Money

Star Entertainment bids for takeover of global casino empire, Crown

Published

5 years ago

May 10, 2021

The Star Entertainment Group has officially entered the race for James Packer’s Crown Resorts

Star proposed a $12 billion merger that would create a gambling and hospitality giant spanning seven properties in four states.

The casino operator operates venues in Australia’s New South Wales and Queensland.

‘Largest resort operator in the Asia-Pacific’

The Star Entertainment Group’s chairman, John O’Neil said:

“With a portfolio of world-class properties across four states in Australia’s most attractive and populated catchment areas and tourism hubs, the combined group would be a compelling investment proposition and one of the largest and most attractive integrated resort operators in the Asia-Pacific region.”

The Star’s chairman, John O’Neill, detailed the merger would list on the ASX.

“A merger of The Star and Crown would result in significant scale and diversification and unlock an estimated $2 billion in net value from synergies.”

Crown runs into regulation issues

It’s hoped the merger would be the solution to Crown’s regulatory troubles.

Regulatory woes continue to block Crown’s new casino in Sydney’s Barangaroo district from commencing gaming operations due to governance problems and money laundering risks.

Crown Resort’s largest shareholder, James Packer, is keen to exit the organisation, a move that may also assist the company in gaining regulatory approvals in New South Wales.

Australia’s royal commission on Crown

Regulators suspended Crown’s licence Australian Government invests big in the modern digital economy for its new Sydney casino in February, and royal commissions into the company will begin in Victoria next week and in Western Australia on Monday.

Crown will continue to face a royal commission, investigating its past practices and compliance with gaming and money laundering laws in Victoria and Western Australia.

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Australia’s inflation report sparks market shifts, influencing interest rates, the Aussie dollar, and investor sentiment amid Nvidia’s earnings.

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David Scutt from StoneX discusses what these shifts mean for trading strategies and the broader economic outlook. He provides insight into how underlying factors are shaping investor confidence and market dynamics.

On the tech side, Nvidia’s upcoming earnings are expected to influence AI development and the broader tech sector. Coupled with trends in SaaS and bitcoin price action, these movements are signalling how investor sentiment is evolving in a fast-changing landscape.

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U.S. equities rose as AI disruption fears eased, with Home Depot, AMD, and DocuSign driving tech stock gains.

U.S. tech stocks surged as investors’ fears over AI disruption eased. Advanced Micro Devices jumped 9% after Meta announced a multiyear deal to deploy AMD’s graphics processing units for AI data centres. The move highlights growing corporate confidence in AI infrastructure investments.

DocuSign also rose 3% following Anthropic’s confirmation that Claude Cowork can integrate with DocuSign, Google Drive, and Gmail, signalling stronger adoption of AI tools across industries.

The iShares Expanded Tech-Software Sector ETF climbed 2% despite remaining over 30% below its 52-week high, showing tech stocks are recovering but still have room to run.

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Dow drops 800+ points as AI and trade worries hit tech and retail stocks; bonds rise amid market volatility.

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Dow drops 800+ points as AI and trade worries hit tech and retail stocks; bonds rise amid market volatility.

Stocks plunged sharply as concerns over artificial intelligence and trade tensions rattled investors, sending the Dow down more than 800 points. Heavyweights like American Express, Goldman Sachs, and JPMorgan were key contributors to the drop.

Software companies were hit particularly hard after a report suggested AI could impact economic growth, triggering further losses across tech shares.

Trade-sensitive retailers including American Eagle Outfitters, Ralph Lauren, and Yeti Holdings also faced setbacks as market uncertainty spiked. Bonds, meanwhile, rallied as investors sought safety in a volatile market.

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