The Star's chairman, John O'Neill, said the merger would create a $12 billion casino and entertainment company listed on the ASX.
"With a portfolio of world-class properties across four states in Australia's most attractive and populated catchment areas and tourism hubs, the combined group would be a compelling investment proposition and one of the largest and most attractive integrated resort operators in the Asia-Pacific region."
Crown's biggest shareholder, James Packer, is keen to exit the business, which may also assist the company in gaining NSW regulatory approvals.
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Star Entertainment proposes $12 billion merger with Crown | Sky News AustraliaThe Star Entertainment Group has proposed a $12 billion merger with Crown Resorts in a deal which would create a gambling and hospitality empire spanning across seven properties in four states. \n\nUnited States investment company Blackstone has also made a bid for the embattled casino operator after regulators suspended Crown's gaming license at its new flagship Sydney casino in February.\n Just what we need, a mega gambling racket that can control more politicians.
Source: SkyNewsAust - 🏆 7. / 78 Read more »
The Star proposes $12b casino merger with James Packer’s Crown ResortsExclusive: The merger proposal, set to be made public in an ASX announcement on Monday morning, pits The Star against US investment giant Blackstone in the unfolding battle for the beleagured casino group | pwhatch pwhatch Hope not pwhatch If the acccgovau approves this then we'll have to establish another regulator to compete against them!
Source: smh - 🏆 6. / 80 Read more »
The Star unveils Crown merger plans to create $12b gambling giantThe Star Entertainment Group has plans to merge with James Packer&x27;s Crown Resorts to create a massive $12 billion gambling giant. Because that will be good for society
Source: 9NewsAUS - 🏆 10. / 72 Read more »
Star, Crown merger would be a 'company of scale' on global platform | Sky News AustraliaStar Entertainment CEO Matt Bekier says if his company merges with Crown Resorts it would create a company of scale on the global stage.\n\nThe Star Entertainment Group has proposed a $12 billion merger with Crown Resorts in a deal which would create a gambling and hospitality empire spanning across seven properties in four states.\n\nUnited States investment company Blackstone has also made a bid for the embattled casino operator after regulators suspended Crown's gaming license at its new flagship Sydney casino in February.\n\n“With this company, the combined assets will be a company of scale on the global platform,” Mr Bekier told Sky News.\n\n“When COVID lifts and travel is back that positions us really well to take full advantage.”\n\nAside from the offer price Mr Bekier said Star’s offer differs from competitors because of synergies but admitted up to 700 middle and senior management jobs would go. \n\n“We have synergies. We have estimate that there’s about $150 to $200 million of costs synergies.\n\n“We’ve been able to give guarantees to governments as well as the unions that the frontline, the customer serving staff will not be affected.\n\n“The frontline staff won’t be affected; this is really a corporate restructure.”\n Well, that's JUST what the world needs: Another multinational gambling and hospitality empire concentrating obscene amounts of wealth in the hands of a few already obscenely wealthy, morally vacuous individuals. Good stuff! Honestly, it's amazing humans have lasted this long ... Could I still launder my money though?
Source: SkyNewsAust - 🏆 7. / 78 Read more »