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Travel & Leisure

Australia's Star Entertainment pulls $6.6bn bid for Crown Resorts

Casino operator says it may consider a tie-up with the troubled company

The decision removes a lifeline for Crown which has been trying to convince regulators it can rebuild its culture after an earlier inquiry in February found it allowed money laundering on its premises for years.   © Reuters

Australian casino operator Star Entertainment Group on Friday withdrew a A$9 billion ($6.6 billion) buyout proposal for rival Crown Resorts Ltd after an inquiry heard the target should lose its main licence, sending its shares lower.

Star, the country's No. 2 casino operator, said it may yet consider a tie-up with the troubled larger company, but was concerned about the impact of an inquiry on its value "including whether it retains the licence to operate its Melbourne casino or the conditions under which its licence is retained."

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