Crown licence victory puts sector back in favour

has emboldened investors in the beaten-down sector, and could reignite takeover interest in the gambling giant.

The Star will face its own public inquiry in NSW in March next year, following reports in this mastheadSteve Johnson, chief investment officer at investor Forager Funds, said the outcome for Crown was a positive for the casino sector in general, which is why The Star’s share price also jumped. Mr Johnson said that improving the industry’s approach to gambling harm and criminal exploitation was a positive for investors in the long term by making Crown and The Star more sustainable businesses, while removing the regulatory cloud over the sector also put M&A activity back on the agenda.

Crown’s major shareholder and former executive chairman James Packer will have to sell down his 37 per cent stake in the company to 5 per cent or less by September 2024, as part of an ownership cap recommended by Commissioner Ray Finkelstein to prevent his influence on the company., which already owns 10 per cent of the company. The Star then proposed a $12 billion merger of the two companies in May.

Will any executives be prosecuted for the breaches?

Casino pays taxes. We are broke as a State. Of course they kept their licence.

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