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Blackstone completes Crown Resorts acquisition

27th June 2022 5:52 am GMT

New York-listed investment firm Blackstone has completed the acquisition of Australian casino operator Crown Resorts for AUD$6.3bn.

After securing regulatory approvals earlier this month, the transaction comprises three casino properties in Melbourne, Perth and Sydney, and marks Blackstone’s largest investment to date in the Asia Pacific region.

“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,” said Alan Miyasaki, head of real estate acquisitions Asia for Blackstone. “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.”

Crown Resort CEO Steve McCann commented: “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.

“Australian tourism has entered a recovery phase, and we believe this trend will continue. Crown’s suite of outstanding assets has built a loyal customer base over the past 28 years, and we are excited about the opportunities ahead of us as we revitalize Melbourne and Perth and celebrate the addition of Sydney. With Blackstone’s investment and expertise, we’re confident Crown will cement its place on the global stage as one of the world’s leading owners and operators of integrated resorts,” he said.

Shares in Crown Resorts Inc (ASX:CWN) closed at AUD$13.09 per share in Sydney earlier Monday, while shares in Blackstone Inc (NYSE:BX) closed 5.91 per cent higher at US$98.87 in New York Friday.

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