hard rock casino seminoleBlackstone is buying 10 percent of James Packer’s Crown Resorts from Lawrence Ho’s Melco on the cheap. In a recent regulatory filing, Melco said it has little visibility regarding when business will return to pre-virus levels in Macau.Amid plunging traveler numbers because of curbs imposed to contain the new coronavirus, Melco scrapped its planned purchase of a second 9.99% stake in Crown from billionaire James Packer in a deal that had already raised regulatory concern,” reports Reuters.Melco’s sale represents the latest in an ongoing saga for Crown investors, one that also included a brief 2019 flirtation with a takeover offer from Wynn Resorts (NASDAQ:WYNN).More Real Estate for BlackstoneFor Blackstone, the deal isn’t as much about potentially making a play to acquire Crown outright, but rather, finding ways to extract value from the gaming company’s enticing real estate assets.Blackstone, the owner of the Cosmopolitan Las Vegas, is a growing force in the cacasino n.s. reopeningsino real estate business, recently acquiring the Bellagio from MGM Resorts International (NYSE:MGM) and partnering with MGM Growth Properties (NYSE:MGP) to purchase the real estate of Mandalay Bay and MGM Grand.Crown’s Australian property assets are valued at just over billion. Those include Crown Melbourne and Crown Perth. sycuan casino winnersMuch of that inquiry focusing on the operator’s relationship with Ho.Saved by the VirusBy February, the coronavirus was adversely impacting the Asia-Pacific gaming industry, giving Melco a plausible excuse to scrap the Crown deal.Like other gaming companies, the City of Dreams operator is searching for more cash, and the sale of its Crown stake, albeit at a loss, is an easy avenue for bolstering its balance sheet. Private equity colossus Blackstone (NYSE:BX) continues forging into the gaming business. Although Wynn stock more than doubled off its 52-week low hit in March, it’s still lower by 40.40 percent year-to-date.Wynn Macau, the company’s China unit, already said it expects first-quarter earnings before interest, taxes, depreciation and amortization (EBITDA) to be materially affected by the COVID-19 pandemic. mountaineer casino games

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hollywood casino bangor hours(Image: Twitter)This year, Wynn is dealing with temporary closures of its two Las Vegas Strip Venues and Encore Boston Harbor by COVID-19. (Image: Twitter)This year, Wynn is dealing with temporary closures of its two Las Vegas Strip Venues and Encore Boston Harbor by COVID-19. Blackstone is buying 10 percent of James Packer’s Crown Resorts from Lawrence Ho’s Melco on the cheap. hard rock casino t shirtBlackstone is buying 10 percent of James Packer’s Crown Resorts from Lawrence Ho’s Melco on the cheap. The company also owns Betfair Australasia, half of Aspers Group, and a 20 percent interest in Nobu, the posh hotel and restaurant consortium.Those shutdowns follow a 15-day halt in business in Macau, a market that in any given quarter can account for two-thirds to 80 percent of the operator’s earnings and revenue. cool cat casino 100 no deposit codes

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winstar world casino w2gship of its property assets, meaning it has something to borrow against if it needs additional capital.“Although we do not expect it to get to this point, we believe real estate could serve as a liquidity option of last resort in the event the crisis were to last well beyond our current expectations,” said the analyst.He has a “buy” rating on Boyd with a 12-month price target of , down from . In a recent regulatory filing, Melco said it has little visibility regarding when business will return to pre-virus levels in Macau.Amid plunging traveler numbers because of curbs imposed to contain the new coronavirus, Melco scrapped its planned purchase of a second 9.99% stake in Crown from billionaire James Packer in a deal that had already raised regulatory concern,” reports Reuters.Melco’s sale represents the latest in an ongoing saga for Crown investors, one that also included a brief 2019 flirtation with a takeover offer from Wynn Resorts (NASDAQ:WYNN).More Real Estate for BlackstoneFor Blackstone, the deal isn’t as much about potentially making a play to acquire Crown outright, but rather, finding ways to extract value from the gaming company’s enticing real estate assets.Blackstone, the owner of the Cosmopolitan Las Vegas, is a growing force in the cacasino n.s. reopeningsino real estate business, recently acquiring the Bellagio from MGM Resorts International (NYSE:MGM) and partnering with MGM Growth Properties (NYSE:MGP) to purchase the real estate of Mandalay Bay and MGM Grand.Crown’s Australian property assets are valued at just over billion. Private equity colossus Blackstone (NYSE:BX) continues forging into the gaming business. With the coronavirus outbreak still weighing on the gaming industry, it’s not surprising that analysts are divided on how the health crisis is affecting individual operators’ financial results. With the coronavirus outbreak still weighing on the gaming industry, it’s not surprising that analysts are divided on how the health crisis is affecting individual operators’ financial results. Although Wynn stock more than doubled off its 52-week low hit in March, it’s still lower by 40.40 percent year-to-date.Wynn Macau, the company’s China unit, already said it expects first-quarter earnings before interest, taxes, depreciation and amortization (EBITDA) to be materially affected by the COVID-19 pandemic. nugget casino hotel reno nv