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Blackstone in USD6.2 billion takeover bid for Crown Resorts
Crown Resorts has received takeover interest from private equity giant Blackstone.
Crown informed the ASX it received an ‘unsolicited, non-binding’ proposal from Blackstone for $ US$6.2 billion.
Under the proposal, Blackstone has offered to acquire all Crown Resorts shares $11.85 per share.
Blackstone already owns just under 10% of the business.
It is unclear whether the deal is contingent on Crown receiving a gaming license for its new Sydney resort and keeping its licenses in Western Australia and Melbourne.
A month ago a damning report found Crown Resorts was unsuitable to be granted a gaming licence for its new $2.2 billion casino at Barangaroo in Sydney over lax money laundering controls.
It resulted in the resignation of several board members including Crown CEO Ken Barton.
Due to the report, gaming regulators in Victoria and Western Australia are scrutinising its business practices in those states to see if it merits keeping its gaming license.
Blackstone has interest in casino resorts on the Las Vegas strip including the Cosmopolitan, Bellagio and MGM Grand.
Crown Resorts said it will now review the bid offer and ‘commence a process to assess the proposal.’
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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