Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Blackstone and affiliates have increased its Offer for <a href="https://www.smartkarma.com/entities/crown-resorts-ltd" target="_blank" data-smartkarma-citation="entities:808:1" rel="noopener">Crown Resorts (CWN AU)</a> to A$13.10/share in cash, from A$12.50 previously, and up from A$11.85/share initially.  </li>
<li>The proposal is subject to the same conditions as the Blackstone proposal announced on 19 November, including completing further due diligence, regulatory approvals, and unanimous support from Crown's Board.</li>
<li>Crown will engage further with Blackstone on a non-exclusive basis and its current intention is to recommend that shareholders vote in favour should both parties enter into a binding agreement.</li>
</ul>


Blackstone and affiliates have increased its Offer for Crown Resorts (CWN AU) to A$13.10/share in cash, from A$12.50 previously, and up from A$11.85/share initially.  
The proposal is subject to the same conditions as the Blackstone proposal announced on 19 November, including completing further due diligence, regulatory approvals, and unanimous support from Crown's Board.
Crown will engage further with Blackstone on a non-exclusive basis and its current intention is to recommend that shareholders vote in favour should both parties enter into a binding agreement.


SPAC Deep Dive, subSPAC

subSPAC

SPAC Deep Dive

Each week we’ll identify and break down for you SPACs that are capturing market share and making an impact.

Equity Capital Markets

Sports Entertainment Acquisition / Equity Capital Markets

Sports Entertainment Acquisition (SEAH US)

<ul>
<li>The rapid legalization of online gaming across the United States has resulted in a severely fragmented industry</li>
<li>Super Group, which largely operates in Europe, is set to debut soon through a SPAC merger with Sports Entertainment Acquisition Corp (SEAH), at a valuation of $5.14 billion</li>
<li>For those unfamiliar, Super Group operates online sports betting and gaming under the Betway and Spin brands</li>
</ul>


The rapid legalization of online gaming across the United States has resulted in a severely fragmented industry
Super Group, which largely operates in Europe, is set to debut soon through a SPAC merger with Sports Entertainment Acquisition Corp (SEAH), at a valuation of $5.14 billion
For those unfamiliar, Super Group operates online sports betting and gaming under the Betway and Spin brands


Can Super Group take the Crown from DraftKings?

<ul>
<li>Blackstone and affiliates are offering shareholders of <a href="https://www.smartkarma.com/entities/crown-resorts-ltd" target="_blank" data-smartkarma-citation="entities:808:1" rel="noopener">Crown Resorts (CWN AU)</a> A$12.50/share in cash, a 26.2% premium to last close.</li>
<li>Crown had previously rejected Blackstone's prior A$12.35/share proposal, opting to side with <a href="https://www.smartkarma.com/entities/star-entertainment-group-ltd" target="_blank" data-smartkarma-citation="entities:926:1" rel="noopener">Star Entertainment Group (SGR AU)</a>'s bid. Star subsequently walked in July amid the Victorian Royal Commission noise.</li>
<li>Blackstone's acquisition proposal has received preliminary approvals from various regulators. </li>
</ul>


Blackstone and affiliates are offering shareholders of Crown Resorts (CWN AU) A$12.50/share in cash, a 26.2% premium to last close.
Crown had previously rejected Blackstone's prior A$12.35/share proposal, opting to side with Star Entertainment Group (SGR AU)'s bid. Star subsequently walked in July amid the Victorian Royal Commission noise.
Blackstone's acquisition proposal has received preliminary approvals from various regulators. 


Crown Resorts: Blackstone Really, Really Wants This

Global Gaming and Casinos Industry Specialist, Casino Business Review LLC

Howard J Klein

Global Gaming and Casinos Industry Specialist

Equity Bottom-Up

<ul>
<li>Historically Wynn shares have outperformed peers due to its strong premium market share and overall property quality in both US and Macau.</li>
<li>With over 46% of its group revenue coming from Macau, and more post-pandemic, news of the easing of some travel restrictions at Zhuhai this week will be bullish for the sector and Wynn.</li>
<li>As Macau recovery slowly gains steam, Wynn revenue will be bolstered from improving Las Vegas and Boston performance and its new sports betting business.</li>
</ul>


Historically Wynn shares have outperformed peers due to its strong premium market share and overall property quality in both US and Macau.
With over 46% of its group revenue coming from Macau, and more post-pandemic, news of the easing of some travel restrictions at Zhuhai this week will be bullish for the sector and Wynn.
As Macau recovery slowly gains steam, Wynn revenue will be bolstered from improving Las Vegas and Boston performance and its new sports betting business.


Wynn Resorts Ltd: A Buy on the Dip Strategy Fits with Better News Flow from Macau and the US Coming

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

<a href="https://www.smartkarma.com/entities/aristocrat-leisure-ltd" target="_blank" data-smartkarma-citation="entities:10303:1" rel="noopener">Aristocrat Leisure (ALL AU)</a> aims to raise around US$1bn (A$1.3bn) via a renounceable entitlement offer to partly fund its acquisition of <a href="https://www.smartkarma.com/entities/playtech-plc" target="_blank" data-smartkarma-citation="entities:22099:1" rel="noopener">Playtech Plc (PTEC LN)</a> for a total enterprise value of around A$5bn.Past deals undertaken by Aristocrat have generally done well and the stock has a good track record. In this note, we will talk about the deal dynamics and run the deal through our ECM framework.

Aristocrat Leisure (ALL AU) aims to raise around US$1bn (A$1.3bn) via a renounceable entitlement offer to partly fund its acquisition of Playtech Plc (PTEC LN) for a total enterprise value of around A$5bn.Past deals undertaken by Aristocrat have generally done well and the stock has a good track record. In this note, we will talk about the deal dynamics and run the deal through our ECM framework.

Aristocrat Leisure's Playtech Acquisition, Entitlement and Shortfall

United States

Wynn Resorts, Limited owns and operates luxury hotels and destination casino resorts in Las Vegas, Nevada, Macau, and China. The Company offers amenities such as guest rooms and suites, restaurants, golf course, and an on-site luxury automotive dealership.

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Wynn Resorts (WYNN US)

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