Australia's Crown targets 2022 opening for troubled Sydney casino Media Man Int

Australia's Crown targets 2022 opening for troubled Sydney casino - 13th December 2021

Your text advertisement here from as little as $100USD per 12 months

Profiles

Casinos Hotels Resorts Property Real Estate

Television Music Movies Hollywood WWE Wrestling Business Gaming Entertainment

SYDNEY, Dec 13 (Reuters) - Australian casino operator Crown Resorts Ltd (CWN.AX) on Monday said it aims to offer gambling at a new Sydney resort early in 2022, more than a year after it opened, as it works with a regulator to address governance failures.

The casino, part of a 75-floor tower complex which opened in December last year, had its licence suspended by the Independent Liquor and Gaming Authority (ILGA) just before opening in late 2020 following media reports of its alleged dealings with organised crime groups.

After an overhaul of its leadership and board, Crown is now "targeting a gaming floor opening early in the new year", the company said in notes accompanying an analyst presentation at the A$2.2 billion ($1.6 billion) Sydney waterfront facility.

The New South Wales state Independent Liquor and Gaming Authority, which oversees Crown's Sydney licence, said Crown had made good progress on a series of governance reforms and the two were "working towards a gaming floor opening early in the new year".

A series of media reports in 2019 triggered bruising public inquiries which found Crown unfit to hold gambling licences in Sydney and Melbourne, and called for sweeping changes to its board and culture. A third inquiry, into Crown's casino in Perth, is yet to deliver findings.

Crown said it had seen business at its sites pick up in recent weeks, especially over the weekends, as Australia relaxed COVID-19 curbs, but flagged annual corporate costs to be higher than last year at around A$130 million ($93.1 million).

"I firmly believe the business has turned the corner and it's been significantly de-risked," new CEO Steve McCann said at the briefing.

Crown recently rebuffed a buyout proposal from Blackstone Group Inc (BX.N) but allowed it to conduct due diligence. McCann would not comment on talks with Blackstone but said Crown shareholders have "been through quite a lot" and "deserve to be appropriately rewarded".

Crown shares were up 0.5% at A$11.51 in afternoon trading, in line with the broader market (.AXJO) but below Blackstone's indicative bid price of A$12.50.

($1 = 1.3953 Australian dollars)

News

Google eyeing up Australian and international property sector; Bitcoins as down payment

Niche media, marketing and media campaigns the way to go, says Media Man agency

Domain vs RealEstate.com.au vs PurpleBricks vs Local Agent Finder media, marketing, advertising and online battle continues; Websites, apps, Sydney Buses advertising billboard fun and games continue

Search engine war just about over; Google vs Bing vs Yahoo! vs Web Wombat vs Altavista; Who or what was that?

Google Follows the Money Trail to Gambling

Strong local content

Give him a Tingle

Whitewash whisper leaves Tingle in the ear

Movie trailer promotions; Good, bad or indifferent for movie goers, critiques and the business of film making

Media agency sees big growth potential and future in niche sectors; Local business, Blockchain, bitcoin, movie promotion, video games, sports and art