Activists pursuing anti-Crown agenda casino boss claims
Crown Resorts boss John Alexander has moved to assure investors the casino giant is taking allegations it went into business with figures linked to organised crime “seriously”, while also dismissing reporting on the matter as “sensationalist and unproven”.
In a speech delivered at the company’s annual general meeting on Thursday, the Crown executive chairman said the company “does not tolerate any illegal activity by its employees or its patrons”.
In an indication that the attention on its high-roller program was affecting its business, Crown revealed on Thursday that its VIP player turnover had fallen 46 per cent in the first three months of the financial year.
Crown stopped worked with one of its most important VIP “junket” partners, Suncity, in August in the fall out from revelations about its high-roller program.
Mr Alexander said there were “are a number of interests and activists who continue to pursue an anti-Crown agenda”.
Casino news – The Star offers $100 million for expansion to fend off rival QLD casino
The Star Entertainment Group has offered $100 million for a convention centre expansion in order to fend off a rival casino being explored by the Queensland government.
The State Government launched a global call for registrations of interest in developing a second casino earlier this year.
Gold Coast Tourism chief Annaliese Battista has already said the lack of convention centre expansion is causing them to miss out on millions of dollars from conferences each year.
The Star Entertainment Group CEO Matt Bekier tells Ross Greenwood it was a necessary step.
“It’s a lot of money, but what we’ve been hearing from our shareholders is, for seven years there’s been talk about a potential second casino and we would like to make investments in our property but we can’t really do that if we don’t know what the environment looks like.”
To listen to the interview on podcast click here>>> https://www.4bc.com.au/star-offers-100-million-for-expansion-to-fend-off-rival-qld-casino/
Bellagio $4.2B (USD) sales may be most expensive Las Vegas resort deal
When the Bellagio was developed more than 20 years ago, it was the world’s most expensive hotel ever built.
When it sold last week for more than $4 billion, the deal was, by all appearances, the most expensive sale ever of a Las Vegas resort.
“I would say that’s the largest single trade in the history of the Strip,” said CBRE Group broker Michael Parks, a hotel-casino specialist.
Bellagio owner MGM Resorts International announced Oct. 15 that it reached a deal with New York financial giant The Blackstone Group that calls for their joint venture to acquire the Bellagio’s real estate and lease it back to MGM for an initial annual rent of $245 million.
MGM will receive a 5 percent ownership stake in the joint venture and around $4.2 billion in cash, the casino operator said. The deal is expected to close this quarter.
Known for its outdoor fountain shows and the crowds of tourists who gather to watch them, the Bellagio is a top money maker for MGM, and its sales price dwarfs other high-priced hotel- casino deals in Las Vegas.
Leading casino and resort in Vanuatu on the market
Offered for the first time in 25 years, Vanuatu’s most renowned resort and casino complex is offered for sale by the South Pacific’s largest corporate advisory firm, Pacific Advisory.
The Holiday Inn Resort and Casino in Vanuatu is now on the market as a going concern by way of International Expressions of Interest.
The vendors, South West Pacific Investments, are divesting of their ownership of the land and buildings whilst IHG will continue to manage the property.
Read more about the casino sale here: https://www.miragenews.com/leading-casino-and-resort-in-vanuatu-on-market/