Still a Few Chips to Fall for Crown Bid to Pass
The fate of the $8.9 billion US private equity bid for Crown Resorts now rests with WA regulators after their counterparts in Victoria and NSW both approved the deal on Thursday.
Read MoreTag: CWN
Wednesday Whispers: CWN, TLS
While most of the focus Wednesday was on the fallout from the federal budget, a couple of non-related announcements from Crown Resorts and Telstra caught our eye.
Read MoreAUSTRAC Comes Calling for Crown
Financial regulator AUSTRAC has launched court action against Crown Resorts, claiming the casino giant breached anti-money laundering law “innumerable” times over the past six years.
Read MoreCWN – Macquarie rates the stock as Neutral
Neutral rating retained. Target price is steady at $13.10.
Read MoreCrown Agrees to Blackstone Bid
Crown Resorts has agreed to be bought by funds associated with and controlled by US private equity giant Blackstone for around $8.9 billion.
Read MoreCWN – Credit Suisse rates the stock as Outperform
Today’s increase in price target, to $13.25 from $13, is simply a reflection of Blackstone’s return to the table. Outperform.
Read MoreASX Snippets: PMV, LTR, APT, CWN
Some snippets out of Thursday’s ASX trading session from Premier Investments, Liontown Resources, Afterpay and Crown Resorts.
Read MoreBlackstone Makes Third Pass at Crown
Now the battle for Crown Resorts is getting serious with US investment group, Blackstone revealing a third, more serious offer for the embattled casino group at $12.50 per share.
Read MoreVic Commission Puts Crown, Packer on Notice
Amid all the criticism in the Victorian commission into Crown Resorts one fact dominates: Crown is not only too big to fail, it generates too much revenue to have its licence taken away.
Read MoreIs Crown Just a Flip for Blackstone?
Overnight Monday, Blackstone sold the The Cosmopolitan of Las Vegas hotel and casino for more than three times the $1.8 billion it paid for the property seven years ago. Is this their plan for Crown?
Read MoreMacau Crackdown May Prove a Turning-Point for Crown
Xi Jinping’s attack on business and cultural activities such as online gaming and ‘effeminate’ men on TV and film has spilled over into the once vibrant Macau casino business.
Read MoreTumbling Dice Roll on at Crown
Crown Resorts’ 2020-21 annual financial release told us nothing we hadn’t already worked out – that the year to June was pretty miserable for the gambling company and so far 2021-22 isn’t much better.
Read MoreCWN – Credit Suisse rates the stock as Neutral
Neutral rating and $10.10 target maintained.
Read MoreStar Folds on Crown Deal
Crown Resorts and its biggest shareholder James Packer face growing uncertainty about its future value, with rival casino group Star Entertainment dropping its $12 billion deal.
Read MoreUnspecified Loss on the Cards for Crown
Embattled casino group Crown Resorts has revealed it will be reporting a statutory loss for the 2020-21 financial year – but as yet it is unable to say how much.
Read MoreOaktree Tightens Up Crown Bid
US private equity firm Oaktree has finessed its approach to buy James Packer out of Crown by offering to lend Crown the money to finance the buyback.
Read MoreTrouble Afoot for Three Casinos and a Big Bank
It was a very busy Monday for AUSTRAC, the country’s main financial intelligence group, which has launched separate investigations into four ASX-listed companies.
Read MoreThree’s a Crowd for Crown
Shares in Crown Resorts held up yesterday despite the embattled casino group telling one would be suitor to go away, opening the door for a marriage to Sydney based rival group Star.
Read MoreCrown Says No Dice to Blackstone
Crown Resorts has told US investment giant, Blackstone to go away, a decision that could clear the way for a marriage to Sydney based rival group Star.
Read MorePlenty Going Down at Crown
A modest tick from the market for The Star Entertainment Group’s punt to buy casino rival Crown Resorts but the wheel is nowhere near finished spinning yet.
Read MoreThe Whole Box and Dice at Crown
Lots of action in Crown Resorts on Monday with a higher offer price, a merger proposal, a new CEO and two state royal commissions kicking off their hearings into the company’s affairs.
Read MoreUS Hedge Fund Proposes Packer Crown Buyout
James Packer has been offered a way to exit the troubled Crown Resorts share register in a painless fashion for him, but what about the rest of the Crown share register?
Read MoreCrown Slowly Repopulating Boardroom
Embattled Crown Resorts reported yesterday that it had appointed South Australian businessman Bruce Carter as a director to help fill out the casino group’s emaciated board.
Read MorePacker Crown Exit Looking Ever More Likely
The chances of Blackstone grabbing control of Crown Resorts has increased after James Packer gave the strongest signal yet that he is contemplating an exit from the company his father created.
Read MoreHeavy the Wallet that Owns the Crown
Crown shares jumped 21% yesterday as investors punted on a second takeover offer or a higher price from Blackstone, the US private equity company which has announced a bid for the company.
Read MoreBid on Table for Crown
Embattled casino group Crown says it has received a non-binding takeover offer from US private equity giant Blackstone at $11.85 a share, a big premium to Friday’s close of $9.86.
Read MoreCrown Keeps Cards Close to Chest
Anyone hoping for a detailed statement from Crown to Tuesday’s damning Bergin report would have been left disappointed by a one paragraph release and brief statement from CPH.
Read MoreCWN – Macquarie rates the stock as Downgrade to Neutral
Crown Resorts has been deemed unsuitable for the Crown Sydney licence and Macquarie assesses the pathway to obtaining approval is onerous and may take two years. Macquarie downgrades to Neutral from Outperform. Target is reduced to $8.30 from $11.00.
Read MoreChips Down for Crown as Commission Reports
Crown Resorts shares will come under enormous pressure today after its future in the Australian gambling business was thrown into considerable doubt.
Read MoreCrown Shares To Come Under Pressure After Barangaroo Blocked From Opening
Crown resorts shares are posed to plunge Thursday when trading resumes after the NSW gambling regulator blocked the company from opening its new $2.2 billion Sydney casino next month until a review of its licence is completed in February.
Read MoreKey Tenets for Managing Small-Cap Risk
With certain sectors at extreme valuations, managing risk is more important than ever when investing in small caps. Marc Whittaker and Phillip Gray from Investors Mutual discuss their key tenets for managing risk in the small-cap sector.
Read MoreVegas Fallout Rings Warning Bell For Local Casino Operators
Is this the tocsin bell that sounds a warning to Australian casino operators like the embattled Crown Resorts, Star Group, Sky of New Zealand, and a couple of small players such as Lasseters and Federal Hotels?
Read MoreCWN – UBS rates the stock as Buy
Crown Resorts’ AGM update noted Perth gaming was up 16% year on year in the September quarter and non-gaming down -21%. Melbourne is closed, and a Sydney launch is up in the air. The broker is assuming January 1 for now.
Read MoreAustrac Piles On Crown Casino Pain
Just what was not wanted by the embattled Crown Resorts, the casino group still dominated by James Packer. As woes pile on the company, AUSTRAC, the financial intelligence regulator has escalated the level of its interest in the casino group’s affairs.
Read MoreCOVID Crushes Gaming Stocks As Tabcorp, Crown Revenues Tumble
Coronavirus has, for the time being, driven the destruction of profits at the country’s gambling giants, as reports from Tabcorp and Crown resorts confirmed. Tabcorp revealed an $870 million net loss, while the James Packer dominated Crown Resorts also saw its performance whacked lower by the pandemic and subsequent lockdowns and travel restrictions.
Read MorePrivate Equity Swoops On Crown Casino Stake
US private equity giant, Blackstone Group has taken a sizeable stake in casino operator Crown Resorts.
Read MoreCWN – Credit Suisse rates the stock as Outperform
Credit Suisse has a base case for a 3-month shutdown of the company’s casinos. Crown Resorts has formally announced that 95% of staff will be stood down.
Read MoreVirgin Extends Halt While Crown, Bapcor & Star Tap Investors
Virgin Australia has stepped up its money finding efforts, asking for trading in its shares to be suspended as it works on a restructuring plan and awaits any news from Canberra about a $1.4 billion bailout package from the Federal Government.
Read MoreCWN – UBS rates the stock as Upgrade to Buy from Neutral
UBS suggests the market is discounting the longer-term outlook for Crown Resorts. The broker estimates cash burn of -$40m per month during the period the casinos are shut down.
Read MoreDo Less Risky Stock Market Exposures Really Exist?
With a sense of raw panic descending on global stock markets, the question is whether there are any truly safe havens in terms of remaining exposed to equities?
Read More
