Blackstone has bought Crown’s casino resorts in Melbourne, Perth and Sydney.<\/p>\n\n\n\n\n\n\n\n
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<\/a>. The deal, which includes Crown’s properties in Melbourne, Perth and Sydney, had already been approved by the governments of\u00a0Western Australia, Victoria<\/a>\u00a0and\u00a0New South Wales<\/a>.<\/p>\n\n\n\n In a press release, Blackstone noted that it was its largest transaction in the Asia Pacific region\u00a0to date<\/strong>.<\/p>\n\n\n\n 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\u00a0transform these properties into world-class entertainment destinations\u00a0<\/strong>and continue Crown\u2019s transformation to operate at the highest standards of compliance, governance, and integrity.”<\/p>\n\n\n\n Alan Miyasaki<\/strong>, Blackstone’s head of real estate acquisitions, Asia, added: \u201cWe 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.\u00a0<\/p>\n\n\n\n “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.\u201d <\/p>\n\n\n\n Steve McCann<\/strong>, Crown Resort\u2019s chief executive officer, said: \u201cToday, 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\u2019s ownership, we will realize our vision to deliver world-class entertainment experiences and a safe and responsible gaming environment.”<\/p>\n\n\n\n As previously reported by Focus Gaming News, the Independent Liquor and Gaming Authority (ILGA) in New South Wales has granted approval for\u00a0Crown Sydney\u00a0<\/strong>to commence gaming operations.\u00a0Crown Resorts was\u00a0granted a conditional licence\u00a0<\/strong>that will expire on December 31, 2023, with the potential for full certification.<\/p>\n\n\n\n The company said the ILGA\u2019s 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. <\/p>\n","protected":false},"excerpt":{"rendered":" Blackstone has bought Crown’s casino resorts in Melbourne, Perth and Sydney.<\/p>\n","protected":false},"author":176,"featured_media":16668,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"Blackstone Group has finalized its acquisition of Australian casino operator Crown Resorts, following approvals from the Federal Court and state governments. This significant transaction, Blackstone's largest in Asia Pacific, aims to transform Crown's Melbourne, Perth, and Sydney properties into world-class entertainment destinations while upholding stringent compliance and governance standards. Concurrently, Crown Sydney has received a conditional gaming license from the ILGA, boosting the local hospitality sector.","focusai_entities":"Blackstone Group, Crown Resorts, Alan Miyasaki, Steve McCann, United Workers Union, Independent Liquor and Gaming Authority (ILGA)","focusai_location":"Melbourne, Perth, Sydney, Western Australia, Victoria, New South Wales, Australia, Asia Pacific","focusai_target_profile":"ceo_executive (0.95), regulator (0.9), compliance_legal (0.9), operator_casino (0.9), payments_fraud_aml (0.7), investor_analyst (0.95), supplier_vendor (0.75), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Blackstone's Governance Strategy","query":"What specific enhancements to Crown's governance frameworks and compliance protocols are anticipated under Blackstone's ownership, particularly given past regulatory scrutiny?"},{"label":"Market Impact Analysis","query":"How will Blackstone's operational expertise and capital injection influence the competitive landscape and GGR projections for the Australian integrated resort market?"}],"footnotes":""},"categories":[16336,157,158],"tags":[16237,14657],"class_list":["post-31122","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-australasia-news","category-business-news","category-slider-home","tag-blackstone-group","tag-crown-resorts"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/31122","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/176"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=31122"}],"version-history":[{"count":2,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/31122\/revisions"}],"predecessor-version":[{"id":31135,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/31122\/revisions\/31135"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/16668"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=31122"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=31122"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=31122"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Crown Sydney finally allowed to start gaming operations<\/h2>\n\n\n\n