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Genting, Hard Rock named as potential Crown Resorts buyers



The Malaysian gaming giant Genting Berhad and Hard Rock International are among the global casino operators who can consider the acquisition of Australia's Crown Resorts, according to Deutsche Bank AG analysts.

The local arm of the investment bank also suggested private equity firms might show interest in a buyout as a result of the events of the past 48 hours, which saw US-based casino operator Wynn Resorts terminate negotiations with Crown after the news was broken by private discussions.

While the US 7.1 billion deal is now out of the table, consensus among analysts and major Australian media is that Crown is officially on sale with the company's majority shareholder, James Packer, desperately quitting after a turbulent year in which he has been forced to to sell key holdings in both Macau and Las Vegas.

Shares in Crown Resorts declined by about 9% after the news that the Wynn agreement was closed had increased by 20% when negotiations were first revealed only 24 hours earlier.

But Bernstein analysts also said: "There is no guarantee that any discussion about [Wynn] the agreement will not come back."

Discuss possible motives for Wynn's original interest in Crown, Bernstein Vitaly Umansky, Eunice Lee and Kelsey Zhu added: "There can be solid synergies with Chinese customers. We also see an acquisition as part of a possible defensive strategy for Wynn to Avoid Potential Prospective Persons.

"While a transaction exhibits Wynn's development risk for Crown Sydney, Wynn introduces a fancifully growing Australian gaming market, raising debt, synergies may be positive. An agreement can also signal to Japan that Wynn is a bigger and more serious candidate, and Massachusetts can think twice about carrying out difficult conditions on the license. "

                                

                                                                
                                                            


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