Despite Star Entertainment Group withdrawing its offer for Crown Resorts, its CEO has said he is still interested in a takeover deal.<\/p>\n\n\n\n\n\n\n\n
Australia.- A month after the\u00a0Star Entertainment Group<\/a>\u00a0withdrew its\u00a0offer of AU$12bn<\/strong>\u00a0(US$9.4bn)<\/strong>\u00a0for Crown Resorts, Matt Bekier, Star’s CEO, has said he is still interested in a possible merger.<\/p>\n\n\n\n According to Bekier, if Crown is finally forced to break up, Star will consider buying the operator’s venue in Sydney.<\/p>\n\n\n\n Star withdrew its offer after Adrian Finanzio<\/strong>, the counsel assisting Victoria\u2019s Royal Commission into Crown Resorts, told the inquiry that Crown should lose its Melbourne licence.<\/p>\n\n\n\n According to local media reports, Bekier said: “We have to have greater clarity about what we would actually be buying, then we can form a view of how much it\u2019s worth.”<\/p>\n\n\n\n The Star CEO<\/a>\u00a0had said the fusion would\u00a0deliver between AU$150m to AU$200m of cost synergies\u00a0<\/strong>per annum with an\u00a0estimated net value of AU$2bn\u00a0<\/strong>but admitted it depends on the results of the royal commissions.<\/p>\n\n\n\n There have been some changes on Crown Resorts board in a bid to satisfy Victoria\u2019s Royal Commission. Helen Coonan<\/a>\u00a0is going to step down as chairman at the end of the month. Xavier Walsh<\/a> has stepped down\u00a0as chief executive officer<\/strong>\u00a0of\u00a0Crown Melbourne<\/strong>.<\/p>\n\n\n\n Michael Borsky<\/strong>, the company\u2019s senior counsel, said Crown has already started to analyse possible replacements for Coonan<\/strong> and expects to appoint a new leader by August 31.<\/p>\n\n\n\n Coonan assumed the role on an interim basis after\u00a0Ken Barton stepped down following<\/a>\u00a0the ILGA\u2019s inquiry into Crown\u2019s fitness to keep its licence for its Crown Sydney property<\/p>\n\n\n\n The casino operator has shared\u00a0financial results for its fiscal year<\/a>, reporting\u00a0revenue of AU$1.56bn<\/strong>\u00a0with a statutory EBITDA of AU$427m, up 51 per cent. According to the company, its\u00a0Queensland venue<\/a>\u00a0saw record earnings from domestic gaming revenue amid Covid-19 restrictions that materially impacted revenues and earnings.<\/p>\n\n\n\nStar Entertainment posts revenue of AU$1.56bn for FY21<\/h2>\n\n\n\n