• Subscribe
  • Magazines
  • About
  • Contact
  • Advertise
Saturday 2 August 2025
  • zh-hant 中文
  • ja 日本語
  • en English
IAG
Advertisement
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
No Result
View All Result
IAG
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
No Result
View All Result
IAG
No Result
View All Result

The Blackstone Group makes renewed play for full takeover of Crown Resorts

Ben Blaschke by Ben Blaschke
Fri 19 Nov 2021 at 07:42
Crown’s internal AML controls described by inquiry judge as a “debacle”
46
SHARES
1.1k
VIEWS
Print Friendly, PDF & Email

US private equity firm The Blackstone Group has put forward a new bid to acquire all shares in Australia’s Crown Resorts.

According to a statement issued by Crown early Friday, the latest bid values Crown at around AU$8.5 billion (US$6.2 billion), with Blackstone offering AU$12.50 in cash per share by way of a scheme of arrangement.

The offer is higher than Blackstone’s previous bids of AU$11.85 per share and AU$12.35 per share earlier this year, which Crown knocked back in May claiming it undervalued the company’s assets and future earnings power.

The revised offer follows the recent release of findings from Victoria’s Royal Commission into Crown Melbourne, which refrained from revoking or suspending Crown’s casino license and instead provided a two-year window under the watch of a special manager for the company to prove it is suitable.

Crown is also working with the regulator in New South Wales to reach suitability and open the casino at Crown Sydney, while the findings of a Royal Commission into Crown Perth are due to be handed down early next year.

According to this morning’s announcement, Blackstone’s latest proposal is subject to a range of conditions, including due diligence on Crown covering regulatory, commercial, operational, financial, taxation, legal and accounting matters, Blackstone receiving final approval from its investment committees, a unanimous Crown Board recommendation and a commitment from all Crown directors to vote in favour of the proposal and execution of a binding Implementation Agreement incorporating various terms and conditions, including a range of conditions relating to Blackstone’s regulatory approvals and Crown’s casino licences.

“Any acquisition of Crown by Blackstone would be conditional on Blackstone receiving final approval from the casino regulators in each of Victoria, New South Wales and Western Australia,” the statement read.

“Blackstone has stated that it has engaged with the regulators in relation to this issue and that the Regulators’ advisers have indicated to Blackstone that there is no reason to believe that an approval would not be realised.”

Blackstone added it would provide equity financing for the proposed transaction through one or more of its affiliated funds and the proposed transaction would not be subject to any financing condition.

The Blackstone Group already holds a 9.99% stake in Crown Resorts which it acquired from Melco Resorts & Entertainment in April 2020. Melco had purchased the 9.99% stake from James Packer’s Consolidated Press Holdings a year earlier but backed out of a deal to purchase a second tranche after regulators in New South Wales launched an independent inquiry, which ultimately led to a finding of unsuitability by the NSW regulator in February.

Blackstone was one of two major international investment groups to express an interest in Crown earlier this year, while rival casino operator Star Entertainment Group withdrew a merger proposal in July.

RelatedPosts

Star to open AU$3.6 billion Queen’s Wharf Brisbane development on 29 August

Star’s Hong Kong partners officially terminate Queen’s Wharf Brisbane acquisition deal

Fri 1 Aug 2025 at 13:02
Hong Kong’s Far East Consortium reports first full year gaming revenue after Australian, European acquisitions

Star says deal now “unlikely” to offload Queen’s Wharf Brisbane assets to Hong Kong partners

Wed 30 Jul 2025 at 13:53
AUSTRAC launches Federal Court action against clubs giant Mounties for alleged serious and systemic non-compliance with AML laws

AUSTRAC launches Federal Court action against clubs giant Mounties for alleged serious and systemic non-compliance with AML laws

Wed 30 Jul 2025 at 12:55
Bally’s Corp unable to trademark name in Australia because local Sydney bowling club beat them to it

Bally’s Corp unable to trademark name in Australia because local Sydney bowling club beat them to it

Tue 29 Jul 2025 at 05:55
Load More
Tags: AustraliaCrown MelbourneCrown Resortsroyal commissionThe Blackstone Group
Share18Share3
Ben Blaschke

Ben Blaschke

A former sports journalist in Sydney, Australia, Ben has been Managing Editor of Inside Asian Gaming since early 2016. He played a leading role in developing and launching IAG Breakfast Briefing in April 2017 and oversees as well as being a key contributor to all of IAG’s editorial pursuits.

Current Issue

Editorial – Better late than never

Editorial – Better late than never

by Ben Blaschke
Thu 31 Jul 2025 at 07:13

Inside Asian Gaming has in recent weeks been hearing increasing chatter around a possible move by Vietnamese authorities to introduce...

Angel’s Yasushi Shigeta

Angel’s Yasushi Shigeta

by Ben Blaschke
Thu 31 Jul 2025 at 07:08

Yasushi Shigeta, Chairman and owner of one of the world’s largest gaming industry suppliers, Angel Group, sits down with Inside...

The Magic Number

The Magic Number

by David Bonnet
Thu 31 Jul 2025 at 06:41

In this in-depth deep dive into the evolution of the Asian gaming landscape, David Bonnet argues that many regional jurisdictions...

Rashid Suliman – A road well traveled

Rashid Suliman – A road well traveled

by Ben Blaschke
Thu 31 Jul 2025 at 02:45

Rashid Suliman, Vice President of Global Gaming Asia-Pacific for casino solutions provider TransAct Technologies, provides some insight into his unique...

Evolution Asia
Your browser does not support HTML5 video.
Aristocrat
GLI
Nustar
SABA
Mindslot
Solaire
Hann
Tecnet
HKUST
NWR

Related Posts

We’re Back!

Executive reshuffle sees RWS CEO Lee Shi Ruh named President and COO of parent company Genting Singapore

by Ben Blaschke
Sat 2 Aug 2025 at 15:26

Genting Singapore has announced the promotion of Ms Lee Shi Ruh, the recently appointed CEO of Resorts World Sentosa Pte Ltd, as its new President and Chief Operating Officer. Lee has until now served as Genting Singapore’s CFO. In a...

Star to open AU$3.6 billion Queen’s Wharf Brisbane development on 29 August

Star’s Hong Kong partners officially terminate Queen’s Wharf Brisbane acquisition deal

by Ben Blaschke
Fri 1 Aug 2025 at 13:02

Star Entertainment Group’s Hong Kong partners have officially closed the door on a deal that would have seen them acquire Star’s 50% stake in their AU$3.6 billion Queen’s Wharf Brisbane development. In a Friday release, Star confirmed that Chow Tai...

Macau GGR up 19% year-on-year to MOP$22.1 billion in July, sets new post-pandemic record

Macau GGR up 19% year-on-year to MOP$22.1 billion in July, sets new post-pandemic record

by Ben Blaschke
Fri 1 Aug 2025 at 12:49

Macau’s casinos recorded gross gaming revenue of MOP$22.13 billion (US$2.73 billion) in July, up 19.0% year-on-year and setting a new post-pandemic record, according to information from the Gaming Inspection and Coordination Bureau (DICJ). The month-on-month rise comes largely unexpected, with...

Melco’s long-stalled Countdown Hotel at City of Dreams to be converted into 150-key all-suite hotel

Melco’s long-stalled Countdown Hotel at City of Dreams to be converted into 150-key all-suite hotel

by Ben Blaschke
Fri 1 Aug 2025 at 06:45

Melco Resorts & Entertainment has revealed new plans for its long-stalled Countdown Hotel transformation project at City of Dreams Macau, with the tower to be rebranded and its existing 330 standard hotel rooms converted into 150 high-end suites. The renovation...

Your browser does not support the video tag.


IAG

© 2005-2025
Inside Asian Gaming.
All rights reserved.

  • SUBSCRIBE FREE
  • NEWSFEED
  • MAG ARTICLES
  • VIDEO
  • OPINION
  • TAGS
  • REGIONAL
  • EVENTS
  • CONSULTING
  • CONTRIBUTORS
  • MAGAZINES
  • ABOUT
  • CONTACT
  • ADVERTISE

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • Subscribe
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
  • Events
  • Contributors
  • Magazines
  • Advertise
  • Contact
  • About
  • Home for G2E Asia

© 2005-2025
Inside Asian Gaming.
All rights reserved.

  • English