Crown Resorts, the largest owner and operator of land-based casinos in Australia, is getting closer to being taken over by Blackstone after the deal was approved in Western Australia, Victoria and New South Wales.
The acquisition previously received approval from the Australian Foreign Investment Review Board and also the Crown Resorts shareholders voted in favor of the deal. Nevertheless, Blackstone also required local approvals in Western Australia, New South Wales and Victoria in order for the deal to move forward.
The New South Wales Independent Liquor & Gaming Authority (ILGA) and Victorian Gambling and Casino Control Commission (VGCCC) both issued their approval of the deal on June 9, allowing Blackstone to operate land-based casinos in the respective Australian states.
One day later, the The Gaming and Wagering Commission of Western Australia (GWC) also announced that it had approved the proposed acquisition and that it would allow Blackstone to operate the Crown Perth casino.
Following these approvals from the three Australian states, the final hurdle for the proposed acquisition is a final court hearing, which has been scheduled for 15 June. If the court would also approve the acquisition, then Crown Resorts will be able to announce a timetable for completion of the deal.