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Fox Corporation Utilizes Profitable FanDuel Stake Through Strategic Acquisition
Lachlan Murdoch, CEO of Fox Corporation, confirmed a strategic move to boost the option to acquire an 18.6% stake in sports betting giant FanDuel at the Goldman Sachs Communacopia and Technology Conference. Murdoch has highlighted the stake's $2.2 billion savings from the open market value, making the deal notable for being financially accurate. Historical context and financial framework: The revelation came as Goldman Sachs analysts valued FanDuel, owned by Flutter Entertainment, at around $35 billion. So the 18.6% stake Fox intends to acquire would be worth around $6.5 billion under normal market conditions. However, Murdoch said recent financial reports show Fox only expects to pay about $4.3 billion, which shows a significant financial advantage for the company. Fox's relationship with FanDuel dates back to Flutter's 2020 acquisition of Starz Group, essentially connecting Fox with FanDuel through an acquisition option linked to the original Starz Group. The option, which is priced up 5% annually, has been at the center of legal investigation, with the terms of the current contract confirmed by a decisive arbitrator's ruling in 2022. Murdoch also detailed the procedural steps Fox should take to complete the deal, primarily the process of obtaining a gaming operator license. The process is known to require thorough compliance with state regulations and extensive disclosure of private corporate information because it is complex. Murdoch has made clear his willingness to explore these regulatory areas, emphasizing his significant financial advantages, saying he will "not leave $2 billion on the table." Strategic transformation and audience engagement: As reported by Sportico, the decision to focus on FanDuel coincides with Fox's strategic pivot following the closure of Fox Bet, a less successful venture that previously partnered with Flutter. Murdoch plans to strengthen Fox's broadcasting capabilities and audience engagement strategy by ramping up its efforts at FanDuel. This stake in FanDuel is seen not just as a financial investment, but as a key component of Fox's broader audience engagement and content innovation strategy. While Fox will need up to six more years to activate its acquisition option for FanDuel, Murdoch's aggressive approach suggests a desire to move this acquisition quickly, potentially well ahead of the contract deadline. The urgency stems in part from favorable terms Fox and Flutter negotiated last year, when a mediator fixed the price of the stake acquisition at $3.7 billion and adopted a resolution commemorating it as a well-structured compromise, taking into account the agreed 5% annual increase.
Sep 2024
$2.2B Casino Resort In Northern Vietnam Offers Tickets To Local Gamblers
Vietnam's Ministry of Strategy and Investment delivered a report to the prime minister on another integrated resort that allows local residents to engage in gambling activities. Vietnam's Ministry of Strategy and Investment has reportedly proposed developing a $2.18 billion integrated resort project in Vietnam's northern Bhandon Economic Zone. The new casino resort follows Corona resorts and casinos on islands in the southern country, allowing Vietnamese citizens to participate in gambling activities that are typically prohibited by indigenous people across Vietnam. Q32032 Delivery Date: According to the Asia Gaming Brief, the Vandon Casino requires an initial investment of around Rs 51.5 trillion. It will be located in the town of Vandon District, a vast strategic and administrative economic zone (SAEZ) in northern Vietnam. More than 600 acres of land have been allocated for the development, and it will be completed in the third quarter of 2032, according to the report. The integrated resort, which will be built for nine years, will run for 70 years, the sources said. According to the same source, Quang Ninh People's Commission has submitted a proposal to build a complex that will represent premium tourist attractions with luxury hotels, casinos, leisure and entertainment facilities. After opening in 2032, the integrated resort is expected to generate average revenue after taxing VND 8.16 trillion ($336.2 million) annually, according to the Asia Gaming Brief. Government Gambling Policy: As mentioned above, Vandon Casino will be the second casino to offer this accommodation to native Vietnamese. The policy, introduced in 2016, has been strictly followed since then, but state and state authorities have reportedly already discussed the project in 2018. The policy also included a trial period to include Vietnamese nationals in casinos and gambling. In early 2021, the policy allowed local adults, who could prove they could earn at least $430 a month, to gamble with foreign tourists at Covid resorts and casinos on the southern island of Phu Quoc. At the time, sources explained that criminal and social security records must be clean for local gamblers to obtain $1,000 per month in gambling permits during the trial. Waiting for approval Several coastal casino projects are currently awaiting approval for casino operations. Vietnam's finance ministry has reportedly set a $2 billion investment capital requirement for the operator to qualify for the operator's permit application. Vandon Casino is awaiting the prime minister's move to meet these requirements and start construction.
New York City Redistricting Offers Various Areas for Casino Development
A series of zoning changes recently announced by Mayor Eric Adams's administration will provide casino development to different parts of New York City. According to a report by Cranes New York Business, the changes are designed to develop three gambling sites in and around five boroughs, each of which is expected to generate $2 billion in annual revenue. We propose a new zoning: The zoning proposal, announced on Nov. 23, 2023, would ban casinos in residential areas, but allow the development of casinos in mid- and high-density commercial districts and manufacturing areas in the city. The plan would also allow casino-related facilities such as hotels and restaurants, with no limits on casino size, according to Crane. Prevent excessive documentation: The Adams administration has reportedly said casino bidders have little restrictions on casino development to avoid redundancy of bureaucracy as the latest proposal deviates from initial planning. Sources say the casino bid will anyway undergo extensive state review, including a binding vote by a six-member local government commission. Urban planners condemn the zoning plan. George Jane's, a consultant on several community boards, was quoted as saying, "The comprehensive permits the city's proposal provides are remarkable." According to a report by Cranes, city planning commissioner Gail Benjamin said the proposal's wording would allow developers to use limited hotels in the city as casinos. Casino location issues: The new zoning plan will not affect the plans of the nine casino licensee bidders, sources said. Only Steve Cohen's bid in Queens and Bali's offer in the Bronx are covered within the proposal, with the target areas included in the proposal to the extent that permits must be obtained for the park site. However, if zoning is not made citywide, all nine casino bids will reportedly have to be considered separately before the state can even consider it. After receiving preliminary approval from the city council, the casino proposal will reportedly be reviewed by a six-member regional advisory board. With at least four votes, each casino bid will reach the state gaming facility location committee, which will review each project's economic development potential and make a final decision. Your application has not been received: According to Crane's report, the state has yet to receive applications, although the selection process is slow. The state commission recently answered all procedural questions from applicants, and another is yet to be answered. Because of this, sources expect the decision to apply for a casino license to be extended even further into next year. Each new casino is reportedly expected to generate $2 billion in annual revenue.

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