Crown employees were detained in China<\/a> on charges of promoting gambling. Ho said the Australian company was “deliberately spitting” on Chinese law.<\/p>\nDraftKings and FanDuel, the two biggest daily fantasy sports (DFS) companies that are estimated to control at least 90 percent of the market, tried to merge in early 2017. But the US Federal Trade Commission (FTC) squashed those plans on grounds that it would create a monopoly.<\/strong><\/p>\nSports behemoth William Hill’s largest shareholder, Parvus Asset Management, demanded that the company seek a buyer, but balked when the bookmaker found a prospect. William Hill and Amaya (now known as The Stars Group) proposed a merger, but Parvus intervened, eliminating Amaya by saying it\u00a0 was an “overvalued asset.”<\/p>\n
Australian betting giants Tabcorp and Tatts Group had also considered joining forces in a deal that would have been valued at $11 billion. But a successful legal challenge by the Australian Competition and Consumer Commission (ACCC) prevented that merger from moving forward.<\/p>\n
\n
Under New Management<\/b><\/p>\n
Major properties in Atlantic City and Las Vegas that switched hands in 2017 included:<\/p>\n
\n- Trump Taj Mahal<\/em><\/strong>: Carl Icahn\u00a0<\/em>unloaded the\u00a0<\/em>Atlantic City property to Hard Rock International for just pennies on the dollar at $50 million.<\/li>\n
- Fontainebleau Las Vegas<\/em>:<\/strong> Icahn also sold Fontainebleau, but at a substantial profit. He paid $150 million for the unfinished property in 2010. In August, he sold it for $600 million.<\/li>\n
- SLS Las Vegas: <\/em><\/strong>Sold to The Meruelo Group for an undisclosed price, rumors have swirled that the new owners may bring back some of the casino’s former Sahara branding.<\/li>\n
- Las Vegas Palms<\/em>:<\/strong>\u00a0Red Rock Resorts\/Station Casinos snapped up the off-Strip Las Vegas property for $312.5 million.<\/li>\n<\/ul>\n<\/div>\n","protected":false},"excerpt":{"rendered":"
Casino mergers and acquisitions shook up the gaming industry over the past 12 months. Some of Las Vegas’ most notable conglomerates sold properties and reshuffled their portfolios. Gaming operators and manufacturers joined forces, while one online consolidation effort failed to materialize when a major stockholder balked at the alliance. The start of 2018 will look […]<\/p>\n","protected":false},"author":42,"featured_media":61451,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,10,19,18],"tags":[],"acf":[],"yoast_head":"\n
Casino Mergers and Acquisitions the Name of the Game in 2017<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n