'We will wait for a submission and commence a public review after that, if the matter progresses.'Ĭrown's board said it had not yet formed a view on the merger proposal or on Blackstone's increased takeover offer, and advised that shareholders did not need to take any action at this stage. 'Star Entertainment Group has approached the ACCC regarding its indicative proposal to merge with Crown Resorts,' said a spokesperson from the competition regulator. Star operates Sydney's current casino in Pyrmont and also has casino operations in Queensland.Ī merger of the two companies would also require approval by the Australian Competition and Consumer Commission, which confirmed Star had been in touch. However, Crown now also faces royal commissions investigating its past practices and compliance with gaming and money laundering laws in Victoria and Western Australia. Star is also pitching its offer as a way to potentially solve Crown's regulatory woes, which continue to stop its new casino in Sydney's harbourside Barangaroo district from commencing gaming operations due to governance problems and money laundering risks.Ĭrown's biggest shareholder, James Packer, is keen to exit the business, which may also assist the company in gaining NSW regulatory approvals. 'With a portfolio of world-class properties across four states in Australia's most attractive and populated catchment areas and tourism hubs, the combined group would be a compelling investment proposition and one of the largest and most attractive integrated resort operators in the Asia-Pacific region.' 'A merger of The Star and Crown would result in significant scale and diversification and unlock an estimated $2 billion in net value from synergies,' he said in a statement to shareholders. Star chairman John O'Neill said the merger would create a $12 billion casino and entertainment company listed on the ASX.

Then, the share price slumped as low as just above $6. The price crashed in March last year as the pandemic took hold, and as hearings for the Bergin inquiry into Crown Resorts' fitness to hold a casino licence for its new Barangaroo casino on Sydney Harbour confirmed media reporting about links to criminal gangs and rampant money-laundering.

Both offers are higher than the share price has been since mid-January 2020.

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