Blackstone wins key approvals for US$6.3b Crown Resorts buyout

GAMBLING regulators in the Australian states of Victoria and New South Wales approved US private-equity firm Blackstone’s US$6.3 billion takeover of Crown Resorts, the casino operator said on Thursday (Jun 9).

Approval from regulators in Western Australia, where Crown runs its Perth casino, is still pending.

Crown’s Melbourne casino has been operating with a government-appointed supervisor since last year and will continue to do so, the Victorian Gambling and Casino Control Commission said.

The licence for Crown’s flagship A$2.2 billion (S$2.17 billion) casino skyscraper in Sydney, New South Wales (NSW), remains suspended, more than a year after it was due to open.

“The Authority has worked closely with Crown on plans for a conditional opening of gaming at Crown Sydney,” said Philip Crawford, chairman of the NSW Independent Liquor & Gaming Authority.

A successful deal with the US private equity giant could give Crown’s billionaire founder James Packer a way out from a firm hit by scandals and regulatory setbacks and draw the curtain on one of Australia’s most storied business dynasties.

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Victoria, New South Wales, and Western Australia have, at different times, all found Crown unfit to hold gaming licences. REUTERS