Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Into the final straight. Victoria and NSW have signed off on Blackstone’s proposed acquisition of <strong><a href="https://www.smartkarma.com/entities/crown-resorts-ltd" target="_blank" data-smartkarma-citation="entities:808:1" rel="noopener">Crown Resorts (CWN AU)</a></strong>.</li>
<li>Gaming regulatory approval from Western Australia remains outstanding, but this is done. Crown's conduct in WA was no better - or worse - than it was in Victoria and NSW.</li>
<li>Trading super tight with potentially another month or so until payment.</li>
</ul>


Into the final straight. Victoria and NSW have signed off on Blackstone’s proposed acquisition of Crown Resorts (CWN AU).
Gaming regulatory approval from Western Australia remains outstanding, but this is done. Crown's conduct in WA was no better - or worse - than it was in Victoria and NSW.
Trading super tight with potentially another month or so until payment.


Crown Resorts: Regulatory Approvals Falling Into Place

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>Unsurprisingly, the independent expert (IE) considers <a href="https://www.smartkarma.com/entities/crown-resorts-ltd" target="_blank" data-smartkarma-citation="entities:808:1" rel="noopener">Crown Resorts (CWN AU)</a>'s A$13.10 offer from <a href="https://www.smartkarma.com/entities/blackstone-group-inc" target="_blank" data-smartkarma-citation="entities:27166:1" rel="noopener">Blackstone Group (BX US)</a> to be fair and reasonable. We think that IE’s valuation approach is sound.  </li>
<li>The key condition is approval from shareholders and gaming regulatory authorities. The scheme meeting is scheduled for 29 April. </li>
<li>We continue to think that offer is attractive. At the last close price and for the 12 May implementation date, the gross and annualised spread is 2.7% and 27.1%, respectively.</li>
</ul>


Unsurprisingly, the independent expert (IE) considers Crown Resorts (CWN AU)'s A$13.10 offer from Blackstone Group (BX US) to be fair and reasonable. We think that IE’s valuation approach is sound.  
The key condition is approval from shareholders and gaming regulatory authorities. The scheme meeting is scheduled for 29 April. 
We continue to think that offer is attractive. At the last close price and for the 12 May implementation date, the gross and annualised spread is 2.7% and 27.1%, respectively.


Crown Resorts Scheme Meeting on 29 April, IE Opinion

<ul>
<li>
<a href="https://www.smartkarma.com/entities/crown-resorts-ltd" target="_blank" data-smartkarma-citation="entities:808:1" rel="noopener"><strong>Crown Resorts (CWN AU)</strong></a>'s Scheme Booklet is now <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02504351-3A590725?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">out</a>. The Scheme Meeting will be held on the 29 April with possible implementation on the 12 May.  </li>
<li>The Independent Expert has concluded Blackstone's Offer is fair and reasonable and in the best interest of Crown shareholders.</li>
<li>This transaction is a done deal, and is trading accordingly.</li>
</ul>



Crown Resorts (CWN AU)'s Scheme Booklet is now out. The Scheme Meeting will be held on the 29 April with possible implementation on the 12 May.  
The Independent Expert has concluded Blackstone's Offer is fair and reasonable and in the best interest of Crown shareholders.
This transaction is a done deal, and is trading accordingly.


Crown Resorts: Scheme Booklet Lodged. Shareholder Meeting On 29 April

<ul>
<li>The <a href="https://www.parliament.wa.gov.au/publications/tabledpapers.nsf/displaypaper/4111048a8d7a626ef0a339594825880f00079102/%24file/pcrc+final+report+digital.pdf" target="_blank" rel="noopener">Perth commission report</a> found <a href="https://www.smartkarma.com/entities/crown-resorts-ltd" target="_blank" data-smartkarma-citation="entities:808:1" rel="noopener">Crown Resorts (CWN AU)</a> not suitable to operate Crown Perth but did not call for the gaming licence to be revoked.</li>
<li>The key conditions precedent for the Blackstone deal are shareholder, gaming regulatory and FIRB approval. The scheme meeting is targeted to be held before the end of June 2022.</li>
<li>At the last close price of A$12.58, the gross and annualised spread for a 30 June implementation is 4.1% and 16.94%, respectively. </li>
</ul>


The Perth commission report found Crown Resorts (CWN AU) not suitable to operate Crown Perth but did not call for the gaming licence to be revoked.
The key conditions precedent for the Blackstone deal are shareholder, gaming regulatory and FIRB approval. The scheme meeting is targeted to be held before the end of June 2022.
At the last close price of A$12.58, the gross and annualised spread for a 30 June implementation is 4.1% and 16.94%, respectively. 


Crown Resorts' Offer Spread Risk/Reward - The Perth Commission Report

<ul>
<li>The Perth Casino Royal Commission has found <a href="https://www.smartkarma.com/entities/crown-resorts-ltd" target="_blank" data-smartkarma-citation="entities:808:1" rel="noopener">Crown Resorts (CWN AU)</a>'s casino in Perth, Western Australia, is "not suitable" to hold a gaming licence.</li>
<li>This follows the findings in New South Wales and Victoria that two of Crown Resort’s other subsidiaries were either not suitable to be granted a casino license or not suitable.</li>
<li>As with the recently announced AUSTRAC proceedings, Blackstone would have been well prepared for this latest development.</li>
</ul>


The Perth Casino Royal Commission has found Crown Resorts (CWN AU)'s casino in Perth, Western Australia, is "not suitable" to hold a gaming licence.
This follows the findings in New South Wales and Victoria that two of Crown Resort’s other subsidiaries were either not suitable to be granted a casino license or not suitable.
As with the recently announced AUSTRAC proceedings, Blackstone would have been well prepared for this latest development.


No Surprise As Perth Royal Commission Finds Crown Resorts Unsuitable for WA Licence

Australia

The Star Entertainment Group Limited owns and operates casinos and hotels. The Company offers services and amenities such as gaming facilities, nightclubs, bars, restaurants, exhibition centers. The Star Entertainment Group conducts business in Australia.

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Star Entertainment Group (SGR AU)

Crown Resorts: Regulatory Approvals Falling Into Place

This transaction is done. Trading at a gross/annualised spread of 0.7%/8.7%, assuming payment in around a month. Unless you want to lock in a ~1%...

David Blennerhassett

Crown Resorts Scheme Meeting on 29 April, IE Opinion

The key condition is approval from shareholders and gaming regulatory authorities. Scheme meeting is on 29 April. At the last close and for the 12...

Arun George

Crown Resorts: Scheme Booklet Lodged. Shareholder Meeting On 29 April

This transaction is done. Trading at a gross/annualised spread of 2.7%/25.8%. This remains a buy here and on any weakness.

David Blennerhassett

Crown Resorts' Offer Spread Risk/Reward - The Perth Commission Report

We believe that the Perth commission Report is a positive outcome for the Blackstone offer. At the last close, the gross and annualised spread for...

Arun George

No Surprise As Perth Royal Commission Finds Crown Resorts Unsuitable for WA Licence

I still consider this Offer as being done. Trading at a gross/annualised spread of 5.4%/21%, assuming mid-June payment. This remains a buy.

David Blennerhassett

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