Crown Casino Receives $6billion Takeover Offer

Australias premier casino group has seen a $6billion offer tabled for it, the potential buyers looking to add Crown Resorts to their Vegas casino portfolio that includes the Bellagio…

By: Andrew Burnett


Blackstone Group Inc. has been on a casino-buying spree for half a decade now, spending more than $10billion to acquire four of Las Vegas’ most iconic resorts.

Now the owners of the Crown Casino in Melbourne – home of the Aussie Millions – are being targeted by the New York City-based investment management company.

The move comes as gambling regulators continue to pummel the Australian company after a damning inquiry report highlighted problems including money laundering and relationships with criminal organisations.

CEO and managing director Ken Barton recently  jumped ship, and it seems that Blackstone have smelled an opportunity to increase their 10% holding in Crown Resorts.

The Wall Street Journal reported that Blackstone offered AUD11.85, equivalent to US$9.15, per share - a 20% premium on its closing price last week.

Blackstone, which already has real-estate assets in Australia, confirmed Crown’s release of the offer details, though both sides would have to wait for gambling regulators to ok any deal.

The U.S. investment firm bought the Cosmopolitan Las Vegas in 2015, the price tag a cool $1.7billion, and added the Bellagio in 2019 for $4.25billion, followed by the MGM Grand and Mandalay Bay resorts for a combined $4.6 billion.

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