{"id":28584,"date":"2022-03-31T08:40:22","date_gmt":"2022-03-31T11:40:22","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=28584"},"modified":"2026-04-23T10:01:18","modified_gmt":"2026-04-23T13:01:18","slug":"crown-board-urge-shareholders-to-back-blackstones-offer","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/crown-board-urge-shareholders-to-back-blackstones-offer","title":{"rendered":"Crown board urge shareholders to back Blackstone&#8217;s offer"},"content":{"rendered":"\n<p>According to the company&#8217;s board, the sale would allow shareholders to avoid uncertainty.<\/p>\n\n\n\n<!--more-->\n\n\n\n<p>Australia.- Crown Resorts&#8217; board has sent out a letter calling on shareholders to support\u00a0<a rel=\"noreferrer noopener\" href=\"https:\/\/focusgn.com\/asia-pacific\/crown-resorts-receives-a-new-offer-from-blackstone\" target=\"_blank\">Blackstone&#8217;s proposal<\/a>\u00a0to buy the company, noting that the sale would allow them to avoid the company&#8217;s current uncertainty. It sent the letter after the<strong>\u00a0<\/strong><a rel=\"noreferrer noopener\" href=\"https:\/\/focusgn.com\/asia-pacific\/firb-approves-blackstones-offer-for-crown-resorts\" target=\"_blank\">Australian Foreign Investment Review Board (FIRB)<\/a>\u00a0said the Commonwealth Government has no objection to the proposed acquisition.<\/p>\n\n\n\n<p>The letter says that the all-cash consideration of\u00a0<strong>AUD13.10 (US$9.55)<\/strong>\u00a0per share provides safety value for shareholders&#8217; investments and avoids the uncertainties and risks associated with continuing investments in the business following multiple inquiries and scrutiny into Crown venues and their suitability to hold gaming licences. For the deal to go ahead, 75 per cent of all votes cast must be in its favour.<\/p>\n\n\n\n<p>A week ago, in a decision similar to\u00a0<a rel=\"noreferrer noopener\" href=\"https:\/\/focusgn.com\/asia-pacific\/crown-resorts-found-unsuitable-to-operate-crown-melbourne\" target=\"_blank\">what happened in Melbourne<\/a>,\u00a0<strong>Crown Resorts<\/strong>\u00a0was deemed\u00a0<strong>unsuitable\u00a0<\/strong>to hold a licence for its\u00a0<a rel=\"noreferrer noopener\" href=\"https:\/\/focusgn.com\/asia-pacific\/crown-perth-found-unsuitable-but-will-keep-its-licence\" target=\"_blank\">Perth casino<\/a>. However, the company will keep its licence under stricter conditions.<\/p>\n\n\n\n<p>In February, the board of\u00a0<strong>Crown Resorts Ltd<\/strong>\u00a0unanimously backed investment firm\u00a0<strong>Blackstone Inc<\/strong>\u2018s offer to acquire all of the shares of Crown Resorts in a deal that values the firm at\u00a0<strong>AUD8.9bn (US$6.36bn)<\/strong>. The board determined that<strong>\u00a0the revenue multiples would be in line with other casino operators<\/strong>\u00a0in Australia and the United States and more than casinos in New Zealand, Macau and Singapore.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u201cNSW must reconsider the future of casinos\u201d, transport minister says<\/h2>\n\n\n\n<p>Transport minister\u00a0<strong>Rob Stokes<\/strong>\u00a0has told parliament that New South Wales must rethink the future of Sydney casinos after its\u00a0<a rel=\"noreferrer noopener\" href=\"https:\/\/focusgn.com\/asia-pacific\/star-deputy-treasurer-misled-national-australia-bank-inquiry-hears\" target=\"_blank\">inquiry into The Star Entertainment Group<\/a>.<\/p>\n\n\n\n<p>According to The Sydney Morning Herald, Stokes said: \u201cNow is the best time to ask the question: are the illusory and ephemeral benefits of Sydney\u2019s casinos worth the proven harm \u2013 the deceit, the crime, the destroyed lives?\u201d<\/p>\n\n\n\n<p>He added: \u201cRevelations of tax evasion also completely undermine the argument that casino operations are justified based on the revenue they provide to support wider social and community benefits.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>According to the company&#8217;s board, the sale would allow shareholders to avoid uncertainty.<\/p>\n","protected":false},"author":176,"featured_media":25558,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"Crown Resorts' board is urging shareholders to accept Blackstone's AUD8.9bn acquisition offer, citing the need to mitigate ongoing regulatory uncertainty and licensing suitability challenges following multiple inquiries. This recommendation comes after the Australian Foreign Investment Review Board approved the deal, which offers shareholders AUD13.10 per share. Concurrently, the NSW Transport Minister has called for a re-evaluation of Sydney's casino future, highlighting broader industry scrutiny.","focusai_entities":"Crown Resorts, Blackstone, Australian Foreign Investment Review Board, Commonwealth Government, The Star Entertainment Group, Rob Stokes, The Sydney Morning Herald","focusai_location":"Australia, Melbourne, Perth, New Zealand, Macau, Singapore, Sydney, New South Wales","focusai_target_profile":"ceo_executive (1.0), regulator (1.0), compliance_legal (1.0), operator_casino (1.0), payments_fraud_aml (0.8), investor_analyst (1.0), supplier_vendor (0.7), journalist_researcher (1.0)","focusai_suggestions":[{"label":"Post-Acquisition Regulatory Strategy","query":"What specific governance frameworks and compliance remediation strategies will Blackstone implement to address Crown Resorts' historical licensing suitability deficiencies and mitigate future regulatory risks?"},{"label":"Sector-Wide Regulatory Impact","query":"How might the ongoing regulatory scrutiny of Crown Resorts and The Star Entertainment Group influence the broader licensing conditions and operational requirements for other casino operators in the Australian market?"}],"footnotes":""},"categories":[16336,157,158],"tags":[16237,14657],"class_list":["post-28584","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-australasia-news","category-business-news","category-slider-home","tag-blackstone-group","tag-crown-resorts"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/28584","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/176"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=28584"}],"version-history":[{"count":5,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/28584\/revisions"}],"predecessor-version":[{"id":28610,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/28584\/revisions\/28610"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/25558"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=28584"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=28584"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=28584"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}