Crown Resorts, the largest owner and operator of land-based casinos in Australia, has finally changed ownership as Blackstone Group, an international private equity firm, has announced that it completed the acquisition.
The deal is worth 8.87 billion dollars and it will see ownership of Crown Melbourne, Crown Perth and Crown Sydney be taken by SS Silver, a company which is owned by funds managed by Blackstone.
The completion of the acquisition put an end to a three-year fight for Crown Resorts, a battle which started all the way back in April 2019, when Wynn Resorts, the casino operator based in Las Vegas, first opened talks regarding a possible transaction.
Then Crown Resorts attracted interest from Melco, the gigantic Asian gaming group, but the discussions came to an abrupt end when state authorities began investigating the operations of Crown Resorts and eventually found the company unsuitable to hold casino licenses in New South Wales, Victoria and Western Australia.
Blackstone already owned 9.9 percent of Crown Resorts, a stake that was purchased from Melco Resorts & Entertainment Limited in April 2020. Their first bid for the remaining 90.1 percent was submitted in March 2021 and was later rejected by Crown Resorts.