Crown Sydney may be allowed to open gaming areas within weeks

The Independent Liquor & Gaming Authority has suggested Crown Sydney's casino may open soon..
The Independent Liquor & Gaming Authority has suggested Crown Sydney's casino may open soon..

The state regulator has suggested Crown Resorts could be allowed to open the gaming areas at Crown Sydney in the following weeks.

Australia.- Crown Sydney could be close to opening its gaming areas, according to a statement from the state regulator. Crown received a provisional liquor licence to operate gastronomic areas at the venue from December 28 2020, but the opening of the casino was delayed due to the verdict of New South Wales’ inquiry, which found Crown unsuitable to hold its casino licence.

A spokesperson for the New South Wales Independent Liquor and Gaming Authority told local media on Friday: “It is anticipated that the Authority may permit Crown [Resorts Ltd] to commence gaming on a conditional basis in the next few weeks,”

Don Carducci, an analyst at JP Morgan Australia, had said the opening will see 160 tables with the possibility to expand that number in the following months.

During the presentation of its financial report for the last six months of 2021, Crown stated: “Whilst no official opening date has been confirmed concerning the opening of gaming in Sydney, Crown is targeting to be in a position to announce the opening of the gaming floor shortly.”

In the last half, Crown Sydney made AUD36.1m (US$25.8m) from non-gambling. This was an increase of AUD35.2m (US$25.2m) from H1 2021. The venue was closed for 102 days in the half-year. 

Crown Resorts accepts US$6.36bn Blackstone takeover bid

After months of negotiations, the board of Crown Resorts Ltd has unanimously backed investment firm Blackstone Inc‘s offer to acquire all the shares of Crown Resorts in a deal that values the firm at AUD8.9bn (US$6.36bn).

Under the latest proposal, Crown Resorts stockholders would be entitled to AUD13.10 (US$9.55) in cash per share. The offer is the fourth that Blackstone has made in 12 months. It previously offered AUD11.85 per share in March last year and AUD12.35 per share in May

The deal will need to be cleared by the Foreign Investment Review Board (FIRB) and by gaming regulators in the states where Crown operates.