Your Daily Asia Gaming eBrief: Crown special manager seen neutering board

Wednesday 27th of October 2021

Good morning. One of the conditions recommended by the royal commission into Crown in Melbourne is the appointment of a special manager to oversee all aspects of group operations for two years. David Green, principal of Newpage Consulting and a gaming law expert, takes a look at the implications of the appointment, which will effectively neuter Crown's newly revamped board of directors.

What you need to know

J.P Morgan analysts said they “wouldn't be surprised” if the Macau government extends the current term for gaming concessionaires by six to twelve months.
The outcome of the Victorian royal commission into Crown Resorts bodes well for the Star Entertainment Group, whose misconduct is arguably seen not “as bad” as its Melbourne rival.
DraftKings is dropping its $22 billion takeover offer for U.K.-listed Entain, saying it's confident it will have success in going it alone in the U.S. market.
DFNN said gross bets on its local online gaming platform surged 64.56 percent in 3Q21, fuelled by Covid lockdowns in the Philippines.

On the radar

Macau Grand Prix to go ahead with six operators sponsoring
TAB NZ reports mixed September update on Covid closures
Singapore will open a one-way travel corridor with Australia from Nov 8.

What the papers say

Kangwon Land to require vaccination certificate for visitors, foreigner-only casinos won’t
Hong Kong tightens Covid-19 travel restrictions in attempt to open up China travel
Digital RMB would plug a “blackhole” in China’s economy: Ben Lee
Vietnam must shed quarantine if it wants to reopen intl flights, aviation experts warn

AGB Intelligence

INDUSTRY VOICE

Crown special manager seen neutering the board

Despite a litany of conduct described by Royal Commissioner Ray Finkelstein as “disgraceful”, and a resultant finding of unsuitability as a licensee, he has recommended that Crown Melbourne should retain its casino licence. However, there are conditions and one of them is the appointment of a special manager to oversee all aspects of group operations for two years. David Green, principal of Newpage Consulting and a gaming law expert, takes a look at the implications of the appointment, which will effectively neuter Crown's newly revamped board of directors.