American Blackstone Group Purchases Aussie Crown Resorts LTD

By | June 16, 2022

American Blackstone Group Purchases Aussie Crown Resorts LimitedAn American private equity firm, The Blackstone Group has acquired an Australian casino operator the Crown Resorts Limited.

The deal was of $6.35 billion and it is approved by the top federal court of Australian.

The Australian Broadcasting Corporation confirmed the news on Tuesday, that the deal was approved by an apex court of Australia just after a week when the states of New South Wales and Victoria Okayed the acquisition.

This means that the American firm will have to purchase all the Crown Resorts Limited outstanding shareholding by July 24 with an individual price of approx $9.56.

The Crown Resorts Limited is a Sydney based company which was established back in 2007.

The company owns a 1,196- room property in Perth, Western Australia and a Crown Melbourne facility in the state of Victoria.

However, the license of this company was revoked last year after a state run inquiry determined that this company might have indulges with money laundering.

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The report also says that the crown resorts limited, which hold a large stake in UK’s prestigious Crown London Aspinalls property, will be de-listed and would become a private enterprise. This move will open new positives for the company.

The company will be able to secure a 350-room Crown Sydney venue in New South Wales to operate 230 table games in 1,577,000 casino area.

According to the Australian Broadcasting Corporation, the Australian business man James Packer will get $2.33 billion from this deal. Packer holds 37% skates in Crown Resorts Limited.

The Blackstone Group is a private equity firm management company that looks new opportunities throughout the world includes Australia.

The company is second largest equity firm in the world that owns several gambling friendly properties in Las Vegas USA.

Aussie players can also visit online casinos au to play best online casino and slots in Australia.

The deal was already finalized in between the Blackstone Group and the board of the casino company in February but it was pending in Foreign Investment Review Board.

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