Venture capital

Venture capital giant Blackstone Group, the venture capital giant is bidding to acquire Australia’s Crown Resorts casino portfolio.

News came through yesterday that Crown had received a proposal from Blackstone to acquire all of the shares in Crown at A$11.85 (US$9.15) each, a premium of 19 per cent on the average price of Crown shares since it released its first-half 2021 results.

The bid is dependent upon the Crown board unanimously approving the approach and recommending the deal to its shareholders.

Blackstone already has a near-10 per cent holding in Crown, acquired from Melco Resorts and Entertainment at $8.15 per share in April of last year. The deal values Crown at A$8.02bn (US$6.2bn).

Crown has run into problems with the Australian regulators over alleged money laundering issues, questioning its suitability to hold licences.

The proposed acquisition would give Blackstone ownership of two major Australian casinos and a new A$2.2bn resort on Sydney’s waterfront. Two years ago Blackstone bought the Bellagio Casino and Resort in Las Vegas for $4.235bn.

Crown Resorts is one of Australia’s largest entertainment groups and makes a major contribution to the Australian economy through its role in tourism, employment, training, and its corporate responsibility programs.

Crown’s core businesses and investments are in the integrated resorts sector.

In Australia, Crown owns and operates two of Australia’s leading integrated resorts, Crown Melbourne and Crown Perth. Crown’s development project pipeline includes the Crown Sydney Hotel Resort at Barangaroo in Sydney and the One Queensbridge development site in Melbourne.

You should read also the news from HERE.


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