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Packer agreed to sell to Las Vegas giant Wynn Resorts in April 2019 in a money and scrip deal worth $14.75 a share, which was torpedoed by a press leak. He offered 10 per cent of Crown to Hong Kong’s Melco Resorts for $13 a share a month later. “So with the VIP market roughly gone for Crown, they may go after Star’s main-hall prospects,” says Lee. “Star is desperate to avoid a well-funded and doubtlessly well-managed competitor coming on-line, and this represents the best alternative for them to go off a competitor”.
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A Crown spokesman confirmed it will phase out the use of money at its Melbourne and Perth casinos, but could not say how lengthy that may take. A Crown spokesman said it was in discussions with ILGA and the Victorian and WA governments to “evaluate the required steps” to part out cash at its casinos in Sydney, Melbourne and Perth.
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