ACN Newswire
Read More

Club Med to expand in Asia Pacific within the next five years on expected travel rebound; Targets greenfield opportunities in Thailand, Vietnam, Indonesia and Philippines

indie
5 minutes

SINGAPORE, Nov 3, 2021 - (ACN Newswire via SEAPRWire.com) - Club Med, the pioneer of premium all-inclusive holidays, is gearing up for an aggressive travel rebound in the Asia Pacific (APAC) region. Following the announcement of the brand's upcoming greenfield beach resort in Borneo Kota Kinabalu, Club Med continues looking for opportunities in the Southeast Asian (SEA) region, specifically in Thailand, Vietnam and Indonesia.The first large-scale sustainably built BREEAM-certified beach resort in APACPositive expansion signal amidst economy's recoveryWhile Asia has taken a more cautious approach to the resumption of travel as compared to the rest of the world, this presented an opportunity for travel and hospitality brands in the region to refine operations and enhance safety measures in preparation for a stronger rebound. The pandemic demonstrated the resilience of Club Med, evident from the successful reopening of resorts in China and Maldives, followed by Northern America, the Caribbean and Europe.Domestic travel to Club Med resorts in China soared by more than 2.5 times in 2021 and is already on track to surpass pre-pandemic demand. Similar success was evidenced in Club Med's r...

SeaPRwire

Australia’s Star scraps $12 billion merger plan with Crown Resorts

elean
2 minutes

SYDNEY (REUTERS) - Star Entertainment Group said it has withdrawn its all-stock proposed takeover of larger rival Crown Resorts, valued at A$9 billion (S$9 billion), on Friday (July 23) over worries Crown may lose its licence to run its Melbourne casino. Australia's No.2 casino operator said it still believes in the benefits of a deal, but was worried issues raised at an inquiry looking into Crown's Melbourne casino could impact the embattled company's value. Crown said in a statement it remains willing to engage with Star, and will continue to consider any proposal it receives. An ongoing inquiry was told on Tuesday that Crown should be stripped off its gambling licence for the Melbourne resort, whose casino generates about three quarters of the company's profit, due to insufficient efforts to reform its culture. Star's decision removes a lifeline for Crown which has been trying to convince regulators it can rebuild its culture after an earlier inquiry in February found it allowed money laundering on its premises for years and declared the company unfit to open a just-built casino in Sydney. That inquiry, along with venue closures due to Covid-19 lockdowns, sent Crown's shares low...

SeaPRwire

Australia’s Crown Resorts offered $3.09 billion to buy out James Packer

elean
2 minutes

SYDNEY (REUTERS) - Australia's Crown Resorts said on Monday (April 19) it will assess a A$3 billion (S$3.09 billion) offer by US private equity firm Oaktree Capital to buy James Packer's 37 per cent stake in the casino operator. Mr Packer's influence on the company he founded came under intense scrutiny in a state inquiry last year that led to Crown's flagship Sydney casino losing its licence. The reclusive billionaire earlier this month indicated he was open to selling his stake as part of a A$8 billion takeover bid by Blackstone Group Inc that would see him pocket around A$2.9 billion. "The Crown Board has not yet formed a view on the merits of the Oaktree proposal," Crown said in a statement. "It will now commence a process to assess the Oaktree proposal." Consolidated Press Holdings (CPH), Mr Packer's private company that holds the Crown stake, Blackstone and Oaktree did not immediately respond to requests for comment. The New South Wales state gaming regulator, which has the authority to restore Crown's Sydney casino licence, recently reached a deal with CPH that would scale back Mr Packer's influence over Crown. More on this topic Related Story Blackstone rolls the dice with ...

SeaPRwire

Australia’s Crown Resorts receives $8.3 billion buyout offer from Blackstone

elean
2 minutes

MELBOURNE (REUTERS) - Beleaguered casino operator Crown Resorts said on Monday (March 22) it received a buyout offer from private equity company Blackstone Group Inc that values the company at A$8.02 billion (S$8.31 billion). The offer was priced at A$11.85 per share, a premium of 20.2 per cent to Crown’s closing price of A$9.86 on Friday. Blackstone currently has a 10 per cent stake in Crown which it bought from Macau’s Melco Resorts & Entertainment in April last year, making it the second-largest holder in Crown after the company’s billionaire founder James Packer. Crown said its board had not yet formed a view on the offer and said it would now begin its assessment, urging shareholders to take no action at this stage. Blackstone’s bid comes at a time when the casino operator has seen a string of top executives exit recently after an inquiry accused it of widespread money laundering and governance issues. Crown said the offer was subject to many conditions, including due diligence, arranging debt finance and Blackstone receiving approvals from gambling regulators that it would be allowed continue to own and operate the Sydney, Melbourne & Perth licences. Three Australian states h...

SeaPRwire
Read More

Crown Resorts denied licence for huge Sydney casino

elean
3 minutes

SYDNEY (AFP) - Regulators have denied Crown Resorts, one of Australia’s biggest gaming groups, a licence to run a new multi-billion-dollar casino in Sydney due to suspected links to organised crime, the company said on Tuesday (Feb 16). Crown said it had been informed of the ruling by the Independent Liquor and Gaming Authority of New South Wales state, which includes Sydney. The authority acted on the recommendations of a public inquiry, which last week reported Crown had been “facilitating” money-laundering through so-called “high roller” gambling junkets linked to Chinese triads and other organised criminal groups. The move came despite the resignations of the Crown CEO and three long-time directors in response to the inquiry’s report. Crown said in a statement that it would continue consultations with the Gaming Authority to address its concerns, though it was not immediately clear what steps would be sufficient to reverse the regulator’s decision. The company and its largest shareholder, media scion James Packer, had been under the spotlight since media reports last year alleged that Crown casinos in Melbourne and Perth were used to launder profits from human trafficking, drug...

SeaPRwire
Read More

Crown Resorts faces class action over October share plunge

elean
2 minutes

BENGALURU (REUTERS) - Law firm Maurice Blackburn has launched a second class action lawsuit against Crown Resorts, it said on Monday (Dec 14), alleging that the Australian casino giant's corporate failings caused a massive share price plunge in October. Shares of Crown had fallen 10 per cent on Oct 19, when Australia's financial crime agency started investigating the company over suspected failings to comply with anti-money laundering protocols. Over October and November, Crown acknowledged the possibility of money laundering taking place at casinos in an Australian regulatory inquiry that touched on its government failings and its dealing with gambling tour - or "junket" - operators. Since then, the company's gaming license has been suspended, delaying its plan to open a $1.6 billion resort in Sydney. Crown did not immediately respond to a Reuters request for comment. "It's been very disappointing to learn how badly Crown has behaved," lead plaintiff Greg Lieberman, a father of four from Sydney, who invested in Crown, said he law firm's statement. The new lawsuit also alleges Crown managed operations that were not in the best interest of shareholders between December 2014 and Octo...

SeaPRwire
Read More

Crown Resorts says regulator to probe Melbourne casino on money-laundering concerns

elean
2 minutes

BENGALURU (REUTERS) - Casino operator Crown Resorts said on Monday (Oct 19) that Australia's financial crime watchdog had launched a probe into its Melbourne business on suspicions of money-laundering and counter-terrorism financing, sending its shares over 4 per cent lower. The Australian Transaction Reports and Analysis Centre's (Austrac) concerns were identified following a review last September of Crown's management of "customers seen as high risk and politically exposed persons," the company said. Austrac did not immediately respond to a Reuters request for comment. Crown has been facing separate inquiries in Victoria state, home to its flagship Melbourne casino, and in New South Wales following reports the company did business with "junket" tour operators which brought in gamblers, largely from China, with suspected links to organised crime. At the NSW inquiry earlier this month held to decide whether Crown can keep its licence to operate casinos, company founder and one-third owner, billionaire James Packer, acknowledged a host of corporate governance shortcomings. The company is due to open a new casino in Sydney in two months time. More on this topic Related Story Blacksto...