DOCSLIB.ORG

The Changing Law and Regulatory Landscape in Australia by Tony Rein & Christopher Chang

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
The Changing Law and Regulatory Landscape in Australia by Tony Rein & Christopher Chang NEW DEVELOPMENTS IN JURISDICTIONS: AUSTRALIA The NSW government has granted James Packer’s Crown Resorts a 99-year licence to operate a casino within its planned hotel development at Sydney’s prime Barangaroo South site, on the southern end of Sydney’s Harbour Bridge. It is scheduled to open in November 2019. The Changing Law and Regulatory Landscape in Australia By Tony Rein & Christopher Chang s mentioned in the Autumn 2013 (Volume 9 No.2) edition of the Casino • Intends to establish an industry advi - sory council, comprised of representa - Lawyer (page 18), Australia has in recent years set its focus on tives of gaming venues (including Atackling problem gambling on many fronts. Following the Autumn 2013 clubs, hotels and casinos); edition, the Liberal party was elected as the new Australian Federal Govern - ment (AFG) in place of the previous Labor government. • Supports targeted counselling and support services for problem gamblers at gaming venues; The AFG’s published policy to • Supports a national venue-based volun - assist problem gamblers, promote tary pre-commitment programme for • Supports the development of more responsible gambling, and properly reg - electronic gaming machines as part of a effective self-exclusion programmes; ulate the industry indicates that it: broader plan to assist problem gamblers; Continued on next page CASINO LAWYER • AUTUMN 2014 15 >> NEW DEVELOPMENTS IN JURISDICTIONS: AUSTRALIA • Measures requiring approved pre-com - mitment systems to be put in place and dynamic electronic warnings to be displayed on gaming machines that are made available for use on and after 31 December 2018; and • Measures providing for the National Gambling Regulator, supervisory levy and gaming machine regulation levy. In addition, provisions relating to the controversial mandatory pre-commitment scheme for gaming machines scheduled to be previewed in the Australian Capital Territory have also been repealed by the Artist rendering of Crown Resort’s VENUE BASED VOLUNTARY Amendment Act. Mandatory systems proposed $1.5 billion six star Crown PRE-COMMITMENT FOR require all people who use gaming Sydney Hotel Resort at Barangaroo, ELECTRONIC GAMING MACHINES machines to set a limit before they can Sydney, which will include a VIP gaming commence play. facility, has been given the green light The Federal Sphere The AFG however supports “volun - by the New South Wales government. Background tary pre-commitment on gaming machines in venues nationally” as part of its broader Various gambling reforms were introduced plan to encourage “responsible gambling by the former Labor government in 2012 by all g amblers,” notwithstanding the Continued from previous page via the National Gambling Reform Act above repeals. Voluntary pre-commitment 2012 (Cth) (NGA), as well as the National • Will investigate methods of strengthen - allows (rather than requires) a player of a Gambling Reform (Related Matters) Act ing the enforcement of the Interactive gaming machine to set a limit on the (No.1) 2012 (Cth), and the National Gambling Act 2001 (Cth) (IGA), which amount that the player is prepared to lose Gambling Reform (Related Matters) Act regulates online gambling in Australia; and assists the player to keep to the limit. (No. 2) 2012 (Cth) (Related Matters Acts). and Moving forwards, the Amendment Act in - Developments dicates that the AFG will work with the • Will legislate to control gambling adver - state and territory governments, the gam - Many of the measures introduced by the tising if current self-imposed industry ing industry, academics and the community Related Matters Acts have now been regulations prove ineffective. sector to develop a “realistic timetable” for repealed by the Social Services and Other implementing a voluntary pre-commit - Legislation Amendment Act 2014 (Cth) The Australian Communications and ment scheme. It will also develop a “real - (Amendment Act), which was assented to Media Authority (ACMA) is responsible istic timetable” for ensuring that all on 31 March 2014. These include the for investigating formal complaints made gaming machines are actually capable of following: under the IGA about the provision of supporting a venue based voluntary pre- prohibited Internet gambling content. • Measures requiring automatic teller commitment scheme in conjunction with Amendments to the IGA (and the Broad - machines on gaming premises (except the state and territory governments as well casting Services Act 1992 (Cth)) are pro - casinos) to prevent a person from with - as the gaming industry itself. Further, it posed by the Omnibus Repeal Day drawing more than $250 cash using any will work with the state and territory gov - (Autumn 2014) Bill 2014 which, in sum - one card in a twenty-four hour period; ern ments on the most appropriate way mary, propose to replace ACMA’s d uty to of administering the scheme. • Measures requiring manufacturers and investigate with general discretion. It Separately from the above develop - importers of gaming machines to ensure appears from the explanatory memoran - ments, various states and territories that such machines are capable of pro - dum to the bill that the rationale for these are already advanced in implementing viding for pre-commitment systems if amendments is that ACMA’s discretion such schemes. will allow it to focus its resources on com - they are manufactured or imported on or plaints of a more serious nature. after 31 December 2014; 16 CASINO LAWYER • AUTUMN 2014 State based developments • The ILGA is prohibited from authorising the The Gambling Regulation Amendment (Pre- keeping of any gaming machines on any prem - commit ment) Act 2014 (Victorian Act) received ises situated on the Barangaroo site outside the Royal Assent on 11 February 2014. Accordingly, gaming facility itself. This could be seen as both Victoria is the first Australian jurisdiction to leg - a restriction upon and a protection for Crown, islatively require voluntary pre-commitment tech - depending upon the ownership / leasing of the nology to be connected to gaming machines (from relevant site; 1 December 2015 subject to a direction by the Min - Tony Rein • The conduct or the playing of any game in the ister). The Victorian pre-commitment system will gaming facility is not lawful before 15 November also enable players to track their playing history Tony Rein is a corporate partner 2019; and spending over time. Venue operators will with twenty-three years be required to provide and maintain certain • Minimum bet limits will apply to any game in experience in the gaming player account equipment to facilitate the opera - the gaming facility (for example, $30 for bac - and leisure industry. He is a tion of the pre-commitment system at their venues. carat, $20 for blackjack, and $25 for roulette or recognised expert in the industry, It is also to be noted that other jurisdictions, such higher amount as may be determined by being ranked in Band such as Queensland and South Australia, have had the ILGA). These are designed to limit patron - 1 in Chambers Asia-Pacific. voluntary programs for gaming machines in place by age to premium or VIP customers and not mass Tony works in all sectors of the agreement with venue operators for some time now. market customers (although doubts have been industry with international and expressed in the media as to whether such lim - domestic clients, on the full NEW CASINOS its are high enough to deter local gamblers); and spectrum of matters, from Meanwhile in Sydney and in Queensland a num - regulatory and strategic advice • Only persons who, in accordance with the condi - ber of new casinos are on the horizon. work to the largest and most tions of the licence, are members or guests of the complex projects and Sydney, New South Wales gaming facility may participate in any gaming. transactions. He can be contacted Crown Resorts Limited’s proposed $1.5 billion six at [email protected] star Crown Sydney Hotel Resort at Barangaroo, It is noted that the Smoke-free Environment Sydney, which will include a VIP gaming facility, Act 2000 (NSW) will not apply to gaming areas has been given the green light by the New South in the facility; therefore smoking will be permitted. Wales gov ernment. T he Casino Control Amend - However, air quality equipment that is of an inter - ment (Barangaroo Restricted Gaming Facility) national best practice standard must be installed Act 2013 No. 100 (NSW) (Barangaroo Act) and must be tested quarterly with the results was enacted on 27 November 2013. The reported annually to the Minister of Health. Barangaroo Act provides that a restricted gam - Crown passed probity investigations in July ing licence may be granted to operate the 2014 and has been granted a ninety-nine year Barangaroo gaming facility and imposes various restricted gaming licence for Barangaroo by the restrictions on gaming at the facility. It also ILGA. The resort is still subject to planning makes related amendments to the Casino Control approval as well as the negotiation of final agree - Act 1992 (NSW) (CCA), the Gaming Machines ments with Lend Lease and the Barangaroo Act 2001 (NSW), and the Unlawful Gambling Delivery Authority (BDA). The BDA will over - Act 1998 (NSW). see the development and construction of the hotel and restricted gaming facility. The resort is The restrictions include: expected to open on or after 15 November 2019. • The gaming areas in the facility must not Queensland exceed twenty thousand square meters; The Queensland government is also offering up • The installation or use of “poker machines” (as to three new casino licences across the State, one defined in s.22A of the CCA) is not lawful in the in Brisbane and two other regional areas. Licences gaming facility. This does not include electronic are likely to only be offered as part of an inte - versions of traditional table games, multi- grated resort-style development. terminal games or multi-player games (such The Queensland Government has identified games must be approved by the Independent a shortlist of applicants and the successful appli - p Liquor and Gaming Authority (ILGA)).
Load more

Recommended publications
  • The Crown Sydney Hotel Resort Benefits for Sydney and Nsw
    COMMERCIAL-IN-CONFIDENCE STRICTLY CONFIDENTIAL THE CROWN SYDNEY HOTEL RESORT BENEFITS FOR SYDNEY AND NSW This page is intentionally blank a Contents INTRODUCTION: SYDNEY DESERVES ONE OF THE WORLD’S GREAT HOTELS 2 1. NSW AND SYDNEY RESIDENTS WILL BENEFIT 2 2. A PLACE FOR THE PEOPLE OF SYDNEY 2 3. ECONOMIC BENEFITS FOR NEW SOUTH WALES 4 4. SIGNIFICANT INCREASE IN GAMING TAXES FOR NEW SOUTH WALES 8 5. EMPLOYMENT AND TRAINING BENEFITS FOR JOB SEEKERS 8 6. TOURISM BENEFITS FOR SYDNEY 13 7. SOCIAL AND COMMUNITY BENEFITS 23 7.1 EMPLOYMENT AND TRAINING FOR SYDNEY’S INDIGENOUS COMMUNITY 24 7.2 SUPPORTING LOCAL COMMUNITIES THROUGH PARNTERSHIPS AND FUNDING 25 7.3 $200 MILLION NATIONAL PHILANTHROPIC FUND 26 7.4 EMPOWERING PEOPLE WITH A DISABILITY - SYDNEY CROWNABILITY PROGRAM 27 7.5 COMMITTED TO INDUSTRY LEADING SOCIAL SAFEGUARDS 28 1 CROWN SYDNEY HOTEL RESORT INTRODUCTION: Sydney deserves one of the world’s great hotels 1. NSW AND SYDNEY RESIDENTS WILL BENEFIT The Crown Sydney Hotel Resort project has used world’s best practice design, in order to create an iconic addition to Sydney Harbour. The design of the hotel resort will be sympathetic to the surrounding improvements at Barangaroo South and Barangaroo Central and will create a unique opportunity for tourists to experience the proposed cultural amenities and parklands that are an integral part of Barangaroo. Crown will be working with some of the world’s best hotel resort and hospitality designers to ensure that the Crown Sydney Hotel Resort is an iconic addition to Barangaroo and Sydney Harbour. Crown’s record demonstrates that it can deliver a centrepiece for Sydney that will draw millions of visitors.
    [Show full text]
  • 05F13a1289.Pdf
    1 A new Sydney style is evolving from recent sculptural buildings With the increasing globalisation of world cities comes a need to ensure each individual city retains its own character. Cities must be both Global and Local. Sydney has a very special natural environment with its flowing bays around the harbour, sweeping beaches, billowing sails and winding river valleys. But the historic European layout of Sydney is defined by a rectangular grid which is not really the character of the natural environment. A number of recent buildings however are reflecting the curvilinear spirit of Sydney and these are beginning to define a new ‘Sydney Style’. City Planning has often been a debate between the order of the city as a whole and the flair and excitement that a special building can deliver. Italian architect Aldo Rossi wrote about the city as a backdrop of ordered buildings offset by special one–off cultural buildings. In the Sydney context our Opera House sums up Rossi’s approach where the cultural building accessible to all becomes a free form expression of its own use and setting. But apart from the Sydney Opera House, and some of Harry Seidler’s early towers, the urban architecture of Sydney has followed the rules and is neatly lined up with the street edges. It is only in recent years that the development industry has challenged this planning orthodoxy to propose new architectural forms that create a counterpoint to the unity of the city. A NEW SYDNEY TREND TO SCULPTURAL BUILDINGS The Urban Taskforce is keen to This issue of Urban Ideas explores these issues and presents a recent and current trend have responses to the proposals towards free form sculptural buildings that challenge the existing linear grids of the city.
    [Show full text]
  • Crown Residences at One Barangaroo Situation Géographique: 1 Barangaroo Avenue, Barangaroo, New South Wales, Au 1 Crown Residences at One Barangaroo
    CROWN RESIDENCES AT ONE BARANGAROO SITUATION GÉOGRAPHIQUE: 1 BARANGAROO AVENUE, BARANGAROO, NEW SOUTH WALES, AU 1 CROWN RESIDENCES AT ONE BARANGAROO Located on the Barangaroo foreshore, Sydney's newly created waterfront precinct, One Barangaroo, Crown Residences overlooks the world's best harbour and takes London architecture from Wilkinson Eyre, furnished with Manhattan interiors by Meyer Davis interior designers and offers purchasers a once-in-a-lifetime opportunity to be part of what is destined to be Sydney's most prestigious residential address. With only 82 Residences available in the building all spaces have been meticulously designed to cater for residents’ needs. Finishes are of the highest quality throughout with panelling design, natural stone floors and surfaces, parquet timber flooring and enviable appliances. All Residences incorporate a Butler’s Pantry and an office/media room for spacious, comfortable living with outside space (winter garden or an open air balcony) and generous ceiling heights just under three metres in all main living spaces. Residents will have access to all of Crown Sydney's six-star hotel facilities and amenities. 2 ESTIMATED COMPLETION Q1 2021 AMENITIES Private VIP/Residents Entrance 24-Hour Concierge and Security Valet & Secure Parking Access To Crown Hotel Amenities House Keeping Room Service Residents-Only Pool Open Air Balcony or Winter Garden Landscapes By St Legere Crown Spa Gym Resort Tennis Court Steam Room 3 Sauna Personal Wine Curation & Sommelier Personal Shopping ARCHITECTS From the banks of the Thames to the glittering cities of China and the wildly inspiring forms of Singapore's Gardens by the Bay, award- winning British architecture firm Wilkinson Eyre revel in the challenge of creating new forms that are destined to become permanent icons.
    [Show full text]
  • Completed Commercial Swimming Pools
    COMPLETED COMMERCIAL SWIMMING POOLS 2019 UNDER CONSTRUCTION Adco Rosenthal Water Feature Lane Cove, NSW Adco Wenty League Club, Wentworthville NSW Aveo Group The Manors of Mosman NSW BLOC Lume Apartments, Newcastle NSW Concourse Construction 5 Uhrig Road, Lidcombe NSW Crown Infinity Green Square, Zetland NSW Crown Waterfall By Crown NSW FDC Ashfield Aquatic Centre, Ashfield NSW FDC Shore Grammar School, North Sydney NSW Geometro Prime Macquarie Park, North Ryde NSW Grindley Fresh Fields Penshurst, NSW Grocon The Ribbon, North Sydney NSW Kane Wenona School, North Sydney NSW Kane Stromlo Leisure Centre, Stromlo ACT Lane Cove Council Lane Cove Aquatic Centre, Lane Cove NSW Lipman Bupa Village, Sutherland NSW Mirvac St. Leonards Square, St. Leonards NSW Monarch Building Solutions ADFA Sports Centre, Campbell ACT Parkview Catholic Healthcare McQuoin Park, Wahroonga NSW ProBuild Greenland Tower, Sydney NSW Pure Projects Harbord Diggers Club, Freshwater NSW Richard Crookes CDRL Centre of Excellence, Braddon ACT Richard Crookes Montefiore Jewish Home, Randwick NSW Toga Adina Grand Sydney NSW Westbourne Esplanade Apartments, Norwest NSW COMPLETED 2019 Adco NSW Rugby League Club, Sydney Olympic Park NSW Crown Eastlakes Town Centre, Eastlakes NSW Ganellan Skipping Stone Water Feature, North Ryde NSW Hutchison Elara Aspire Club Marsden Park NSW Lend Lease ANU Union Court Redevelopment, ACT Lend Lease Darling Square NE Plot, Haymarket NSW Lend Lease Darling Square SE Plot, Haymarket NSW Lend Lease Western Sydney Stadium, Parramatta NSW St. Hillier
    [Show full text]
  • Nsw Casino Inquiry 20200226
    INDEPENDENT LIQUOR AND GAMING AUTHORITY OF NSW INQUIRY UNDER SECTION 143 OF THE CASINO CONTROL ACT 1992 (NSW) THE HONOURABLE PA BERGIN SC COMMISSIONER PUBLIC HEARING SYDNEY WEDNESDAY, 26 FEBRUARY 2020 AT 9.59 AM Continued from 25.2.2020 DAY 4 Any person who publishes any part of this transcript in any way and to any person contrary to an Inquiry direction against publication commits an offence against section 143B of the Casino Control Act 1992 (NSW) .NSW CASINO INQUIRY 26.2.20 P-191 MS N. SHARP SC appears with MR S. ASPINALL as counsel assisting the Inquiry MR N. YOUNG QC appears with MS C. HAMILTON-JEWELL of counsel for Crown Resorts Limited and Crown Sydney Gaming Pty Ltd 5 MR T. O’BRIEN appears of counsel appears for CPH Crown Holdings Pty Ltd MR S. FINCH SC of counsel appears for Melco Resorts & Entertainment Ltd COMMISSIONER: Yes, Ms Sharp. 10 MS SHARP: Good morning, Commissioner. Can I start by tendering a small number of supplementary documents. COMMISSIONER: Yes. 15 MS SHARP: You should have before you, Commissioner, a supplementary index dated 26 February, 2020. COMMISSIONER: Should I? 20 MS SHARP: You should. I can hand up my copy of that index, Commissioner. COMMISSIONER: Thank you. All right. Yes, thank you. 25 MS SHARP: Commissioner, you will see there are five documents on that index, some of which were referred to in the evidence from previous witnesses. Can I tender that as exhibit – well, each of those documents as part of exhibit D. COMMISSIONER: Yes, of course.
    [Show full text]
  • For Personal Use Only Use Personal For
    ASX / MEDIA RELEASE FOR IMMEDIATE RELEASE 17 March 2015 CROWN TO OFFER $400 MILLION OF ASX-LISTED SUBORDINATED NOTES II MELBOURNE: Crown Resorts Limited (ASX: CWN) announced today that it has lodged a prospectus with the Australian Securities and Investments Commission (“ASIC”) for an offer of Crown Subordinated Notes II (or "Notes II") to be listed on ASX to raise approximately $400 million, with the ability to raise more or less (the “Offer”). The Chief Financial Officer of Crown, Mr Ken Barton said: “Crown Subordinated Notes II represent the second issuance of subordinated notes by Crown, following the successful issue of Crown Subordinated Notes in September 2012.” “The Offer forms part of Crown's ongoing capital management strategy and the proceeds will be used for general corporate purposes including financing Crown Sydney, Crown Towers Perth and other anticipated growth projects.” “Crown is one of Australia’s largest entertainment and gaming groups and operates two of Australia's leading integrated resorts, Crown Melbourne and Crown Perth. Crown has an exciting pipeline of future development projects that will enhance Crown’s position as one of the leading operators of integrated resorts globally.” Notes II are subordinated notes due for repayment in April 2075, subject to Crown's right to redeem the notes at any time from July 2021 (or earlier in certain circumstances). Holders will be entitled to receive quarterly interest payments at a rate equal to the Bank Bill Rate plus a margin (subject to payments being deferred in certain circumstances). Notes II will rank equally with the existing Crown Subordinated Notes issued in September 2012 (“Notes I”).
    [Show full text]
  • Crown Sydney Hotel Resort Architectural Design Statement June 2015 Client
    CROWN SYDNEY HOTEL RESORT ARCHITECTURAL DESIGN STATEMENT JUNE 2015 CLIENT Crown Resorts Limited Level 3, Crown Towers 8 Whiteman Street Southbank VIC 3006 Australia PRINCIPAL ARCHITECT Wilkinson Eyre Architects T: + 44 (0) 20 7608 7900 33 Bowling Green Lane F: + 44 (0) 20 7608 7901 London, EC1R 0BJ E: [email protected] United Kingdom W: www.wilkinsoneyre.com EXECUTIVE ARCHITECT CONSULTANTS STRUCTURAL ENGINEERING MEP SERVICE ENGINEERING FAÇADE ENGINEERING, ENVIRONMENTAL AND TRAFFIC Bates Smart T: + 61 2 8354 5100 Robert Bird Group T: + 61 2 8246 3200 Aecom T: + 61 7 3553 2000 Arup T: + 61 2 8246 3200 43 Brisbane Street F: + 61 2 8354 5199 Level 5, 9 Castlereagh St F: + 61 2 8246 3201 Level 8, 540 Wickham Street F: + 61 7 3553 2050 Level 10, 201 Kent Street F: + 61 2 8246 3201 Surry Hills NSW 2010 E: [email protected] Sydney NSW 2000 E: [email protected] Fortitude Valley QLD 4006 E: [email protected] Sydney NSW 2000 E: [email protected] Australia W: www.batessmart.com.au Australia W: www.robertbird.com Australia W: www.aecom.com Australia W: www.arup.com JAMA T: + 61 2 8246 3200 JBACE T: +1.702.362.9200 4th Floor F: + 61 2 8246 3201 5155 W. Patrick Lane E: [email protected] 950 South Grand Ave, E: [email protected] Las Vegas NV 89118 W: www.jbace.com Los Angeles, CA 90015, USA W: www.johnmartin.com USA FIRE ENGINEERING BUILDING CERTIFIERS WIND ENGINEERING RAW Fire T: + 61 2 9299 6605 McKenzie Group T: + 61 2 8298 6800 RWDI Engineering T: +1.519.823.1311 Suite 401, Grafton Bond Building F: + 61 2 9299 6615 Level 6,
    [Show full text]
  • Crown Residences at One Barangaroo Location: 1 Barangaroo Avenue, Barangaroo, New South Wales, Au 1 Crown Residences at One Barangaroo
    CROWN RESIDENCES AT ONE BARANGAROO LOCATION: 1 BARANGAROO AVENUE, BARANGAROO, NEW SOUTH WALES, AU 1 CROWN RESIDENCES AT ONE BARANGAROO Located on the Barangaroo foreshore, Sydney's newly created waterfront precinct, One Barangaroo, Crown Residences overlooks the world's best harbour and takes London architecture from Wilkinson Eyre, furnished with Manhattan interiors by Meyer Davis interior designers and offers purchasers a once-in-a-lifetime opportunity to be part of what is destined to be Sydney's most prestigious residential address. With only 82 Residences available in the building all spaces have been meticulously designed to cater for residents’ needs. Finishes are of the highest quality throughout with panelling design, natural stone floors and surfaces, parquet timber flooring and enviable appliances. All Residences incorporate a Butler’s Pantry and an office/media room for spacious, comfortable living with outside space (winter garden or an open air balcony) and generous ceiling heights just under three metres in all main living spaces. Residents will have access to all of Crown Sydney's six-star hotel facilities and amenities. 2 ESTIMATED COMPLETION Q1 2021 AMENITIES Private VIP/Residents Entrance 24-Hour Concierge and Security Valet & Secure Parking Access To Crown Hotel Amenities House Keeping Room Service Residents-Only Pool Open Air Balcony or Winter Garden Landscapes By St Legere Crown Spa Gym Resort Tennis Court Steam Room 3 Sauna Personal Wine Curation & Sommelier Personal Shopping ARCHITECTS From the banks of the Thames to the glittering cities of China and the wildly inspiring forms of Singapore's Gardens by the Bay, award- winning British architecture firm Wilkinson Eyre revel in the challenge of creating new forms that are destined to become permanent icons.
    [Show full text]
  • Crown Group Finance Limited (ABN 96 125 812 615)
    Information Memorandum Australian Debt Issuance Programme Issuer Crown Group Finance Limited (ABN 96 125 812 615) Guarantors Crown Resorts Limited (ABN 39 125 709 953) and others Arrangers and Dealers Australia and New Zealand Banking Group Limited Commonwealth Bank of Australia National Australia Bank Limited Westpac Banking Corporation 31 October 2014 1 Contents Important Notice..................................................................................................................3 Documents incorporated by reference.....................................................................................7 Summary of the Programme..................................................................................................8 Corporate Profile ................................................................................................................ 15 Description of the Guarantors .............................................................................................. 19 General Conditions of the Notes ........................................................................................... 20 Form of Pricing Supplement................................................................................................. 54 Selling Restrictions ............................................................................................................. 61 Australia Taxation .............................................................................................................. 67 Directory..........................................................................................................................
    [Show full text]
  • For Personal Use Only Use Personal For
    Crown Resorts Limited ABN 39 125 709 953 PROSPECTUS PROSPECTUS Crown Subordinated Notes II Prospectus for the issue of Crown Subordinated Notes II to be listed on ASX Crown Subordinated Notes II are subordinated notes due for repayment in April 2075, subject to Crown’s right to redeem the notes at any time from July 2021 (or earlier in certain circumstances). Holders will be entitled to receive quarterly interest payments at a rate equal to the Bank Bill Rate plus a margin (subject to payments being deferred in certain circumstances). For personal use only JOINT STRUCTURING JOINT LEAD MANAGERS CO-MANAGERS ADVISERS AND JOINT ANZ Securities JBWere LEAD MANAGERS Commonwealth Bank Wilson HTM UBS National Australia Bank Deutsche Bank Westpac Institutional Bank 6a Important notices This Prospectus Act. Notes II are being offered and sold outside the United States only in This Prospectus is issued by Crown Resorts Limited (ABN 39 125 709 953) reliance on Regulation S of the U.S. Securities Act (“Regulation S”). (“Crown”). Exposure Period This Prospectus is dated and was lodged with the Australian Securities and In accordance with the Corporations Act, this Prospectus is subject to an Investments Commission (“ASIC”) and with the New Zealand Companies exposure period of seven days from the date of lodgement of this Prospectus Office (“NZCO”) on 17 March 2015. This Prospectus expires on the date which with ASIC during which the Corporations Act prohibits the processing of is 13 months after 17 March 2015 (“Expiry Date”) and no Crown Subordinated applications for Notes II (“Exposure Period”). This period may be extended Notes II (or “Notes II”) will be issued on the basis of this Prospectus after the by ASIC by up to a further seven days.
    [Show full text]
  • Selector Funds Management Limited ACN 102756347 AFSL 225316 Level 8, 10 Bridge Street Sydney NSW 2000 Australia Tel 612 8090 3612
    y 2 1 7 Equit 202 June High Conviction High Quarterly NewsletterQuarterly No. Selector Fund In this quarterly edition, we review performance and attribution and provide an overview of our recent and timely trip to Melbourne. We discuss a “New” James Hardie and we review a recent portfolio inclusion, Medical Developments International. We highlight the importance of compounding and biodiversity. Finally, we outline our own journey to becoming, a carbon negative business, since inception. Photo. Generation alpha are children of Millennials, they usher in positive momentum in science and technology. Henry, first grandson in the Selector team family network. Selector Funds Management Limited ACN 102756347 AFSL 225316 Level 8, 10 Bridge Street Sydney NSW 2000 Australia Tel 612 8090 3612 www.selectorfund.com.au P f Selector is a Sydney based fund manager. Our team combines deep experience in financial markets with diversity of background and thought. We believe in long-term wealth creation and building lasting relationships with our investors. We focus on stock selection, the funds are high conviction, concentrated and index unaware. As a result, the portfolios have low turnover and produce tax effective returns. Our ongoing focus on culture and financial sustainability lends itself to strong ESG outcomes. Selector has a 16-year track record of outperformance and we continue to seek businesses with leadership qualities, run by competent management teams, underpinned by strong balance sheets and with a focus on capital management. Selector High
    [Show full text]
  • Crown Resorts Limited Annual Report 2014
    Crown Resorts Limited Annual Report 2014 Contents Chairman’s Message 01/ Chairman’s Message 06/ Portfolio of Integrated Resort Assets 08/ Crown Resorts is one of Australia’s leading luxury Chief Executive Officer’s Report tourism and entertainment businesses, with a significant and growing global reach. 10/ Crown Melbourne 13/ Crown Perth Crown’s Australian resorts make a major contribution to Australian tourism. We are a leading employer, with more than 15,000 people working across both properties, and Crown is one of the most significant taxpayers in the country, 16/ contributing two-thirds of its pre-tax profits to governments. This is more than any other ASX 50 company. Melco Crown Entertainment For the financial year ended 30 June 2014, Crown Resorts announced a net profit of $702.5 million before significant items, 19/ which was up 43.1% on the prior year. Crown Aspinall’s and Australia’s leading integrated resorts, Crown Melbourne and Crown Perth, have improved their performance in the second Other Investments half to deliver earnings growth, despite a challenging domestic environment. The main contributor to Crown’s improved performance this year was our investment in Melco Crown Entertainment (MCE) in Macau. MCE delivered strong earnings 20/ growth and Crown received its first dividends from MCE, which totalled $94.4 million for the year. Crown Sydney For our shareholders, a final dividend of 19 cents per share, franked to 50%, was declared, bringing the total dividend for the 22/ year to 37 cents per share. The Crown Board has adopted a revised dividend policy. The revised dividend policy is to pay an Sustainability annual dividend of the higher of 37 cents per share and 65% of normalised NPAT (excluding profits from associates but including dividends received from associates), subject to the company’s financial position.
    [Show full text]