Crown Resorts

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Crown Resorts marked a milestone for its Crown Sydney development on May 22. 
The ‘topping out’ of the building marked the completion of vertical construction for the 275-metre-high hotel resort and residences. 
The building, designed by world renowned architects WilkinsonEyre, is set to change the city’s skyline as well as create over 2,000 jobs in NSW. 
The 'topping out' was marked by a short site visit by the NSW Treasurer, The Hon Dominic Perrottet MP due to COVID-19 social distancing requirements. 
Alongside the Treasurer, was Crown’s Chair, The Hon Helen Coonan, Crown’s Chief Executive Officer, Ken Barton, Crown’s Executive Vice President - Strategy and Development, Todd Nisbet and Group Chief Executive Officer and Managing Director of Lendlease, Steve McCann. 
The continuation of the construction industry in NSW has enabled the site to keep over 1,300 workers employed daily.
There has been almost four million hours of work having taken place during the construction phase in total. 
Ken Barton, Chief Executive Officer of Crown, said: “The COVID-19 pandemic has presented Crown with many challenges and has required us to make some difficult decisions. We are grateful for the NSW government’s decision to keep the construction industry open with strict COVID-19 measures in place. 
"Not only has this supported over 1,300 jobs at our site at a time of great economic uncertainty, it also keeps us on track to provide over 2,000 more jobs when we open.”
Steve McCann, Group Chief Executive Officer and Managing Director of Lendlease, said: “When complete, the transformation of Barangaroo from a disused industrial site to world-class urbanisation precinct will deliver to the people of NSW a once-in-a-generation integrated residential, office, entertainment, transport and leisure destination.  
Crown Sydney will open its 349-room hotel in December 2020, alongside 14 restaurants and bars, and select retail. 
Homeowners at Crown Residences at One Barangaroo, located in the upper floors of the building, are on schedule to move into the building in the first half of 2021.  
Over 1,300 people will continue to work on the interior fit-out of Crown Sydney throughout the remainder of 2020. 
To date:  
<ul type="disc">
<li>Almost 8,000 of the 10,000 glass panels have been placed on the building’s exterior</li>
<li>Almost 237,888 tonnes of concrete have been poured </li>
<li>Over 20,000 tonnes of steel reinforcement and steel structure have been put in place </li>
<li>Over 100 suppliers have been involved in its construction with over 97% of suppliers being local providers operating in NSW and around Australia </li>
<li>Crown has remediated 220,000 tonnes of contaminated material as part of the redevelopment of its site and has contributed to the clean-up and remediation of the Barangaroo precinct throughout the build </li>
</ul>
By the end of fit-out there will be: 
<ul type="disc">
<li>50 different types of marble and stone used throughout the building </li>
<li>The hotel will feature crystal light installations, including 50 custom made designs </li>
<li>Around 1,800 artworks will be installed, 70% of which are by Australian artists </li>
<li>Over 50,000 shrubs and 300 trees grown in local nurseries will be installed</li>
</ul>
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Crown Sydney tops out after four years in construction

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Construction of the Crown Sydney Hotel Resort remains on track after a $450 million project finance facility was announced by Crown Group today.
The finance facility, agreed with three relationship banks, will "support the continuation of the construction", Crown told shareholders this morning, adding that the facility remains subject to final approvals and documentation.
Crown Resorts have also entered into new bilateral facilities with relationship banks for a further $560 million, taking their additional debt funding to over $1 billion.
The Barangaroo project is still on target to be completed by the end of the year, with 1,300 people employed on the construction.
Crown Resorts expect to recruit over 2,000 employees to work in the hotel.
The project costs remain unchanged, with the gross project cost expected to be around $2.2 billion and the net project cost around $1.4 billion.
“We would [also] like to acknowledge the tremendous support we have received from our relationship lenders, with financing in place or terms agreed for over $1 billion in additional debt funding which should enable us to weather the storm caused by the COVID-19 pandemic.
“We will continue with the construction of Crown Sydney which remains on track for completion progressively from the end of this year, absent any further impact relating to COVID-19."
As a response to COVID-19, Crown have had to let go of around 95 per cent of its workforce, some 11,500 employees, following the March 23 cessation of gamin activiies and other non-essential services at Crown Melbourne and Crown Perth.
Crown boss Ken Barton, who has taken a 20 per cent paycut, as have a number of other senior management, thanked the lenders for their support. 
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jrobinson-rf4aSBido9

Crown Sydney Hotel Resort remains on track after $450 million bank finance

Crown Resorts is to pay $80 million to buy <a href="https://www.urban.com.au/developers/schiavello">property developer Schiavello Group’s</a> half stake in the abandoned <a href="https://www.urban.com.au/new-apartments/one-queensbridge-street-1-23-queensbridge-street-southbank">One Queensbridge</a> project proposal.

The&nbsp;Crown Resorts&nbsp;decision was to demonstrate its “continued investment in Victoria and the Southbank arts and entertainment precinct”.

Crown Resorts advised their shareholders that they have reached an agreement to purchase the Schiavello Group's 50% ownership interest in the site.

The deal also included all pre-development assets, including all intellectual property and designs for the project.

Crown Resorts had owned the other 50%.

"The transaction remains subject to long-form agreements between Crown and the Schiavello Group," Crown advised.

"The One Queensbridge site could accommodate a fourth Crown hotel which would deliver significant economic and tourism benefits to Victoria, including additional employment and training opportunities."

One Queensbridge is a $1.75 billion, 90 level tower proposed on Melbourne's Southbank.

Earlier this year the Victorian government turned down an application to extend the construction start time.

The state government had approved the tower two years ago <a href="https://www.urban.com.au/news/96169-crown-resort-s-2-billion-tower-one-queensbridge-in-planning-limbo" target="_blank">under the condition construction started in March.</a>

“Crown and Schiavello have been informally notified by the Victorian government that an extension to the construction commencement date for the proposed One Queensbridge project has been denied,” Crown said in a statement to the ASX.

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Crown Resorts to pay $80 million to buy Schiavello’s stake in One Queensbridge project

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Wynn Resorts says it has scrapped preliminary talks to acquire the James Packer-controlled Crown Resorts for $10 billion ($US7 billion) after the Australian Financial Review broke news of the negotiations.
Crown shares jumped as much as 22 per cent <a href="https://www.urban.com.au/news/97351-las-vegas-s-wynn-resorts-seeking-crown-resorts" target="_blank">on the news yesterday</a> to $14.37, close to the $14.75 per share level that Crown said Wynn’s latest cash-and-stock offer valued the company.
When the markets opened they shot down 10.6% to $12.55.
After the AFR revealed Wynn’s takeover approach, Crown not only confirmed the confidential talks on Tuesday, but also disclosed the price that Wynn was offering.
It added that Crown’s board had not yet considered Wynn’s latest offer.
Wynn, the world’s No.2 casino operator, then issued two statements, first confirming the talks, and, a few hours later, stating that they had ended.
“Following the premature disclosure of preliminary discussions, Wynn Resorts has terminated all discussions with Crown Resorts concerning any transaction,” the company said in its second statement.
Wynn was founded in 2002 by Steve Wynn, who started his casino business in Las Vegas in the 1960s.
Beset by sexual misconduct allegations, Wynn left the company and sold his entire 11.8 per cent stake in Wynn Resorts for $US2.1 billion last month.
Wynn operates large resort-and-casino complexes in Las Vegas and Chinese gambling hub Macau, with another under construction in Massachusetts.
The Australian reported the departure of Wynn Resorts billionaire founder Steve Wynn last year enabled the US-based casino operator to come forward with its $10 billion takeover approach for Crown Resorts.
It wrote the offer landed with the company about one month ago, after which Crown called in Goldman Sachs and UBS as its defence advisers.
Ashurst is working as a legal adviser to Crown, which counts James Packer as a 47 per cent shareholder.
Then there was the period when both tycoons were competing for the casino licence in Sydney decades ago, <a href="https://www.urban.com.au/news/64278-when-donald-trump-toyed-with-opening-darling-harbour-sydney-casino" target="_blank">and even Donald Trump</a>.
Wynn was unsuccessful in securing the Sydney casino, which was won by Harrah.
Moelis is understood to be working on the transaction with Wynn because of the connections of founder Ken Moelis with casino operators in the US. 
Deutsche Bank is also involved.
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Crown shares drop 10% after AFR leak on Wynn/Packer talks scuttle negotiations 

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Crown Resorts has announced a pause in trade of its ASX-listed shares amid a takeover bid for the James Packer-controlled casino operator.
They confirmed in an ASX announcement that the company has attracted the interest of Las Vegas giant Wynn Resorts, with a bid potentially on the way, perhaps a merger.
Shares in Crown, which is majority owned by James Packer's Consolidated Press Holdings, were valued at $11.74 ahead of the market open on Tuesday - down 17 percent from August's near three-year high of $14.23.
The current proposal currently contemplates acquisition consideration (50% cash and 50% Wynn shares) with an implied value of A$14.75 per share with the exchange ratio being fixed, using a volume weighted average price for Wynn shares, immediately prior to the announcement of an agreed transaction, according to the Crown ASX release.
At the date of the proposal, the volume weighted average price of Wynn shares implied an exchange ratio of 0.042 Wynn shares per Crown share.
Crown have stated that the terms of the consideration are yet to be agreed, with the proposal being subject to a number of conditions including due diligence, Wynn obtaining all necessary regulatory approvals and a recommendation by the Crown Board.
It is stated to be preliminary, confidential, non-binding and indicative.
The Crown Board said they has not yet considered the most recent proposal from Wynn.
Crown stated that discussions were in a "preliminary stage" and that "no agreement has been reached between the parties in relation to the structure, value or terms of a transaction".
They added that there is no certainty that these discussions will result in a transaction
Goldman Sachs and UBS are acting as financial advisers to Crown, and Ashurst is acting as legal adviser.
Notably Crown recently pulled back on its international expansion plans, including exiting its joint venture partnership with Melco Resorts in Macau and the sale of 34.6 acres of land on the Las Vegas Strip.
That land was purchased by Wynn Resorts for AU$300 million in December 2017.
Under the deal James Packers net worth would soar AU$800 million.
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