Tag Archives: crown resorts

On a Tripp… Ashkenazi tasks CrownBet with delivering Australian gold

Toronto TSX-listed The Stars Group Inc has perhaps undertaken the industry’s boldest investment of 2018, expanding its global footprint within a drastically altered Australian online betting market. Yesterday Stars Group Chief Executive Rafi Ashkenazi confirmed that his firm would increase its recently acquired majority stake in CrownBet Holdings, from 62% to 80%. March 2018, has delivered a widespread change to …

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Crown Resorts agrees to CrownBet sale

Copyright: amasterpics123 / 123RF Stock Photo

Crown resorts has announced an agreement to sell its stake in CrownBet, as part of the company’s ongoing debt reduction strategy. The Australian gaming and entertainment group is to recoup AU$150m for its 62% interest in CrownBet, together with loans advanced by it to CrownBet. In a statement released to the Australian Securities Exchange (ASX), it was detailed that a …

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Home crunch triggers FTSE bookmakers’ Australian arms race

FTSE bookmaker William Hill Plc has lit-up the Australian gambling market, by confirming that it has entered ‘in-depth discussions’ with Crown Resorts to acquire its controlling 62% stake in online betting subsidiary Crownbet. The cumbersome merger of Tabcorp-Tatts has dominated the Australian betting industry’s agenda and context in 2017, however, seeking to expand its international assets William Hill may have …

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William Hill eyes Australian expansion by entering CrownBet takeover talks

Crown Resorts, the Australian gaming and entertainment group, and William Hill have both moved to confirm discussions have taken place, and are ongoing, regarding the formers 62% stake in online betting firm CrownBet. Speculation first came to light in The Australian newspaper, that ‘in depth’ talks over a potential deal were believed to ongoing between governances. Presenting a statement to the media, Crown Resorts …

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The Stars Group appoints Christopher Coyne as new Chief Customer Officer

Toronto TSX-listed online gambling firm The Stars Group Inc, has confirmed the appointment of Christopher Coyne as new Group Chief Customer Officer (CCO). An experienced marketing and digital technology executive, Coyne joins the Stars Group executive team from Australian leisure and casino operator Crown Resorts, where he served as Chief Marketing Officer (2017-2017). Taking on the role of CCO, Coyne …

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Crown Resorts debt & dividend payment nets Packer AUS $600 million

The continued restructure of Crown Resorts and its business assets has earned Australian casino and leisure magnate James Packer approximately AUS $600 million (£375 million) in cash last week. Packer’s personal wealth vehicle Consolidated Press Holdings (CPH) informed the Australian ASX that it had sold AUS $101 million of ‘debt securities’ in Packer’s Crown Resorts enterprise. Further to the debt securities payment, …

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Strategy change sees Packer drop all international ambitions for home comforts

Implementing a ‘comprehensive strategic change’ James Packer’s Crown Resorts (Crown) will scale back on all its international investments and ambitions, to focus on growing its Australian home enterprises. Confirming its corporate strategy change, Crown will no longer spin-off its international assets into a separate enterprise seeking an ASX-listing (plan announced in May 2016). Fully committing to Crown home markets, Packer …

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Betfair Australia migrates to Northern Territory

Betfair Australia is set to migrate its business operations from Tasmania to the Northern Territory, following the state passing approved legislation and licensing provisions in April relating to services for online exchange wagering. The exchange operator, wholly owned by James Packer’s Crown Resorts, confirmed its decision to move to the Northern Territory last week, with the company reported to have …

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James Packer relinquishes majority stake in Crown Resorts with AUS $450 million share sale

 Australian leisure and gambling tycoon James Packer has sold approximately 4.8% equity in ASX-listed casino operator Crown Resorts (Crown) for a reported AUS $448 million (£257 million). The transaction was carried out by Packer’s investment vehicle Consolidated Press Holdings (CPH), who placed circa 35 million shares at AUS $12.80 apiece. The sell-off sees Packer relinquish his majority stake in Crown …

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Melco Crown sell-off props Crown Resorts 2016 profits

Presenting its full-year results (year ending 30 June), Crown Resorts LTD (Crown) has reported net profits of AUS $948 million (£555 million) up 14% on corresponding FY 2015 corporate earnings. Crown year-end results would be propped by its AUS $602 million (£350 million) share sell-off in Melco Crown Entertainment (MCE), as the company reduced its shareholder equity from 37.3% to …

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