Star rolls the dice on Crown
The stakes are getting higher for suitors of Crown Resorts. A report in the Sydney Morning Herald/Age this morning says The Star, Australia’s other major casino operator, will today lodge the paperwork to make official its proposal to merge with Crown. In a deal worth $12 billion, The Star’s offer is more than that put in by US investment firm Blackrock, even though reports say it upped its bid on the weekend. Oaktree Capital has also offered $3 billion for James Packer’s 37% stake in Crown. The Star has casinos in Sydney, Brisbane and the Gold Coast, and they would need to get a swathe of approvals, including to operate in Perth. But their contention is they can solve Crown’s regulatory woes faster than anyone else because they already operate in the sector. Watch this space…
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