Australia
Australia’s Crown Resorts Receives $6.2B Proposal from Blackstone
Australia’s Crown Resorts has revealed that it has received a $6.2 billion takeover offer from American multinational private equity and hedge fund giant The Blackstone Group.
Crown shares leapt more than 20% after it disclosed the informal offer on Monday.
“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.”
If Blackstone’s takeover were to succeed, it would round out a portfolio of gambling-related assets from Las Vegas to Spain with resorts in three Australian cities.
But it would get a company in crisis after Crown lost its licence to operate a flagship new casino on Sydney’s waterfront last month amid allegations of money laundering and links to organised crime.
It also faces inquiries in the other two Australian states where Crown is licensed to operate.
Australia’s financial crimes agency meanwhile is investigating Crown over money-laundering allegations, and the company faces two civil lawsuits accusing it of failing to disclose risks which led to share price declines.
Blackstone’s indicative offer was short of the stock’s trading levels before concerns about the coronavirus caused market gyrations in early 2020.
Crown said its board had not yet formed a view on the proposal but would talk to “relevant stakeholders including regulatory authorities.”
Australia
VGCCC Concludes Underage Gambling Investigation
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“Nothing can make up for the harm a Melbourne family experienced as a result of the failure by multiple operators to prevent a young teen from gambling between May 2022 and October 2023,” Victorian Gambling and Casino Control Commission (VGCCC) CEO Annette Kimmitt AM said.
Her comment followed the conclusion of VGCCC’s most comprehensive action to date for underage gambling – more than 2000 hours of investigations, 14 prosecutions against 10 entities, 98 charges and fines totalling half-a-million dollars.
The VGCCC investigation was prompted by concerns reported by the mother of the then 17-year-old, whose neurodiversity, in addition to his age, put him at high risk of gambling harm.
Ms Kimmitt said: “I can only imagine how difficult it was for the mother to come to us and I commend her for doing so. I hope the outcomes and conclusion of these proceedings bring her some comfort, following the significant trauma she and her family have gone through.
“When industry is not diligent about complying with its legal and social obligations, the consequences for everyday Victorians can be serious and long lasting, which is why the VGCCC is determined to hold operators to account.”
The final case was heard before the Magistrates’ Court of Victoria on Thursday 13 February. Correct Bet Pty Ltd, the operator of the Coburg TAB outlet, pleaded guilty to two charges and was fined $3000 without conviction and ordered to pay VGCCC costs of $5500.
Magistrate Hodgson considered that Correct Bet had no prior convictions in 14 years of operation across multiple venues and had implemented additional measures, including staff training, mobile phone policy changes, and regular CCTV monitoring.
Separately, on Friday 7 February, Supreme Edinburgh Pty Ltd, trading as the Duke of Edinburgh in Brunswick, pleaded guilty in the Magistrates’ Court to three counts of breaching the Gambling Regulation Act 2003. The operator was fined $2500 and ordered to pay VGCCC costs of $4950.
Ms Kimmitt said: “It is a venue’s responsibility to ensure minors do not access a designated gambling area, let alone gamble, no matter how determined or convincing a child might be.
“We welcome the outcome of these court hearings, which bring to a close all prosecutions involving this family. Unfortunately, the family’s recovery from this experience is likely to take a lot longer and leave a painful scar.”
The post VGCCC Concludes Underage Gambling Investigation appeared first on European Gaming Industry News.
Australia
Network 10 Breaches Gambling Ad Rules During Formula 1 Grand Prix Broadcast
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Network Ten has been found in breach of broadcasting rules after airing gambling advertisements during the australian Formula 1 Grand Prix in March 2024.
An Australian Communications and Media Authority (ACMA) investigation found four gambling ads were aired at prohibited times during a broadcast of the first practice round of the Grand Prix.
Under the Commercial TV Code of Practice (the Code), gambling promotions cannot be shown during broadcasts of sporting events between 5am and 8.30pm, including the five minutes before and after the event.
Authority member Carolyn Lidgerwood said the rules around gambling advertisements on TV are there to protect the community from gambling related harms.
“Broadcasters should have strict controls in place to ensure compliance with the restrictions on gambling ads during sporting events,” Ms Lidgerwood said.
Practice rounds and qualifying rounds for motorsports are subject to the same restrictions on gambling advertising as the main event itself.
This is the first breach by Network 10 of the gambling advertising rules in the Code. During the investigation, Network 10 submitted that the broadcasts occurred due to human error.
Following the ACMA’s breach finding, Network 10 voluntarily improved the planning, checks and balances it has in place for ad scheduling and has, at the ACMA’s request, agreed to review its processes to introduce additional quality controls.
Network 10 will also train staff to avoid similar issues in the future and will provide a written progress report to the ACMA.
In a separate investigation in 2024, the ACMA found that streaming service 10 Play, provided by Network 10, breached online gambling advertising rules during two live-streamed sports events.
“The ACMA will closely monitor these actions and Network Ten’s compliance with the broadcasting and online gambling advertising rules,” Ms Lidgerwood said.
The post Network 10 Breaches Gambling Ad Rules During Formula 1 Grand Prix Broadcast appeared first on European Gaming Industry News.
Australia
Picklebet Becomes Official Wagering Partner of Penrith Panthers
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Picklebet, an Australian-owned and operated digital wagering platform, has become the Official Wagering Partner of Penrith Panthers.
Damon Oudejans, CMO and Co-Founder of Picklebet, said: “We are incredibly excited to partner with the Penrith Panthers, a club that has set the benchmark for excellence both on and off the field.
“Picklebet and the Panthers share a passion for innovation, and a commitment to delivering premium experiences to fans. This partnership is more than just branding—it’s about creating engaging, digital-first activations that bring supporters closer to the game they love.”
To kick-start the partnership Picklebet is giving away the ultimate giveaway for two people for the opening game of the season in Las Vegas. The social competition ends at 12 pm AEDT on Monday 24 February and includes flights to Las Vegas, three nights’ accommodation, $5000 spending money and tickets to see the Panthers headline the Rugby League action at Allegiant Stadium in Las Vegas.
Matt Cameron, CEO of Panthers Rugby League, said: “This partnership is a fantastic alignment between two brands that embrace innovation and excellence.
“Picklebet’s cutting-edge approach to digital wagering, particularly its focus on next-gen sports engagement, is an exciting fit for our club. We look forward to working together to create incredible experiences for Panthers fans over the next four years.”
As part of the partnership, Picklebet branding will be feature across Panthers’ assets, including digital platforms, in-stadium activations and exclusive fan engagement initiatives. Picklebet will also leverage its expertise in digital and social engagement to introduce new ways for fans to interact with the game and their team like never before.
The post Picklebet Becomes Official Wagering Partner of Penrith Panthers appeared first on European Gaming Industry News.
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