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Wire ASIA & OCEANIA


Crown rejects Blackstone offer


Australian casino operator Crown Resorts has rejected a takeover bid from private equity and hedge fund group Blackstone, while favouring a proposal from Star.


Crown has left the door open to the merger proposal from Australian competitor Star Entertainment.


AUSTRALIA CASINO OPERATIONS


JAPAN – Galaxy Entertainment and Société des Bains de Mer have pulled out of the race to be Yokohama's preferred casino partner for one of Japan's three initial casino licences, although Galaxy has said it remains interested in other opportunities in Japan. The withdrawal leaves three remaining candidates; Melco Resorts and Entertainment, Genting Singapore and Sega Sammy Holdings.


Galaxy Vice Chairman, Francis Lui, said: “Galaxy Entertainment, along with our partners from Monte-Carlo Société des Bains de Mer (SBM), have been actively pursuing discussion for several years with the Japan government and local communities including Yokohama. The world and business climate continues to evolve which has been exacerbated by the COVID-19 pandemic. We greatly appreciate the opportunity to have played an active role in Yokohama’s IR selection process, but have decided to not participate at this time. We will continue our dialogue to support Japan in achieving its goal to develop a sustainable and world class IR industry.”.


Las Vegas Sands, Caesars and Wynn Resorts all pulled out from the Yokohama selection process last year whilst MGM has said it would concentrate on the opportunity in Osaka.


AUSTRALIA – GAN has reached an agreement with Ainsworth Game Technology to obtain the exclusive online rights to all current and future Ainsworth online games, today comprising over 70 games, for an undisclosed sum.


For GAN, the deal delivers on its content acquisition strategy to increase overall ‘take rate’ on B2B gross operator revenue from iGaming as well as securing a fast-growing share of existing iGaming revenues from B2C operators who are not already clients. GAN will begin deriving online content licensing fees from Ainsworth for their existing online operations in New Jersey, with immediately planned expansion to Michigan and Pennsylvania in 2021.


As part ofthe announced deal, Ainsworth will grow its online library with an additional 110 games, providing GAN’s platform and Super RGS clients’ with a portfolio of online casino experiences.


Jeff Berman, CCO at GAN, commented on the agreement: “Marrying our distribution to Ainsworth’s content is an important step toward disrupting existing distribution channels in the US online gaming space. This agreement ensures that GAN possesses differentiated and exclusive access to what we believe will be a focus on recognised retail gaming content naturally sought-after by Americans engaged in playing online casino games.”


P24 WIRE / PULSE / INSIGHT / REPORTS


Crown Resorts has rejected a takeover bid from private equity and hedge fund group Blackstone, due to the offer undervaluing its assets and earnings potential, but the door remains open to the merger proposal from Australian competitor Star Entertainment.


Crown said: “Te Board has carefully considered the revised proposal, [from Te Blackstone Group] including obtaining advice from its financial and legal advisers. Te Board has unanimously concluded that the Revised Proposal undervalues Crown and is not in the best interests of Crown’s shareholders. Despite Blackstone’s modification of these conditions, the Board believes there is significant uncertainty as to the timing and outcome of the regulatory approval processes. As a result, the conditions of the Revised Proposal as currently understood present an unacceptable level of regulatory uncertainty for Crown shareholders."


Te Board said it wasn't convinced Blackstone’s fundamental valuing of Crown including the strategic value of Crown’s assets, the significant value of Crown’s tangible assets comprising land, hotels and gaming and entertainment


New Lasseters Casino owners more than doubles slot offering


Australia


Iris Capital, the new owner of Lasseters Casino in Alice Springs, has immediately added 132 new slot machines to the casino, more than doubling the casino’s quota of so-called pokies.


Lasseters now boats 320 slots, helping make Australia’s Northern Territory the second-largest state in terms of number of machines per resident. Current laws mean casinos in the Northern Territory don't need to submit an application to increase their slot quota


Iris is only a month into its ownership of the casino, having bought it from Quilter Assets for a fee believed to be around A$105m. Ford Dynasty, subsidiary to Lasseters


facilities and the significant investment in Crown Sydney, with over $2bn of the $2.2bn gross project cost spent to date, which opened to the public in a restricted capacity in December 2020 and is yet to provide a meaningful contribution to Crown’s earnings.


Crown said: "Te Revised Proposal represents an increase of four per cent compared to the previous indicative offer price.”


Crown also had concerns over the timing of the acquisition given the significant impact of the COVID-19 pandemic on Crown’s financial performance. Crown Melbourne was closed for most of the half year ended 31 December 2020. Crown recorded EBITDA of only $142m in the half year ended December 2020 compared to $381m in the prior period. Tis was the lowest in any year since Crown was listed in 2007.


In terms of Star's proposal to merge, Crown Resorts added: “To facilitate the Crown Board’s assessment of the Merger Proposal, Crown has requested Star to provide certain information to allow the Crown Board to better understand various preliminary matters.”


International, has signed an agreement for the sale of Lasseters Hotel Casino with Iris Capital who have a strong foothold in the hospitality sector in Australia.


Opening in 1981, Lasseters Hôtel Casino, formerly known as Diamond Springs Casino, is an integral part of the tourism industry in Central Australia. Te property boasts a 4 1/2 star hotel with 205 rooms operating under a franchise with the InterContinental Hôtel Group, a convention centre, facilitates plus 320 electronic gaming machines and multiple restaurants and bars.


Lasseters CEO, Datuk Paul Wong j.p. said at the time of the sale: “It has been a pleasure having such a unique and diverse property on our portfolio. Lasseters greatest asset is the dedication and commitment of the staff, some have been with the company in excess of 20 years.”


Japan


An analyst at Maybank Research believes a Yokohama casino would excel in Japan, generating US$7bn in GGR and taking a 60 per cent share of the Japanese casino market, highlighting its strength in the locals’ market as a key factor. Analyst Samuel Yin Shao Yang believes locals will account for 80 per cent of revenue, pitched at US$5.8bn in the first year. He adds that Genting Singapore is in pole position ahead of Melco Resorts, Sega Sammy and Shotoku, saying it would score highly on tourism, financial strength and responsible gambling. He pitches first year profit at US$2.7bn. “Genting Singapore is better positioned than its competitors by miles,” he said. “Genting Singapore has divulged very little information on its Yokohama IR bid. Our channel checks in Japan indicate to us that Genting Singapore is actively pursuing its Yokohama IR bid and is positioned to win the Yokohama IR RFP process.”


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