Another contender could enter the bidding for Crown Resorts

Blackstone, Oaktree and The Star Entertainment have already made offers to acquire Crown Resorts.

05/12/21

CC Land Holdings, a Hong Kong real-estate development, is reported to be interested in bidding for Crown Resorts.

Australia.- Following The Star Entertainment‘s unsolicited non-binding offer of AU$12bn (US$9.4bn) for Crown Resorts, The Australian newspaper has revealed that a new suitor could enter the fray.

CC Land Holdings, a Hong Kong real-estate development firm that is 70 per cent owned by property tycoon CK Cheung, is reportedly interested in making an offer for the casino operator.

However, a deal may not be easy for CC Land Holdings, mainly due to the complex situation between Australia and China owing to political strains between the two countries.

There are currently three firm bidders for Crown Resorts. Blackstone Group has recently increased its original bid from AU$11.85 cash per share to AU$12.35 while The Star Entertainment made an unsolicited non-binding offer of AU$12bn (US$9.4bn).

The third contender is Oaktree Capital Management, which made an unsolicited non-binding offer of AU$3bn for the company.

Blackstone has clarified that it won’t move ahead if Crown’s existing licences are suspended or if its New South Wales licence is not granted.

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