Island Resort And Casino Presidential Suite ing on Boyd with a 12-month price target of , down from . raging bull casino redeem codes The new forecast implies upside of 44. 5 percent from where the stock trades at this writing. Private equity colossus Blackstone (NYSE:BX) continues forging into the gaming business. The company is taking a nearly 10 percent stake in Australia’s Crown Resorts, and is getting those shares from Melco Resorts & Entertainment (NASDAQ:MLCO) at a deep discount. boomtown casino table games soaring eagle casino location 24 7 free slot games Blackstone is buying 10 percent of James Packer’s Crown Resorts from Lawrence Ho’s Melco on the cheap.

(Image: Reuters)The private equity firm is paying 0 million for all of the Crown shares previously held by the Macau operator, meaning Melco sold that equity at prices that were 37. 3 percent below what the company paid for the stock last year. Blackstone paid the equivalent of . 31 a share for 67. 67 million Crown shares. borgata online casino promotions chumba casino support email Last year, Melco doled out . nearest casino open today Chumba Casino Vs Luckyland Slots Zeoc

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42 a share for its stake in the Aussie gaming company controlled by James Packer. The relationship between Lawrence Ho’s Melco and Packer’s Crown became frayed, as media reports surfaced in 2019 indicating that Ho may have been involved with a company barred from doing business with Crown. Earlier this year, the Australian state of New South Wales (NSW) launched an investigation into Crown’s licensing suitability for a Sydney gaming project. desert diamond casino brunch Is Cache Creek Casino Open Today Svio Denmark Much of that inquiry focusing on the operator’s relationship with Ho. How Old Do You Have To Be To Go Saved by the VirusBy February, the coronavirus was adversely impactipalace station casino las vegas nvng the Asia-Pacific gaming industry, giving Melco a plausible excuse to scrap the Crown deal. aliante casino and spa las vegas b spot online gambling Like other gaming companies, the City of Dreams operator is searching for more cash, and the sale of its Crown stake, albeit at a loss, is an easy avenue for bolstering its balance sheet.

In a recent regulatory filing, Melco said it has little visibility regarding when business will return to pre-virus levels in Macau. is the bellagio casino open Online Casino Real Money Georgia Dsbi Amid plunging traveler numbers because of curbs imposed to contain the new coronavirus, Melco scrapped its planned purchase of a second 9. 99% stake in Crown from billionaire James Packer in a deal that had already raised regulatory concern,” reports Reuters. casino usa scarlet pearl free play Melco’s sale represents the latest in an ongoing saga for Crown investors, one that also included a brief 2019 flirtation with a takeover offer from Wynn Resorts (NASDAQ:WYNN). More Real Estate for BlackstoneFor Blackstone, the deal isn’t as much about potentially making a play to acquire Crown outright, but rather, finding ways to extract value from the gaming company’s enticing real estate assets. Blackstone, the owner of the Cosmopolitan Las Vegas, is a growing force in the casino real estate business, recently acquiring the Bellagio from MGM Resorts International (NYSE:MGM) and partnering with MGM Growth Properties (NYSE:MGP) to purchase the real estate of Mandalay Bay and MGM Grand. mgm grand casino detroit restaurants

Crown’s Australian property assets are valued at just over billion. Those include Crown Melbourne and Crowpalace station casino las vegas nvn Perth. The company also owns Betfair Australasia, half of Aspers Group, and a 20 percent interest in Nobu, the posh hotel and restaurant consortium. With the coronavirus outbreak still weighing on the gaming industry, it’s not surprising that analysts are divided on how the health crisis is affecting individual operators’ financial results. hard rock casino locations in usa But when it comes to Wynn Resorts (NASDAQ:WYNN), there’s nothing close to a consensus. Dispersion data indicate no one knows what to expect with Wynn 2020 earnings.

(Image: Twitter)This year, Wynn is dealing with temporary closures of its two Las Vegas Strip Venues and Encore Boston Harbor by COVID-19. casino t shirt ideas Those shutdowns follow a 15-day halt in business in Macau, a market that in any given quarter can account for two-thirds to 80 percent of the operator’s earnings and revenue. Although Wynn stock