Background: Crown Resorts are Australia's biggest casino group, and last year wasn't a great year for this crew. They faced a Royal Commission in New South Wales and Victoria. And the outcome wasn't good, team.

What happened: Last year, when Crown was on its knees, it received a takeover offer from US private equity firm Blackstone. This crew hold a majority stake in companies like Ancestry.com and Bumble.

What else: Before now, the offers were too low and Crown wasn't keen on them. But after Blackstone increased their bid to nearly $9 billion, Crown are now recommending shareholders accept the offer.

So what's the key learning?

💡When there are compliance failures within a business, someone always needs to take the fall. Usually, it's someone in the C-Suite (i.e. a CEO, CFO or COO).

💡During the 2018 Banking Royal Commission, many of the big banks came under fire...and as a result, 3 CEOs (and a Chairman) hit the road. But at Crown, the issue is a lot bigger than just one executive because the company's failures were found to be at board - and even ownership - level.

💡So, rather than change management, Crown has essentially needed to look to change owners. And Blackstone know a good opportunity when they see one, so they tried to pounce on Crown at a cheaper price.