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Why the Crown Resorts Limited share price is falling today

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Shares in gaming and entertainment group Crown Resorts Limited (ASX: CWN) are down approximately 1.5% to $12.32 in morning trade following the company releasing an announcement in relation to media speculation regarding its 62% ownership stake in online bookmaker CrownBet.

Media reports are speculating about further consolidation in the congested online wagering industry and a potential merger with English bookmaker William Hill. The company announced that it is currently in ongoing discussions regarding its interest in CrownBet but that there was no certainty as to whether any transaction would eventuate.

Further consolidation in the increasingly competitive gaming sector is looming with the $11 billion proposed merger between Tabcorp Holdings Limited (ASX: TAH) and Tatts Group Limited (ASX: TTS). The Australian Competition Tribunal (ACT) has approved the proposed merger for a second time stating that it would likely see an increase in competition and benefit both customers and the racing industry.

Tatts Group shareholders will now consider the merger at the company’s annual general meeting and scheme meeting on December 12th.

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Motley Fool Contributor Tim Katavic has no finanical interest in any company mentioned. The Motley Fool Australia owns shares of Crown Resorts Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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