Big changes likely at Australia's Crown Resorts after watchdog report - Citi

Chineseworldnet.Com

09/02/2021 20:35

** Citi expects Tuesday's watchdog report of Crown Resorts
 CWN.AX  to set the stage for a trade buyer or private equity
firm to pick up part of billionaire James Packer's stake in the
casino giant
    ** An industry regulator found CWN to be unsuitable to hold
a gambling licence for its flagship new Sydney resort
 urn:newsml:reuters.com:*:nL1N2KF0AU
    ** One recommendation in the report is for a 10% limit on
any casino shareholdings in New South Wales without specific
approval
    ** That may force major shareholder Packer to sell down some
of his 35% stake in CWN
    ** The report also called for 3 directors to step down,
including the CEO
    ** Citi expects CWN's focus to shift from rev generation to
compliance as a result, which is not factored into consensus est
    ** If report's recommendations are implemented, Citi expects
the new CWN resort to be delayed by several months
    ** Blackstone  BX.N  picked up ~10% of CWN last April,
making it the casino giant's No.2 shareholder  urn:newsml:reuters.com:*:nL3N2CH03I

 (Reporting by Nikhil Kurian Nainan)
 ((NikhilKurian.Nainan@thomsonreuters.com; Twitter:
@NikhilKurianN))