Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<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> has now <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02486241-3A587210?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">entered into</a> an implementation deed under which Blackstone will acquire all shares by way of Scheme of A$13.10/share, the same price as previously announced.</li>
<li>James Packer, holding ~37% of shares out, has not yet indicated whether he will support the Offer. Presumably, this is moot. </li>
<li>The Offer is subject to a raft of conditions including approvals from FIRB and various gaming regulators. </li>
</ul>



Crown Resorts (CWN AU) has now entered into an implementation deed under which Blackstone will acquire all shares by way of Scheme of A$13.10/share, the same price as previously announced.
James Packer, holding ~37% of shares out, has not yet indicated whether he will support the Offer. Presumably, this is moot. 
The Offer is subject to a raft of conditions including approvals from FIRB and various gaming regulators. 


<ul>
<li>Blackstone and affiliates have increased its Offer for <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> to A$13.10/share in cash, from A$12.50 previously, and up from A$11.85/share initially.  </li>
<li>The proposal is subject to the same conditions as the Blackstone proposal announced on 19 November, including completing further due diligence, regulatory approvals, and unanimous support from Crown's Board.</li>
<li>Crown will engage further with Blackstone on a non-exclusive basis and its current intention is to recommend that shareholders vote in favour should both parties enter into a binding agreement.</li>
</ul>


Blackstone and affiliates have increased its Offer for Crown Resorts (CWN AU) to A$13.10/share in cash, from A$12.50 previously, and up from A$11.85/share initially.  
The proposal is subject to the same conditions as the Blackstone proposal announced on 19 November, including completing further due diligence, regulatory approvals, and unanimous support from Crown's Board.
Crown will engage further with Blackstone on a non-exclusive basis and its current intention is to recommend that shareholders vote in favour should both parties enter into a binding agreement.


SPAC Deep Dive, subSPAC

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SPAC Deep Dive

Each week we’ll identify and break down for you SPACs that are capturing market share and making an impact.

Equity Capital Markets

Sports Entertainment Acquisition / Equity Capital Markets

<ul>
<li>The rapid legalization of online gaming across the United States has resulted in a severely fragmented industry</li>
<li>Super Group, which largely operates in Europe, is set to debut soon through a SPAC merger with Sports Entertainment Acquisition Corp (SEAH), at a valuation of $5.14 billion</li>
<li>For those unfamiliar, Super Group operates online sports betting and gaming under the Betway and Spin brands</li>
</ul>


The rapid legalization of online gaming across the United States has resulted in a severely fragmented industry
Super Group, which largely operates in Europe, is set to debut soon through a SPAC merger with Sports Entertainment Acquisition Corp (SEAH), at a valuation of $5.14 billion
For those unfamiliar, Super Group operates online sports betting and gaming under the Betway and Spin brands


Can Super Group take the Crown from DraftKings?

<ul>
<li>Blackstone and affiliates are offering shareholders of <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> A$12.50/share in cash, a 26.2% premium to last close.</li>
<li>Crown had previously rejected Blackstone's prior A$12.35/share proposal, opting to side with <a href="https://www.smartkarma.com/entities/star-entertainment-group-ltd" target="_blank" data-smartkarma-citation="entities:926:1" rel="noopener">Star Entertainment Group (SGR AU)</a>'s bid. Star subsequently walked in July amid the Victorian Royal Commission noise.</li>
<li>Blackstone's acquisition proposal has received preliminary approvals from various regulators. </li>
</ul>


Blackstone and affiliates are offering shareholders of Crown Resorts (CWN AU) A$12.50/share in cash, a 26.2% premium to last close.
Crown had previously rejected Blackstone's prior A$12.35/share proposal, opting to side with Star Entertainment Group (SGR AU)'s bid. Star subsequently walked in July amid the Victorian Royal Commission noise.
Blackstone's acquisition proposal has received preliminary approvals from various regulators. 


Crown Resorts: Blackstone Really, Really Wants This

Global Gaming and Casinos Industry Specialist, Casino Business Review LLC

Howard J Klein

Global Gaming and Casinos Industry Specialist

Equity Bottom-Up

<ul>
<li>Historically Wynn shares have outperformed peers due to its strong premium market share and overall property quality in both US and Macau.</li>
<li>With over 46% of its group revenue coming from Macau, and more post-pandemic, news of the easing of some travel restrictions at Zhuhai this week will be bullish for the sector and Wynn.</li>
<li>As Macau recovery slowly gains steam, Wynn revenue will be bolstered from improving Las Vegas and Boston performance and its new sports betting business.</li>
</ul>


Historically Wynn shares have outperformed peers due to its strong premium market share and overall property quality in both US and Macau.
With over 46% of its group revenue coming from Macau, and more post-pandemic, news of the easing of some travel restrictions at Zhuhai this week will be bullish for the sector and Wynn.
As Macau recovery slowly gains steam, Wynn revenue will be bolstered from improving Las Vegas and Boston performance and its new sports betting business.


Wynn Resorts Ltd: A Buy on the Dip Strategy Fits with Better News Flow from Macau and the US Coming

United States

Wynn Resorts, Limited owns and operates luxury hotels and destination casino resorts in Las Vegas, Nevada, Macau, and China. The Company offers amenities such as guest rooms and suites, restaurants, golf course, and an on-site luxury automotive dealership.

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Wynn Resorts (WYNN US)

Crown Resorts Backs Blackstone’s Offer

This Offer is done. Trading at a gross/annualised spread of 3.5%/10.9%, assuming mid-June payment. That's reasonably attractive.

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Crown Resorts: Blackstone's Winning Bet

Final regulatory approvals to one side, this appears all stitched up. Trading at a gross spread of 4.3%, with around 4-6 months to run on the deal....

David Blennerhassett

Can Super Group take the Crown from DraftKings?

Welcome to The Rundown! Each week we’ll identify and break down for you SPACs that are capturing market share and making an impact.Happy Sunday...

subSPAC

Crown Resorts: Blackstone Really, Really Wants This

There's a multitude of moving parts here, but Blackstone really, really wants this. Trading at a gross spread of 8.5%. That appears about right. I...

David Blennerhassett

Wynn Resorts Ltd: A Buy on the Dip Strategy Fits with Better News Flow from Macau and the US Coming

Improving pandemic news flow both in Macau and the US has begun while Wynn shares trade below their 200 day moving average of $110. We believe a...

Howard J Klein

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