Article: Commission will probe money laundering

Article - Media, Publications

Commission will probe money laundering

Elouise Fowler, 24 March 2021

The Crown Resorts royal commission in Victoria will probe deeper into whether money laundering is still happening at Crown’s flagship casino at Southbank in Melbourne, says the inquiry head, former Federal Court judge Ray Finkelstein, QC.

Commissioner Finkelstein said he was concerned the gambling giant had not faced up to its role in facilitating the criminal activity through its gaming rooms, as revealed in a scathing NSW inquiry that found the $8 billion company unfit to hold a licence at its new $2.2 billion casino in Sydney.

In his opening remarks on the first day of public hearings, Mr Finkelstein said he wrote to the gambling giant to gauge its “attitude” and to ask whether Crown accepted the findings from the NSW probe. Continue reading “Article: Commission will probe money laundering”

Article: Blackstone rolls the dice with $6.2 billion move on Australia’s Crown Resorts

Article - Media, Publications

Blackstone rolls the dice with $6.2 billion move on Australia’s Crown Resorts

Byron Kaye, Rashmi Ashok, 22 March 2021

Crown shares leapt more than 20% after it disclosed the informal offer on Monday, passing Blackstone’s indicative price of A$11.85 as investors wagered a bigger payment could be in the offing from the world’s No. 1 private equity firm or another suitor.

“It’s nice to get a bid, and now it’s about price discovery,” said John Ayoub, a portfolio manager at Wilson Asset Management, which has Crown shares.

“These stocks are trading at trough earnings and I wouldn’t be surprised to see further activity in the sector.” Continue reading “Article: Blackstone rolls the dice with $6.2 billion move on Australia’s Crown Resorts”