Australian takeover target Crown Resorts (CWN.AX) has committed to end international gambling tours, or “junket” operations, and go cashless in its casinos, the gaming regulator in the country’s biggest state said Thursday.
After being deemed unsuitable for a gambling licence in New South Wales in February, when an inquiry found Crown had enabled money laundering on its premises, the Melbourne-based casino operator has emerged as the target of a takeover battle.
Star Entertainment Group (SGR.AX) proposed an all-stock buyout this wk of its larger rival Crown that values it at $7-B, taking on private equity giants Blackstone (NYSE:BX) and Oaktree Capital Group (OAK_pa.N) for control of the troubled company.
The New South Wales Independent Liquor and Gaming Authority (ILGA), which would need to approve any potential merger, said Thursday it that had held talks with Star, which had also agreed to end junket tours.
The Aussie regulator struck a pact with CPH, a vehicle owned by founder and 37% owner James Packer, to tackle issues regarding influence and control, it added, without giving details.
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