A: I think the best case is that one of Blackstone, Star Entertainment or Oaktree comes back with an improved proposal that the Board of Crown can recommend, and the Victorian Royal Commission makes a recommendation that allows the casino licence to stay with Crown (albeit on conditions). Blackstone lobbed an indicative bid of $12.35 per share. Certainly, the brokers still think there is upside in Crown – JP Morgan has a target price of $15,00, Credit Suisse is at $13.50.

Worst case, Victorian Royal Commission finds that Crown is not suitable to hold a casino licence and recommends further actions on underpayment of taxes etc, potential criminal prosecutions. Crown will still own the assets, but not hold an operating licence. What this does for the bidders’ interest is hard to call. We will find out on 15 October.