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CWNHB - Crown Resorts News Story

A$95.1 -0.3  -0.3%

Last Trade - 5:06am

Sector
Consumer Cyclicals
Size
Large Cap
Market Cap £3.33bn
Enterprise Value £3.45bn
Revenue £1.64bn
Position in Universe 83rd / 1836

BREAKINGVIEWS-Cards played well in three-handed casino deal

Wed 29th April, 2020 4:58am
(The author is a Reuters Breakingviews columnist. The opinions expressed are his own.) By Alec Macfarlane HONG KONG, April 29 (Reuters Breakingviews) - Blackstone is buying 10% of Australia’s Crown Resorts from Lawrence Ho’s Melco. The buyout shop antes up at a discount while the Macau operator sensibly folds a busted bet. And amid a crisis, Crown gets staked by a shrewd backer. It may take time, though, for the pot to grow. Full view will be published shortly. On Twitter https://twitter.com/AlecMac11 CONTEXT NEWS - Australian casino operator Crown Resorts said on April 29 that private equity firm Blackstone and its affiliates have bought a nearly 10% stake in it for A$552 million ($360 million). - The group acquired nearly 68 million Crown shares from Melco Resorts & Entertainment for A$8.15 each, Crown said, a 5.2% discount to the stock’s last closing price. - Crown shares gained as much as 12.8% in morning trading in Sydney. - For previous columns by the author, Reuters customers can click on MAC/ - SIGN UP FOR BREAKINGVIEWS EMAIL ALERTS: http://bit.ly/BVsubscribe <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ Blackstone buys $360 million stake in Australia's Crown Resorts; shares soar urn:newsml:reuters.com:*:nL3N2CH03I Press release https://www.crownresorts.com.au/CrownResorts/files/01/01d69265-34e7-4374-8e36-1772e3365d07.pdf BREAKINGVIEWS-Virus could give dealmakers a new big MAC attack urn:newsml:reuters.com:*:nL3N2AO16A BREAKINGVIEWS-Crown’s China troubles upset Melco’s grand gamble urn:newsml:reuters.com:*:nL4N24Y368 BREAKINGVIEWS-Macau mogul picks up Crown jewels for a song urn:newsml:reuters.com:*:nL8N2363QR ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Editing by Jeffrey Goldfarb and Jamie Lo) ((alec.macfarlane@thomsonreuters.com; Reuters Messaging: alec.macfarlane.thomsonreuters.com@reuters.net))
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