 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

AU$80 million regulatory fine to have minimal impact on Crown’s financial profile: Fitch

Newsdesk by Newsdesk
Tue 31 May 2022 at 18:36
Oz Casinos: What now?
25
SHARES
625
VIEWS
Print Friendly, PDF & Email

The AU$80 million (US$57.5 million) fine imposed on Crown Melbourne this week by the Victorian Gambling and Casino Control Commission (VGCCC) will have minimal impact on the company’s financial profile, says ratings agency Fitch.

As reported by Inside Asian Gaming, Victoria’s new casino regulator hit Crown with the record fine for the illegal use of China UnionPay cards – a process uncovered during last year’s Royal Commission – which saw Crown Melbourne allow patrons to use credit or debit cards to access funds to gamble.

According to a Tuesday note from Fitch, the fine will increase Crown’s FFO (funds from operations) adjusted net leverage by 0.2x, to 0.4x on a post-pandemic basis, however this still falls well below the 3.0x level where the agency says it would consider taking negative rating action.

Fitch also believes the more significant risk to Crown’s financial profile is uncertainty over its long-term capital structure once the sale of its shares to US private equity giant The Blackstone Group is fully approved.

The agency has previously warned of a multi-notch downgrade of Crown should the casino operator complete the sale on the expectation that Blackstone will impose a far more aggressive structure with higher leverage than traditional operators given its history in the US gaming sector.

Discussing the potential impact of the fine on Crown’s Blackstone transaction, Fitch added, “The fine imposed on Crown is unlikely to affect the sale, as it is below the material adverse change clause in the scheme implementation deed.

“The deed sets a minimum diminution of Crown’s consolidated net assets of AU$750 million for certain items before it comes into effect.”

Crown recently received shareholder approval to complete the sale of 100% of its shares to Blackstone for AU$8.9 billion (US$6.5 billion) and is now waiting regulatory and final court approvals.

RelatedPosts

Bally’s Corp unable to trademark name in Australia because local Sydney bowling club beat them to it

Bally’s Corp unable to trademark name in Australia because local Sydney bowling club beat them to it

Tue 29 Jul 2025 at 05:55
Ainsworth completes first Philippines installations of new A-Star slots cabinet

Independent Expert says Novomatic’s US$104 million Ainsworth takeover proposal is “fair and reasonable”

Mon 28 Jul 2025 at 06:02
Death by a thousand cuts

Probity concern for Star as NSW regulator said to be wary of Bally’s takeover plan

Mon 28 Jul 2025 at 05:58
Pitch! lands at iconic Sydney Opera House for Regulating the Game 2026

Pitch! lands at iconic Sydney Opera House for Regulating the Game 2026

Thu 24 Jul 2025 at 14:49
Load More
Tags: AustraliaCrown MelbourneCrown ResortsFitch RatingsThe Blackstone Group
Share10Share2
Newsdesk

Newsdesk

The IAG Newsdesk team comprises some of the most experienced journalists in the Asian gaming industry. Offering a broad range of expertise, their decades of combined know-how spans multiple countries across a variety of topics.

Current Issue

Editorial – An inconvenient truth

Editorial – An inconvenient truth

by Ben Blaschke
Fri 27 Jun 2025 at 15:21

It’s understandable that political observers, academics and members of the public in greenfield jurisdictions would express caution around the legalization...

Light & Wonder’s Siobhan Lane

Light & Wonder’s Siobhan Lane

by Ben Blaschke
Fri 27 Jun 2025 at 15:19

Siobhan Lane, Light & Wonder’s highly experienced CEO of Gaming, speaks to Inside Asian Gaming about the company’s ongoing transformation...

Honesty is the best policy

Honesty is the best policy

by Ben Blaschke
Fri 27 Jun 2025 at 14:13

The Thailand Entertainment Complex Roundtable brought industry stakeholders, politicians and supporters of the government’s Entertainment Complex Bill face to face...

Sri Lanka’s casino industry

Sri Lanka’s casino industry

by Shaun McCamley
Fri 27 Jun 2025 at 13:36

Industry veteran Shaun McCamley delves into the complex history of Sri Lanka’s casino industry at a time when the country...

Evolution Asia
Your browser does not support HTML5 video.
Aristocrat
GLI
Nustar
SABA
Mindslot
Solaire
Hann
Tecnet
NWR
Jumbo
568Win

Related Posts

Francis Lui: Galaxy planning to build new, boutique hotel at Galaxy Macau

Galaxy Macau’s Phase 4 hotels no longer deemed “under construction” by Land and Urban Construction Bureau

by Pierce Chan
Tue 29 Jul 2025 at 18:40

According to information from Macau’s Land and Urban Construction Bureau (DSSCU), there were only three hotels under construction in the SAR as of the end of the second quarter – all located on the Macau Peninsula and offering combined gross...

Philippines casino GGR up 630% quarter-on-quarter in 3Q20

Philippines online gaming revenues surpass US$2 billion for first time ever in 1H25 – more than half of industry-wide GGR

by Ben Blaschke
Tue 29 Jul 2025 at 18:18

The Philippines gaming industry recorded combined gross gaming revenues of Php214.75 billion (US$3.75 billion) in the first six months of 2025, buoyed by the ongoing rise of the domestic online gaming (eGames) sector which surpassed US$2 billion for the first...

Ponte 16 expecting government approvals for expansion “very soon”

Latest Ponte 16 assistance package could see Success Universe’s outstanding contributions reach US$107 million

by Ben Blaschke
Tue 29 Jul 2025 at 14:23

Hong Kong-listed Success Universe Group could see the total amount of financial assistance it has provided to Pier 16 – Property Development, the operator of Macau integrated resort Ponte 16, reach HK$839 million (US$107 million) under a 2025 Financial Assistance...

FBM Foundation brings relief to Philippine communities impacted by typhoons

FBM Foundation brings relief to Philippine communities impacted by typhoons

by Newsdesk
Tue 29 Jul 2025 at 13:41

FBM Foundation led a relief operation across Luzon on Sunday 27 February to support the communities affected by Typhoons Crising, Dante and Emong, the company said. Focusing on swift mobilization, FBM Foundation prepared and distributed 1,000 relief packages in Batangas...

Your browser does not support the video tag.


IAG

© 2005-2025
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

© 2005-2025
Inside Asian Gaming.
All rights reserved.

  • English