• About Us
  • The Team
  • Advertise with Us

The latest news on the gaming industry in Asia

() () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () ()
  • Home
  • Macau
  • Philippines
  • Singapore
  • Japan
  • Rest of Asia
  • World
  • Features
  • Industry Talk
  • Trends & Tech
  • follow
    • Facebook
    • Twitter
    • RSS Feed
    • LinkedIn

The Stars Group acquires majority stake in CrownBet

Feb 28, 2018 Newsdesk Industry Talk, Latest News  


The Stars Group acquires majority stake in CrownBet

Australian casino operator Crown Resorts Ltd announced on Wednesday the completion of the sale of its 62 percent interest held in horse racing and sports betting brand CrownBet Pty Ltd – together with loans advanced by it to CrownBet – for AUD150 million (US$116.9 million). The sports betting brand was sold to Canada-based The Stars Group Inc, the owner of online poker and poker tournaments brand PokerStars.

“We are excited to enter the regulated Australian sportsbook market with CrownBet. CrownBet has become one of the fastest-growing online sportsbooks in Australia through its strong management team, proprietary technology, mobile app, unique partnerships and market leading loyalty programme,” said chief executive of The Stars Group, Rafi Ashkenazi, in comments included in a Wednesday release issued by the latter firm.

According to the document, the purchase of CrownBet was completed under a partnership with the other shareholders of CrownBet, including the CrownBet management led by the brand’s founder and chief executive, Matthew Tripp.

Mr Tripp will remain as chief executive of CrownBet, The Stars Group said, adding it would be entitled to appoint “a majority of the directors” on the CrownBet board.

The release added that one of Australia’s gaming regulators – the Northern Territory Racing Commission – had given its approval for the transaction subject to The Stars Group satisfying “certain standard conditions”.

The vendor Crown Resorts has seen its group-wide revenue in the six months to December 31, 2017, increase by 1.4 percent year-on-year to AUD1.79 billion. The firm’s net profit in the period was however down by 33.6 percent to AUD238.6 million.

Crown Resorts’ overall results had been boosted by some asset sales during the period, including gains from the sale of its interest in the 34.6-acre (14-hectare) vacant site on Las Vegas Boulevard to a subsidiary of casino firm Wynn Resorts Ltd, for US$300 million.


  • tweet
Related articles
  • Macau VIP dip by compound 4pct yearly to 2023: brokerage
    Macau VIP dip by compound 4pct yearly...

    Nov 25, 2020  

  • Crown Sydney gaming start delayed amid op suitability issue
    Crown Sydney gaming start delayed amid...

    Nov 18, 2020  

More news
  • Sands China to pay US$2.4mln tax re Gondola Ride: court
    Sands China to pay US$2.4mln tax re...

    Mar 04, 2021  

  • A fresh US$2-bln casino project proposed for Vietnam
    A fresh US$2-bln casino project...

    Mar 04, 2021  


Latest News

Sands China to pay US$2.4mln tax re Gondola Ride: court

Sands China to pay US$2.4mln tax re Gondola Ride: court

Mar 04, 2021  

Macau’s Court of Second Instance has upheld decisions by a public department in the city, ordering casino operator Sands China Ltd to pay a total of MOP18.9 million (US$2.4 million) in tourism tax...
Read More
A fresh US$2-bln casino project proposed for Vietnam

A fresh US$2-bln casino project proposed for Vietnam

Mar 04, 2021  

LVS plans to keep U.S. base, stock listing: spokesman

LVS plans to keep U.S. base, stock listing: spokesman

Mar 04, 2021  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Partners

Pick of the Day

“Asia remains the backbone of this company and our developments in Macau and Singapore are the centre of our attention”

Robert Goldstein

Chairman and chief executive of casino operator Las Vegas Sands



Most Popular

  • Lim Kok Thay, GEN Singapore execs in US$1.3mln stock awardLim Kok Thay, GEN Singapore execs in US$1.3mln stock award March 2, 2021
  • Las Vegas Sands to sell off Nevada assets for US$6.25blnLas Vegas Sands to sell off Nevada assets for US$6.25bln March 3, 2021
  • Covid-19 test cert no longer needed for Macau casino entryCovid-19 test cert no longer needed for Macau casino entry March 2, 2021
  • Galaxy Macau to add Raffles-branded hotel towerGalaxy Macau to add Raffles-branded hotel tower March 1, 2021
  • Macau casino GGR down 9pct m-o-m in February: govtMacau casino GGR down 9pct m-o-m in February: govt March 1, 2021
Copyright 2014-2021 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us