Opinion: A ‘reformed’ Crown bets big on a Sydney revival | EKnightOfficial
James Packer’s scandal-ridden and COVID-smashed casino empire, Crown Resorts, is pushing its financial prospects and rebirth story - inclusive of an early-2022 opening of the Sydney Barangaroo casino and the potential sale of the UK casino Aspinalls.
Investors and analysts now need to fill in the blanks on how long it will take to restore its Melbourne flagship casino’s revenue to pre-pandemic levels, exactly how long the $130 million of elevated costs will remain and what portion of those are baked in. But McCann appears desperate to convince the market that the recently installed governance team has made sufficient rehabilitation progress and that Crown shouldn’t be viewed as a corporate ‘fixer upper’ to any would-be buyer.
Crown has given Blackstone a little taste of sugar by allowing it limited, but not exclusive, due diligence - a strategy aimed at pushing the offer price higher. It’s a widely held view that this is a strategy any prospective buyer would also employ to boost Crown’s value.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
‘You killed my son’: Adam survived horror crash only to die in Sydney hospital blunderThe Fitzpatrick family allege they were subjected to intimidation and bullying at one of NSW’s leading trauma hospitals after the death of their beloved brother and son.
Read more »
Elizabeth Farrelly departs The Sydney Morning HeraldThe Sydney Morning Herald’s opinion columnist Elizabeth Farrelly will no longer publish a regular column, marking an end to almost three decades working for the masthead | zoesam93
Read more »
Statues of Indigenous leaders Bennelong and Barangaroo unveiled in SydneyThe significant role played by Indigenous historical figures Bennelong and his wife Barangaroo in the first decades of European settlement has been recognised with the unveiling of bronze statues in Sydney.
Read more »
How bats are keeping their cool during heatwaves in Western SydneyMore than 70,000 grey-headed flying foxes perished from heat stress during the Black Summer of 2019, pushing them onto the endangered register. Now, researchers are finding new ways to chill their roosting spots.
Read more »
New kind of life-saving defibrillator developed by Sydney fatherA new type of life-saving defibrillator has been created by an Aussie father after he almost lost his wife to a cardiac arrest. 9News
Read more »
Four out of five first home buyers locked out of most of Sydney and MelbourneThree in four properties in Sydney and half in Melbourne are only affordable for the highest earning 20 per cent of first home buyers.
Read more »