New deal

23 Nov 2020 By Katrina Hamlin Follow @KatrinaHamlin

Regulators suspended the Aussie casino operator’s gaming licence for a new luxury Sydney complex. That darkens the clouds over James Packer’s embattled $5 bln empire. The buyout shop is already an investor and knows a thing or two about buying and breaking up real estate groups.

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Credit ratings agency Moody’s said on Nov. 20 it had cut Crown Resorts from BAA2 to BAA3 and that the Australian casino operator remains on review for a further downgrade.

Australia’s New South Wales state Independent Liquor & Gaming Authority said on Nov. 18 that it was suspending the gaming licence of casino giant Crown Resorts, delaying plans to open a $1.6 billion luxury resort in Sydney in December. The regulator cited money laundering concerns after an inquiry into the company received new evidence late on Nov. 17.

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