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Nine
shareholders in line for $780m dividend from Domain
sale
(In
Case You Missed It)
May
9, 2025
By
Sam Buckingham-Jones
US
real estate giant CoStar has agreed to buy property
sales portal Domain in a $3 billion deal that will
create a more powerful, cashed-up competitor to News
Corp’s REA Group, and deliver a windfall to Nine
Entertainment shareholders.
After
almost six weeks of due diligence, CoStar has agreed
to pay $4.43 a share for Domain. This is a 60 per
cent premium to the price Domain was trading at before
CoStar first expressed interest in the business in
February.
Domain’s
controlling shareholder Nine said it supported the
sale and told investors it would receive $1.4 billion
for its 60.1 per cent stake. Nine expects to give
roughly half of that – 47¢ to 49¢ a
share, or about $777 million – back to shareholders
as a fully franked special dividend.
CoStar
chief executive Andy Florance, who flew to Australia
on his private jet several times to personally oversee
the negotiations, said his company had a track record
of building online marketplaces and saw an opportunity
to “enhance the Australian property market”.
“By
combining Domain’s deep expertise with our global
experience and best practices, we will build a more
compelling user experience at a lower cost –
driving greater value for agents, vendors, and home
buyers,” he said in a statement.
“We
are confident this acquisition will foster more competition
in Australia.”
Florance
said CoStar, which is listed on the Nasdaq and has
a market cap of $US32 billion ($50 billion), would
build a better user experience at a lower cost and
apply lessons from Domain to its international residential
real estate platforms http://Homes.com in the US and
OnTheMarket in the UK.
CoStar
bought 16.9 per cent of Domain on February 21 before
lobbing an initial bid at $4.20 a share, which it
later increased. The acquisition will go to a shareholder
vote in mid-August.
Nine,
which owns the Nine Network, streaming service Stan,
radio stations including 2GB and 3AW and publishing
assets The Sydney Morning Herald, The Age and The
Australian Financial Review, has struggled to grow
Domain on par with REA, which is majority-owned by
the Murdoch family-backed News Corporation.
REA
has grown its market capitalisation 163 per cent to
$33 billion over the past five years. Domain has grown
50 per cent during that same period to $2.7 billion.
Nick
Falloon, Domain’s chairman, said CoStar’s
interest was “an endorsement of the strong fundamentals”
of the company he had led for the past eight years.
The
sale of Domain means Nine’s market capitalisation
will likely fall below $1 billion. Nine told investors
the proceeds would strengthen its balance sheet and
position it to look for growth areas – “both
organic and inorganic”.
Domain’s
shares rose 11¢ to $4.36, while Nine’s shares
increased 7 per cent to $1.60. REA’s shares fell
$3.87 to $246.21. (AFR)
Full
article and coverage via subscription to The Australian
Financial Review
@FinancialReview
https://afr.com/companies/media-and-marketing/nine-shareholders-in-line-for-780m-dividend-from-domain-sale-20250509-p5lxvr
https://afr.com/companies/media-and-marketing
Media
Man
The
Australian Financial Review is the Media Man 'Newspaper
Of The Month' award winner
Gaming
And Casino News
April
2025
Star
Entertainment is a ‘new operator’ despite
‘sins of the past’
Inside
Asian Gaming Chief Executive Andrew W Scott says Star
Entertainment will have nothing to do with the “sins
of the past”.
“Bally’s
have got the opportunity to say look, we’re a
new operator, we have nothing to do with the sins
of the past,” Mr Scott said.
“I
think they didn’t want to let it rain to receivership
because they felt that would be too complicated, they
wanted to pick it up as a going concern … and
see if they can turn it around.”
News
Star
Entertainment: News
Star
Entertainment Group, an Australian casino operator,
has been in the spotlight in April 2025 due to significant
financial and operational developments. Here’s
a concise overview of the latest news based on available
information:
Financial
Struggles and Rescue Deal: Star
Entertainment
reported a $300 million half-year loss for the period
ending December 2024, driven by a 25% revenue decline
to $650 million. Stricter payment regulations, including
mandatory pre-paid cards to curb money laundering,
have pushed gamblers toward pubs and clubs, hurting
Star’s market share. The company secured a $300
million investment from Bally’s Corporation and
Investment Holdings (linked to the Mathieson family),
with $100 million injected in April 2025, providing
critical liquidity. Star’s cash reserves were
at $98 million as of April 11, 2025, narrowly avoiding
collapse.
Bally’s
Takeover and Overhaul Plans: Bally’s, a U.S.
casino giant, is set to control about 56% of Star’s
capital, pending regulatory approval. Bally’s
chairman, Soo Kim, emphasized a “back-to-basics”
approach, aiming to strip away the luxury focus of
Star’s casinos (Sydney, Brisbane, and Gold Coast)
and make them more accessible, likening them to large-scale
RSL clubs. Kim noted Bally’s history of turning
around distressed properties but acknowledged Star’s
turnaround as a significant challenge.
Operational
and Market Challenges: Star’s Brisbane casino,
Queen’s Wharf, was written down in value, and
its sale to partners Far East Consortium and Chow
Tai Fook Enterprises provided $53 million. The company
faced a trading halt in February 2025 due to delayed
financial reporting, with shares resuming trading
on April 16 at 11 cents, briefly jumping 14% before
crashing. Regulatory issues, including a $100 million
fine and a suspended license, continue to weigh on
the company.
Leadership
and Strategic Focus: CEO Steve McCann highlighted
the “very challenged” trading environment
but is now focusing on revenue growth following the
rescue deal. Bally’s pitched its investment after
Star failed to secure a $940 million lifeline from
Salter Brothers, signaling a shift in strategy to
stabilize operations.
Critical
Perspective: While Bally’s intervention offers
a lifeline, Star’s deep losses and regulatory
burdens suggest a tough road ahead. The shift to a
less glamorous, mass-market model may alienate high
rollers, and stricter regulations could continue to
erode revenue. The narrative of a “rescue”
should be scrutinized, as Bally’s own motivations—acquiring
a distressed asset at a discount—may prioritize
its interests over Star’s long-term viability.
News
Domain
earnings outlook causes Fairfax hit - 3rd November
2016
Fairfax
Media has flagged a drop in first-half earnings for
its Domain real estate business as homeowners hesitate
to put their houses up for sale in Sydney and Melbourne.
Chairman
Nick Falloon said on Thursday that listings have failed
to recover since dropping in July amid uncertainty
over superannuation and negative gearing during the
federal election campaign.
'Now,
it's basically a lack of stock - people are not putting
their houses up for sale,' Mr Falloon said after Fairfax's
annual general meeting in Melbourne.
'It
(real estate) is a cyclical business, which will change
- it's just a question of when.'
Volumes
of new listings to the end of October were down 18
per cent in Sydney and five per cent lower in Melbourne.
Fairfax
pointed out that the comparative period in 2015 was
one of very strong listings growth for Domain, which
at the time boasted a 43 per cent increase in digital
revenue.
So
far this financial year, Domain's revenue is up by
two per cent.
Fairfax
shares closed down 3.5 cents, or 4.3 per cent, at
77.5 cents.
They
had dropped as low as 72 cents after Fairfax warned
Domain's first-half earnings before interest, tax,
depreciation and amortisation (EBITDA) would be slightly
lower because of the 'listings softness' and continuing
investment in the business.
Chief
executive Greg Hywood told shareholders that Fairfax
nonetheless remained confident on the outlook for
Domain.
Overall
group revenue for the year-to-date is six-to-seven
per cent below that of a year ago.
That's
better than the eight-to-nine per cent revenue fall
forecast in the 2016/17 outlook at the company's full-year
results in August.
Revenue
from Metro Media, which publishes the Sydney Morning
Herald, The Age and Australian Financial Review newspapers,
was down about eight per cent.
Revenue
from the Australian Community Media division was down
about 10 per cent.
At
the annual general meeting, one shareholder asked
if Fairfax might one day decide to sell its newspapers
and concentrate on Domain.
'We
have the view that publishing is a sustainable business
in its own right - all publishing,' Mr Hywood said.
Mr
Hywood said, however, that consumers of news were
now accessing the product more through digital platforms
than printed newspapers.
'Clearly,
if closer to 70 per cent of the audience (seek) access
through digital means, we have to focus on the journalism
and where people access it,' he said.
'So
what we've done is invest in the digital platform.'
(AAP)
Gaming,
Hotel And Casino News: U.S
September
2024
New
Jersey Internet gambling sets new record at $198M
in revenue, but land casinos lag
Internet
gambling in New Jersey had its best month ever in
August, bringing in over $198 million in revenue even
as most of Atlantic City’s land-based casinos
continued to win less than they did before the COVID-19
pandemic. Figures released Monday by the New Jersey
Division of Gaming Enforcement show that internet
gambling brought in $198.4 million, the highest monthly
total ever recorded in the state and an increase of
nearly 28% from a year earlier. That was the good
news for Atlantic City’s gambling industry.
News
BetMGM
impresses in NFL Week One, Jefferies analyst says
BetMGM
handily outperformed the field in New York state in
the first week of NFL wagering, according to data
published September 15 in a Jefferies Equity Research
investor note penned by analyst James Wheatcroft.
According to Wheatcroft’s analysis, BetMGM grew
its handle 54 percent from last year, revenue 24 percent,
and winning margins 8.2 percent. For the market overall,
the handle grew by 14 percent, but revenue dropped
43 percent and margin was down 6.8 percent. FanDuel
recorded a seven percent decrease in handle and 54
percent lower revenue.
News
llinois:
Casino revenue shoots up 3.1% in August after a slow
summer
Illinois
casinos posted positive monthly revenue for the first
time since the spring. The state’s 15 casinos
combined for a win of $140 million in August, up 3.1%
from July’s total of $135.8 million. Revenue
totals do not include online casinos because iGaming
is illegal in the Prairie State. Illinois is a leading
earner for land-based revenue and sports betting handle
(total amount bet). But, is nowhere to be found in
the world of online casinos. The state’s legislators
made two attempts to legalize IL online gaming this
year, but both fell short.
News
F1
not moving the Vegas needle, Truist analyst says
“F1
stuck in neutral for now,” wrote Truist Securities
analyst Barry Jonas, leading off a September 16 investor
note on the subject of Las Vegas room rates. He deemed
them “fairly stable but soft” into the fourth
quarter. A Truist survey of Las Vegas hotel-room prices
had shown growth in August followed by slowness throughout
the fall. Jonas said these findings were congruent
with MGM Resorts International’s forward-looking
commentary during its second-quarter earnings call.
Wrote Jonas, “While our survey is just one facet
of the market and can change, we note continuing investor
concerns around slowing growth amidst tough comparisons.”
News
August
casino revenue $63 million
Virginia
(results) - Lottery Commission - The Virginia Lottery
released its report on casino gaming activity for
the month of August 2024. There are three operating
casinos in Virginia: HR Bristol, Rivers Casino Portsmouth,
and Caesars Virginia. During August, gaming revenues
from Virginia casinos totaled $63.1 million. Hard
Rock Bristol $15.9 million, Rivers Casino Portsmouth
$26.6 million, and Caesars Virginia $20.4 million.
Virginia law assesses a graduated tax on a casino’s
AGR, or wagers minus winnings, and $11.8 million in
taxes were paid to the Gaming Proceeds Fund.
News
MGM
getting more solar energy with rural Nevada solar
farm
Nevada
(Las Vegas) - A solar farm in the remote Nevada desert
will double MGM International’s capacity to use
solar energy. It entered a power purchase agreement
with a utility-scale solar company to use its forthcoming
facility in Lincoln County. The company is expected
to begin using that boost in green energy in 2026.
MGM uses 90 percent renewable energy for 11 of its
Las Vegas resorts’ daytime needs, the company
said, but the new solar farm and battery storage facility
will power 100 percent of daytime needs and some of
what’s needed for nighttime.
News
Three
Strip casinos get new top exec
Nevada
(Las Vegas) - Three casino properties on the Las Vegas
Strip will soon have a new boss following the company
departure of the trio’s former top executive.
Ken Ostempowski will be assuming the role of senior
vice president and general manager of Paris Las Vegas,
Planet Hollywood and Horseshoe. Ostempowski currently
holds similar roles overseeing The ROW Reno, a three-casino
resort destination in Northern Nevada operated by
Caesars. According to Ostempowski’s LinkedIn
profile, he has held executive-level positions in
multiple gaming markets, including Las Vegas, the
Gulf Coast, the Midwest and Colorado.
News
Strip
resort reveals rare tier-match offer
Nevada
(Las Vegas) - For the first time since introducing
a new player rewards program, a Las Vegas Strip casino
is offering to upgrade gamblers’ loyalty cards
to a comparable level from other casinos. The Venetian
casino-hotel is launching a tier-match promotion that
will allow customers to receive a Venetian Rewards
card status that is on par with or better than what
they currently have with another casino operator.
The Venetian Resort Las Vegas’ tier-match event
begins Oct. 1, according to a recent email, and will
run through Jan. 1.
News
Boyd
bets big on large sportsbooks even as mobile betting
flourishes
Nevada
(Las Vegas) - The largest sportsbook operated by Boyd
Gaming Corp. may not be the place “where everybody
knows your name.” But that sentiment is the reason
the company (with its nine Las Vegas casinos) and
other gaming operators continue to invest millions
of dollars into expanding or modernizing large sportsbooks
with massive viewing screens, comfortable seating
areas and food and beverage options. Those expenditures
happen even as more than 65 percent of Nevada’s
$8 billion sports gaming industry come through mobile
wagering accounts — bets made anywhere outside
the casino. “A sportsbook is more than just a
place to make wagers,” said Boyd Gaming Vice
President of Race & Sports Bob Scucci. “At
our properties, the sportsbook is the place where
people come four or five times a week. It’s where
they go to meet their friends and congregate.”
News
Opening
sportsbook with Jay-Z at Ocean Casino, Fanatics CEO
Michael Rubin explains Atlantic City’s appeal
Michael
Rubin’s love for Atlantic City goes back to when
he was about 12 years old. “The gambling age
was 18 when I was a kid,” the once-small kid
from Philadelphia recalled. “I remember when
I was 12 years old, I went to an Atlantic City casino,
to Caesars. It was 40 years ago. I won $2,500. I called
my mom from a pay phone and said, ‘Mom, I got
great news! I just won $2,500!’ She asked how,
and I said, ‘I’m in a casino in Atlantic
City,’ and she goes, ‘You’re grounded,
get home.’ That’s my favorite story.”
News
A
jobs boon from a casino at Manhattan’s Hudson
Yards? Experts aren’t betting on it.
When
casino giant Wynn showed off plans for its Hudson
Yards West casino proposal last month, it enlisted
progressive heavyweights to make the case that the
venture would be a jobs bonanza for poor and working-class
New Yorkers. The endorsements were full-throated and
infused with hope and promise. Leaders from the NAACP,
National Urban League and Win, New York City’s
largest provider of family shelter and permanent supportive
housing, were among the groups that said the proposal
would bring significant career opportunities.
News
Maine’s
first in-person sports betting bar opens in Portland
Maine’s
first, in-person sports-betting bar is officially
open. “Oddfellahs” opened on Market Street
on Friday… The bar has partnered with Caesars
Sportsbook, one of two sportsbooks authorized under
Maine’s new law to run sports betting, the other
being DraftKings. The founder of “Oddfellahs”
says there’s more to the bar than just sports
betting.
News
IIlinois
Gaming Board renews Rivers Casino’s license
The
Illinois Gaming Board on Thursday renewed Rivers Casino’s
gaming license as well as Hawthorne Race Course’s
master sports wagering license. Both renewals by the
state agency came via unanimous 4-0 votes and are
good for four years, with Rivers now licensed through
August 2028 and Hawthorne through September of that
year.
News
Bellagio
removing trees as F1 prep begins on the Las Vegas
Strip
The
Las Vegas Grand Prix is around the corner and the
Bellagio casino-hotel is days away from starting race
preparations. On Monday, work crews will begin removing
the trees in front of the Fountains of Bellagio along
Las Vegas Boulevard to make room for the construction
of the Bellagio Fountain Club (an F1 spectator area
for VIPs). (Wires, A.I News)
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