Blackstone completes acquisition of Crown Resorts

It's Blackstone's largest transaction in Asia Pacific to date.
It's Blackstone's largest transaction in Asia Pacific to date.

Blackstone has bought Crown’s casino resorts in Melbourne, Perth and Sydney.

Australia.- The US investment fund Blackstone Group has completed its acquisition of the Australian casino operator Crown Resorts a week after the deal received approval from the Federal Court of Australia. The deal, which includes Crown’s properties in Melbourne, Perth and Sydney, had already been approved by the governments of Western Australia, Victoria and New South Wales.

In a press release, Blackstone noted that it was its largest transaction in the Asia Pacific region to date.

The company said: “Blackstone will work with the management team at Crown and its thousands of dedicated employees, as well as their representatives from the United Workers Union and other partner unions, to transform these properties into world-class entertainment destinations and continue Crown’s transformation to operate at the highest standards of compliance, governance, and integrity.”

Alan Miyasaki, Blackstone’s head of real estate acquisitions, Asia, added: “We are thrilled to become the new owner of Crown, bringing our expertise in hospitality to help the company achieve its full potential as a leading travel and leisure company. 

“We first invested in Crown two years ago, seeing the tremendous underlying potential of the company and its people. We look forward to working with the teams at Crown and applying our experience in owning and operating marquee hospitality brands around the globe with the highest levels of ethics and integrity to create something unique for employees, local communities, and visitors.” 

Steve McCann, Crown Resort’s chief executive officer, said: “Today, Crown emerges as part of the Blackstone family, which is the start of a new era for this great company and its 20,000 team members. Over recent times, Crown has undergone immense transformation, and we know under Blackstone’s ownership, we will realize our vision to deliver world-class entertainment experiences and a safe and responsible gaming environment.”

Crown Sydney finally allowed to start gaming operations

As previously reported by Focus Gaming News, the Independent Liquor and Gaming Authority (ILGA) in New South Wales has granted approval for Crown Sydney to commence gaming operations. Crown Resorts was granted a conditional licence that will expire on December 31, 2023, with the potential for full certification.

The company said the ILGA’s announcement will provide a critical boost to the Barangaroo precinct and the hospitality industry in Sydney as a whole in the wake of the Covid-19 pandemic. 

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Blackstone Group Crown Resorts