Daily Asia Gaming eBrief: Crown Resorts divests One Queensbridge for $57M

Monday 21st of October 2024

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Good morning. Crown Resorts has sold the One Queensbridge development site in Melbourne for $57.05 million as part of Blackstone's strategy to recover the group from financial struggles. Originally intended for a $1.17 billion hotel and apartment complex, those plans were suspended in 2019. Meanwhile, INTERPOL announced that a major international sting operation against illegal football gambling has resulted in over 5,100 arrests and the recovery of more than $59 million in illicit earnings. In Macau, authorities are investigating complaints by mainland Chinese tour groups that they were asked for entry fees by tour guides when entering casinos in Macau.

What you need to know

Crown Resorts has officially sold the One Queensbridge development site in Melbourne as part of efforts to improve its financial condition.
INTERPOL led global sting against illegal football gambling leads to over 5,000 arrests and the recovery of more than $59 million in illicit earnings.
Macau tourism officials to probe allegations that tour groups are illegally charging visitors entry fees at casinos.

On the radar

Philippines flags ex-POGO workers operating scam farms after the ban.
Asian American (AAEC) loses appeal in legacy Macau gaming concession battle.
Macau police strengthen cooperation with local hotels to combat crime.
Miriam Adelson contributes $95M to Pro-Trump Super PAC.
Genting Singapore announces the dissolution of seven subsidiaries in Japan.

AGB Intelligence

AUSTRALIA

Crown Resorts sells One Queensbridge site for $57 million

Crown Resorts has sold the One Queensbridge development site in Melbourne for AU$85 million ($57.05 million) as part of a financial restructuring strategy led by its private equity owner, Blackstone. Originally intended for a $1.75 billion hotel and apartment complex, the plans were abandoned in 2019. Crown Resorts reported a narrowed loss of AU$164.8 million ($111 million) for the fiscal year ending June 30th, 2024, a 17.4 percent improvement from the previous year.

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