Star Entertainment boss Matt Bekier is confident he will have a good idea whether more punishment is in store for Crown Resorts before sealing any merger deal between the two groups.
The Star Entertainment Group on Monday made a bid that would create a $12 billion tourism and entertainment giant.
While royal commissions into Crown in Victoria and Western Australia pose risk, Mr Bekier took comfort from their schedules.
"By August, we will know what comes out of Victoria, and which way Western Australia is heading," he said.
Victoria's royal commission will report by August 1, while Western Australia's is due to deliver an interim report by June 30.
"I don't know what's going to happen, but we will have visibility before we sign on the dotted line," Mr Bekier said.
Star has proposed eight to 12 weeks of diligence discussions with Crown before sealing any merger.
The royal commissions follow a NSW inquiry into money laundering and other offences which found Crown unsuitable to hold a Sydney casino licence.
Mr Bekier also claimed Star's offer was more straightforward than bids from US firms Blackstone and asset manager Oaktree Capital.
"We're a listed Australian gaming company, so we're a lower risk proposition than an international private equity firm," he said.
Star's proposal would exchange 2.68 Star shares for each Crown share.
It is also offering a cash alternative of $12.50 per Crown share, subject to a cap equal to 25 per cent of the target's shares on issue.
If the cash offer is accepted, Crown shareholders would own 59 per cent of the merged company and Star shareholders would own 41 per cent.
Star said a merger would save up to $200 million a year by having centralised staff.
Jobs in finance, human resources and marketing would be culled and save up to $70 million a year.
The same approach would apply to procurement and IT and save up to $50 million a year.
Crown said its board has not formed a view on the merger proposal.
Meanwhile, Blackstone increased its March takeover offer of $11.85 cash per share that valued Crown at around $8 billion.
It is touting an indicative price of $12.35 per share.
Crown shares closed on Friday at $12.12, valuing the company at $8.2 billion.
Crown on Monday also said it has hired Lendlease boss Steve McCann as chief executive and managing director.
He will start on June 1.
Last month, Crown received a $3 billion funding proposal to allow it to buy out James Packer's 37 per cent stake in the gaming company.
Oaktree Capital offered to provide a funding commitment of up to around $3 billion to Crown via a structured instrument.
Oaktree proposed the "proceeds be used by Crown to buy back some or all of the Crown shares which are held by Consolidated Press Holding".
Crown shares were higher by 7.38 per cent to $13.01 at 1351 AEST.
Star shares were up by 6.39 per cent to $4.16.
