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Crown Resorts (CWN) wants better offer from Blackstone (BX)

By Mensholong Lepcha

02:15, 2 December 2021

Crown Melbourne casino logo
Regulators will determine whether Crown Melbourne is suitable to hold its casino licence at the end of its two-year supervision period – Photo: Shutterstock

Troubled Australian casino operator Crown Resorts will allow Blackstone access to its books to conduct due diligence and to counter with an improved takeover offer after rejecting the global investment firm’s latest $6.2bn bid.

Crown Resorts rejected Blackstone’s third takeover bid of AUD12.5 per share proposed in mid-November, which follows previous bids of AUD11.85 per share and of AUD12.35 per share.

On Thursday, Crown Resorts’ stock was trading 0.2% higher at AUD10.97.

Many suitors for Crown Resorts

Crown Resorts said Blackstone’s latest offer “does not represent compelling value for Crown shareholders” and added it is “focussed on maximising value for Crown shareholders and will carefully consider any proposal that is consistent with this objective.”

The company has been subjected to several takeover proposals in 2021. Rival Star Entertainment withdrew its $6.6bn bid in July over uncertainty related to an investigation into Crown Resorts by Australia’s Royal Commission.


2,004.85 Price
-1.180% 1D Chg, %
Long position overnight fee -0.0198%
Short position overnight fee 0.0116%
Overnight fee time 22:00 (UTC)
Spread 0.50


0.68 Price
+0.050% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 22:00 (UTC)
Spread 0.01168


44,009.05 Price
-1.310% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 106.00


16,080.90 Price
+0.500% 1D Chg, %
Long position overnight fee -0.0262%
Short position overnight fee 0.0040%
Overnight fee time 22:00 (UTC)
Spread 7.0

In late October, Crown Resorts was declared “unsuitable” to hold a casino licence in Victoria by the Royal Commission, however, the company was allowed to continue its Melbourne operations under a two-year supervision period.

Royal Commission

Los Angeles-headquartered investment firm Oaktree Capital also withdrew its bid to buy promoter James Packer’s stake in Crown Resorts in August.

Blackstone clearly remains the frontrunner in the race to acquire the embattled casino operator.

The Royal Commission has ordered a special manager to be appointed to oversee and exercise control over the company’s flagship Crown Melbourne for a period of two years. Regulators will determine whether Crown Melbourne has become suitable to hold its casino licence at the end of its two-year supervision period.

Read more: Crown Resorts holds on to licence and gets time to fix issues

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The difference between trading assets and CFDs
The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
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