1. Homepage
  2. Equities
  3. Australia
  4. Australian Stock Exchange
  5. Crown Resorts Limited
  6. News
  7. Summary
    CWN   AU000000CWN6

CROWN RESORTS LIMITED

(CWN)
  Report
Delayed Australian Stock Exchange  -  02:10 2022-06-15 am EDT
13.09 AUD   +0.31%
03:43aSouth Australia to review Skycity's Adelaide casino amid broader scrutiny
RE
06/24SECTOR UPDATE : Financial Stocks Climb Pre-Bell Friday
MT
06/24Crown Resorts to Redeem Subordinated Bonds
MT
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

Crown shareholders approve Blackstone deal; regulatory nods may pose delay

05/20/2022 | 04:16am EDT
FILE PHOTO: The logo of Australian casino operator Crown Resorts adorns a fence surrounding the Crown Perth hotel and casino complex in Western Australia

(Reuters) - Crown Resorts Ltd's shareholders approved a $6.3 billion buyout by Blackstone Inc on Friday, but the deal faces further delays as it awaits nods from the regulators of states where the troubled casino operator ran its businesses.

Crown's Chairman Ziggy Switkowski said the company would delay a conclusive Federal Court hearing - earlier scheduled for next week - to week starting June 6, as it was unsure of securing regulatory assent before that.

In the scheme meeting, 92.1% Crown shareholders voted in favour of the deal, while 99.9% of the votes were in approval.

The success of the deal with the U.S. private equity giant could give billionaire James Packer an out from the beleaguered Australian casino firm hit by scandals and regulatory setbacks and draw the curtain on one of Australia's most storied business dynasties.

Packer, Crown's biggest shareholder and founder, will cash in his chips, worth about A$3.3 billion ($2.32 billion), a decade and a half after he created the company.

The ball is now in the court of gambling regulators in New South Wales, Victoria and Western Australia, who have all found Crown unfit to hold gaming licenses at different times.

"Crown will continue to assist Blackstone as it works towards obtaining the required gaming regulatory approvals," the firm said in a statement.

The licence for Crown's flagship A$2.2 billion casino skyscraper in Sydney remains suspended, more than a year after it was due to open, and its Melbourne casino has been operating with a government-appointed supervisor since last year.

Earlier in the day, advisory firm Grant Samuel, appointed as an independent expert by Crown, said that the scheme consideration was fair "even if none of the contingent liabilities arise."

Crown's stock ended marginally higher, while the benchmark index advanced over 1%.

($1 = 1.4237 Australian dollars)

(Reporting by Harish Sridharan and Indranil Sarkar in Bengaluru; Editing by Rashmi Aich)

By Harish Sridharan and Indranil Sarkar


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
AUSTRALIAN DOLLAR / CANADIAN DOLLAR (AUD/CAD) -1.25% 0.87681 Delayed Quote.-3.32%
AUSTRALIAN DOLLAR / JAPANESE YEN (AUD/JPY) -1.98% 91.823 Delayed Quote.12.45%
AUSTRALIAN DOLLAR / NEW ZEALAND DOLLAR (AUD/NZD) -0.77% 1.09693 Delayed Quote.4.16%
AUSTRALIAN DOLLAR / SWISS FRANC (AUD/CHF) -0.89% 0.65289 Delayed Quote.-0.87%
AUSTRALIAN DOLLAR / US DOLLAR (AUD/USD) -1.53% 0.67908 Delayed Quote.-5.26%
BLACKSTONE INC. -0.03% 91.17 Delayed Quote.-29.49%
BRITISH POUND / AUSTRALIAN DOLLAR (GBP/AUD) 0.68% 1.77478 Delayed Quote.-5.38%
CROWN RESORTS LIMITED 0.31% 13.09 Delayed Quote.9.45%
EURO / AUSTRALIAN DOLLAR (EUR/AUD) 0.93% 1.53301 Delayed Quote.-2.98%
All news about CROWN RESORTS LIMITED
03:43aSouth Australia to review Skycity's Adelaide casino amid broader scrutiny
RE
06/24SECTOR UPDATE : Financial Stocks Climb Pre-Bell Friday
MT
06/24Crown Resorts to Redeem Subordinated Bonds
MT
06/24Blackstone Acquires Crown Resorts for Undisclosed Sum
MT
06/24Blackstone Entity Implements Scheme of Arrangement for Crown Resorts Takeover
MT
06/24THE BLACKSTONE GROUP INC. (NYSE : BX) completed the acquisition of remaining 90% stake in ..
CI
06/22MARKETSCREENER'S WORLD PRESS REVIEW : June 22, 2022
06/21After 17 months in limbo, Australia's Crown Resorts to take bets in Sydney
RE
06/21NSW regulator gives Crown conditional approval to open gaming operations in Sydney
RE
06/20CROWN RESORTS LIMITED(ASX : CWN) dropped from S&P/ASX 300 Index
CI
More news
Analyst Recommendations on CROWN RESORTS LIMITED
More recommendations
Financials
Sales 2022 1 883 M 1 297 M 1 297 M
Net income 2022 -84,2 M -58,0 M -58,0 M
Net Debt 2022 486 M 335 M 335 M
P/E ratio 2022 -103x
Yield 2022 0,25%
Capitalization 8 864 M 6 107 M 6 107 M
EV / Sales 2022 4,97x
EV / Sales 2023 2,94x
Nbr of Employees 12 489
Free-Float 63,2%
Chart CROWN RESORTS LIMITED
Duration : Period :
Crown Resorts Limited Technical Analysis Chart | MarketScreener
Full-screen chart
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 3
Last Close Price 13,09 AUD
Average target price 13,10 AUD
Spread / Average Target 0,08%
EPS Revisions
Managers and Directors
Steven B. McCann Chief Executive Officer, Director & MD
Alan McGregor Chief Financial Officer & Secretary
Zygmunt Edward Switkowski Independent Non-Executive Chairman
Steven J. Blackburn Chief Compliance & Financial Crimes Officer
Sarah Jane Halton Independent Non-Executive Director
Sector and Competitors
1st jan.Capi. (M$)
CROWN RESORTS LIMITED9.45%6 107
GALAXY ENTERTAINMENT GROUP LIMITED15.84%26 009
EVOLUTION AB-27.69%19 352
SANDS CHINA LTD3.08%19 306
FLUTTER ENTERTAINMENT PLC-29.90%17 609
ARISTOCRAT LEISURE LIMITED-21.09%15 828