After a $6.2 Billion Bid, Blackstone Gains Access to Crown Resorts Accounts

Crown Resorts, which was founded by James Packer, has made confidential information available to investment giant Blackstone Group. After Blackstone made a $6.2 billion bid for the casino group, Crown has shared their non-public information and player databases while Blackstone considers their next move. Blackstone’s $6.2 billion is the third bid made by Blackstone, which has pushed Crown Resorts’ shares up by 17%. This sets Blackstone as the potential winner of Crown after Start Entertainment withdrew its rival proposal because of allegations of misconduct.

Crown Public Inquiries

Crown Resort is currently facing public inquiries and regulatory investigations. The investigations look into whether Crown’s governance is suitable to operate in three Australian states where it currently has resorts. There’s Currently a third regulatory investigation into their Perth-based resort regarding their governance suitability. This report will be released by early next year.

Another problem facing Crown is a federal anti-money laundering investigation. James Packer, the billionaire founder, acknowledged the company’s failure to stop suspicious transactions. The two other regulatory investigations found problems with the Crown’s suitability. In New South Wales, the inquiry withdrew Crown’s gaming privileges at Crown Sydney and was determined as unsuitable. This was especially frustrating as the casino was only established last year.

At its Crown Melbourne resort in Victoria, the state deemed it fit for gaming operations to continue. However, Crown must implement operational and corporate changes in the next two years to continue its operation. The Victoria-based resort is currently operating under state supervision. The inquiry into Crown Melbourne threatened to revoke their gaming licence. This would have had dire consequences because Crown Melbourne Resort is responsible for three-quarters of Crown’s total profit. Overall, these inquiries have consequently damaged Crown Resorts’ reputation.

Blackstone’s Offer

Crown Resorts’ largest single shareholder, Blackstone, owns 9.99 percent of the company. It has made several bids to acquire full ownership of the organisation, but Crown’s shareholder board has rejected previous offers. This led to Blackstone’s latest bid of $8.5 billion, $2 billion more than their previous. However, according to the board of directors of Crown, the proposal doesn’t satisfy the company’s value after discussing the proposal with financial and legal advisors.

Even though Crown wasn’t satisfied, they offered Blackstone confidential company information to access and assess. After signing a confidentiality agreement, Blackstone has access to Crown’s customers and their spending habits. Crown hopes that Blackstone will re-evaluate Crown’s value. While Blackstone reconfigures its offer, Crown is still open to other bids. Other organisations may decide to offer an amount closer to the value Crown’s board is interested in.

Blackstone would still have to await final approval from casino regulators in the Australian states where Crown currently operates to acquire the company. They are now in contact with the casino regulators, who have communicated positively. It’s likely regulators would approve the purchase by Blackstone.

How Will the Acquisition Affect The Industry in Australia?

Blackstone’s acquisition will protect the casino floors from money laundering by providing appropriate governance. This protects the casino and the players from illegal transactions. Blackstone Group, an investment giant, will bring innovative products and gaming specifically designed for the Australian market’s needs.

According to AustraliaCasino’s site manager, Jack Harris, this deal will provide players with an exciting future, with competitive products and casino bonuses tailored to the AU market. Furthermore, the share price increase is a good sign since Crown Resorts’ tarnished reputation has resulted in lower share prices, which has been compounded by the pandemic.

Another offer occurring in the casino industry is Aristocrat’s acquisition of Playtech for $2.9 billion, which pushes Aristocrat as the leading casino provider in Australia. This recent acquisition may put pressure on Crown to decide soon before Aristocrat becomes too much of a competitor for Crown in the Australian casino and gaming market.

Increased Value of Shares

The latest bid made by Blackstone offers shareholder investors A$12.50 per share. This was a 26.5 percent premium. Since Blackstone’s offer, Crown’s shares have increased by 17%. However, Crown still deems the bid to be inadequate for Blackstone to take over the casino organisation. In November 2021, Blackstone’s offer led to an 11 percent increase in share value from A $9.88 to A $11.02. This share price is still a lot lower than Crown Resorts’ share price of $13 before the money-laundering allegations in the casinos.

Packer currently owns 36% of Crown. an acquisition of Crown would offer him a complete buyout of the business. Due to personal issues over the past few years, Packer hasn’t been involved with corporate operations. Due to the Melbourne conduct inquiry, Packer was encouraged to decrease his stake offer to about 5% by 2024.

Lindsey Lubkey

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