Crown Resorts said a group of funds advised by Oaktree Capital Management has agreed to provide up to $3 billion in funding for the company to buy back shares held by James Packer’s Consolidated Press Holdings.
Oaktree will provide the financing via a “structured instrument” to buy all, or some of Packer’s 37 percent stake.
Crown said it’s evaluating the proposal. The company is also subject to a separate takeover bid from Blackstone Group, which has offered about A$8 billion.
Lotte Tour Development is celebrating what appears to be the initial success of its strategy in Jeju, but even with the local government checking off on the opening of the Jeju Dream Tower Casino, the Covid pandemic clouds its near-term prospects.
The world is bouncing back, or at least coming to grips with the fact that going forward not much will be the same as before. Commendably, this industry quickly understood the need to adapt to a new normal, and that the days of targeting the low hanging fruit of the VIP sector are gone.
Over the years, many of the answers have been remarkably prescient in their forecasts for the near-term direction of Asia’s gaming industry. However, we can safely say that no one came anywhere close to guessing what 2020 may have had in store.