The bad blood between James Packer and The Star is legendary.Credit:AAP
But the once-wounded Star has watched Crown implode since 2016 when18 of its staff were arrested in China and it sat on the sidelines as Crown’s involvement in money laundering and its relationship with junket operators involved in organised crime were unravelled during the NSW gaming regulator’s inquiry. That inquiry,led by Commissioner Patricia Bergin,foundCrown was unsuitable to hold a casino licence in NSW.
As a result Crown has become vulnerable and its major shareholder Packer has been itching for a commercial divorce.
After months of deliberation Star has now made its move. It isn’t the only vulture looking to move on Crown but it does have a compelling story.
Star’s proposed merger,to be announced on Monday morning,comes on the heels of Crown’s 10 per cent shareholder Blackstone,upping its current $11.85 per share offer to what is sure to be more than $12 per share.
It’s payback time. The Star looks to merge with Crown.Credit:Louise Kennerley
In what can only be described as a commercial game of thrones,the bidding war between Star and Blackstone also pits these former allies against each other. Up until a few months ago the two parties had been working together to stitch up a deal to buy Crown. After months of discussions Blackstone defected from the camp and went alone. It left Star out in the cold.