Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>The Perth Casino Royal Commission has found <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>'s casino in Perth, Western Australia, is "not suitable" to hold a gaming licence.</li>
<li>This follows the findings in New South Wales and Victoria that two of Crown Resort’s other subsidiaries were either not suitable to be granted a casino license or not suitable.</li>
<li>As with the recently announced AUSTRAC proceedings, Blackstone would have been well prepared for this latest development.</li>
</ul>


The Perth Casino Royal Commission has found Crown Resorts (CWN AU)'s casino in Perth, Western Australia, is "not suitable" to hold a gaming licence.
This follows the findings in New South Wales and Victoria that two of Crown Resort’s other subsidiaries were either not suitable to be granted a casino license or not suitable.
As with the recently announced AUSTRAC proceedings, Blackstone would have been well prepared for this latest development.


No Surprise As Perth Royal Commission Finds Crown Resorts Unsuitable for WA Licence

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

Marriott International / Technical Analysis

<ul>
<li>While we are not yet out of the woods, we are seeing several encouraging signals that indicate improving risk appetites.</li>
<li>Additionally, we are starting to see improvement within the Consumer Discretionary (hotels/resorts, casinos, leisure, cruises), Transportation (airlines), and Materials (metals/mining) Sectors -- we highlight several attractive stocks to buy.</li>
<li>The fact that more areas are becoming attractive (and not just Energy and Financials) is a step in the right direction for bulls.</li>
</ul>


While we are not yet out of the woods, we are seeing several encouraging signals that indicate improving risk appetites.
Additionally, we are starting to see improvement within the Consumer Discretionary (hotels/resorts, casinos, leisure, cruises), Transportation (airlines), and Materials (metals/mining) Sectors -- we highlight several attractive stocks to buy.
The fact that more areas are becoming attractive (and not just Energy and Financials) is a step in the right direction for bulls.


Risk Appetites Improving; Buying Cyclicals (Hotels/Resorts/Casinos, Metals/Mining)

<ul>
<li>
<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> has now <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02486241-3A587210?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">entered into</a> an implementation deed under which Blackstone will acquire all shares by way of Scheme of A$13.10/share, the same price as previously announced.</li>
<li>James Packer, holding ~37% of shares out, has not yet indicated whether he will support the Offer. Presumably, this is moot. </li>
<li>The Offer is subject to a raft of conditions including approvals from FIRB and various gaming regulators. </li>
</ul>



Crown Resorts (CWN AU) has now entered into an implementation deed under which Blackstone will acquire all shares by way of Scheme of A$13.10/share, the same price as previously announced.
James Packer, holding ~37% of shares out, has not yet indicated whether he will support the Offer. Presumably, this is moot. 
The Offer is subject to a raft of conditions including approvals from FIRB and various gaming regulators. 


<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

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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

<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?

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)

No Surprise As Perth Royal Commission Finds Crown Resorts Unsuitable for WA Licence

I still consider this Offer as being done. Trading at a gross/annualised spread of 5.4%/21%, assuming mid-June payment. This remains a buy.

David Blennerhassett

Risk Appetites Improving; Buying Cyclicals (Hotels/Resorts/Casinos, Metals/Mining)

We are seeing encouraging signals that indicate improving risk appetites, including improvement within the Discretionary, Transports, and Materials...

Vermilion Research

Crown Resorts Backs Blackstone’s Offer

This Offer is done. Trading at a gross/annualised spread of 3.5%/10.9%, assuming mid-June payment. That's reasonably attractive.

David Blennerhassett

Crown Resorts: Blackstone's Winning Bet

Final regulatory approvals to one side, this appears all stitched up. Trading at a gross spread of 4.3%, with around 4-6 months to run on the deal....

David Blennerhassett

Can Super Group take the Crown from DraftKings?

Welcome to The Rundown! Each week we’ll identify and break down for you SPACs that are capturing market share and making an impact.Happy Sunday...

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