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Asia Pacific
Blackstone completes billion-dollar deal for Crown Resorts
Blackstone has finalised the acquisition of Australian gaming firm Crown Resorts.
In a deal worth $6.2 billion, Crown becomes an unlisted Australian with majority shareholder James Packer cashing out.
Crown Resorts operates casino properties in Melbourne, Perth and Sydney.
“Today’s final sale to Blackstone is confirmation that we have built one of the country’s best tourism, entertainment and leisure companies,” Packer said.
Blackstone said it plans ‘to transform these properties into world-class entertainment destinations’
“We first invested in Crown two years ago, seeing the tremendous underlying potential of the company and its people,” Alan Miyasaki, Head of Real Estate Acquisitions Asia, Blackstone, said.
It is Blackstone’s biggest deal in the Asia-Pacific region.
The NSW Independent Liquor and Gaming Authority just granted Crown Resorts permission to open the new Sydney casino.
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