(The author is a columnist for Reuters Breakingviews. The opinions expressed are their own.)

HONG KONG (Reuters Breakingviews) – Ailing casino operator Crown Resorts is trying to hold onto a poker face. He says Blackstone’s $ 6.2 billion offer is not “convincing” 2FDownloadFile.axd 3Ffile%%% 3D% 2FReport 2FComNews%%% 2F20211202 2F02461296.pdf & data = 04% 7C01% 7CThomas.Shum 7Cbf352937d8d249d2e81f08d9b545f131 7C62ccb8646a1a4b5d8e1c397dec1a8258% 7C0% 7C0% 7C637740134271565694% 7CUnknown% 7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0% 3D% 7C3000 & sdata = cE1OEwMocXdCkO8FS% 2B5YKAt3zvqYay1pYGYCleitsiQ% 3D and reserved = 0, but will give the redemption shop a peek inside. The more constructive conversation suggests there might be a deal to be made.

After two years of scrutiny and multiple public inquiries, the Crown has fewer secrets to share. A Royal Commission report released in October was almost 700 pages long, and another in February was even longer. There are unlikely to be any shockings that will cause Blackstone to sweeten the pot considerably. It’s the only game in town, with other contenders having folded for the time being. And the shares, which are backed by the take-over bid, are trading at a discount of around 12% from the offering price of AU $ 12.50.

New boss Steve McCann may be able to squeeze some more out of Blackstone, but unless he’s got an ace up his sleeve, he’s likely to play a weak hand badly. (By Katrina Hamlin)

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(Edited by Jeffrey Goldfarb and Thomas Shum)

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