Troubled Crown Resorts

Troubled Crown Resorts in Australia may yet become a subsidiary of investment company Blackstone Group.

An earlier offer by Blackstone for Crown has been improved to US$6.2bn, Crown disclosed at the end of last week, making the third bid from Blackstone.

It will come as relief for Crown shareholders as the company has been roughly handled by a Royal Commission that has found it in breach of money-laundering regulations.

The upshot has been the removal of virtually all of its board and it has come very close to losing its operating licences.

The misconduct accusations, plus the devastating consequences of Covid-19 has left the casino company vulnerable.

It has also been courted by Star Entertainment Group, its biggest rival, but Star has now backed off and is now facing its own inquiry into misconduct.

The new Blackstone proposal values Crown at $6.16bn and Blackstone already holds a 9.99 per cent stake in it.

Blackstone is a leading global investment business investing capital on behalf of pension funds, large institutions and individuals.
Their mission is to create long-term value for their investors through the careful stewardship of their capital. they invest across the alternative asset classes in private equity, real estate, credit and hedge funds as well as in infrastructure, life sciences, insurance, and growth equity.

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