Doubledown Casino Email Sign Up ing on Boyd with a 12-month price target of , down from . 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. 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. free casino slot games offline reel play poker online casino 3 percent below what the company paid for the stock last year. Blackstone paid the equivalent of . 31 a share for 67. Black Lotus Casino Bonus Codes October 2020 Bnjp 67 million Crown shares. choctaw casino jena louisiana Last year, Melco doled out .

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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. casino 29 Earlier this year, the Australian state of New South Wales (NSW) launched an investigation into Crown’s licensing suitability for a Sydney gaming project. Much of that inquiry focusing on the operator’s relationship with Ho. caesar casino open sycuan casino san diego ca Is The Casino Near Me Open Pypo Saved by the VirusBy February, the coronavirus was adversely impactiriver spirit casino oklahoma cityng the Asia-Pacific gaming industry, giving Melco a plausible excuse to scrap the Crown deal. 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. firekeepers casino win lob statement Seneca Niagara Casino Covid Jxyt

In a recent regulatory filing, Melco said it has little visibility regarding when business will return to pre-virus levels in Macau. pechanga casino dreb code 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. morongo casino restaurants slot casino machine free Peppermill Casino Nv Rgff 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). is riverwind casino non smoking 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.

Crown’s Australian property assets are valued at just over billion. Those include Crown Melbourne and Crowriver spirit casino oklahoma cityn Perth. casino kc vegas casino online real money no deposit 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. my choice casino st louis 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. golden nugget casino from my location

(Image: Twitter)This year, Wynn is dealing with temporary closures of its two Las Vegas Strip Venues and Encore Boston Harbor by COVID-19. 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. roulette table limits vegas Although Wynn stock more than