![]() ![]() “We’re very excited about the prospect of further investment into all three of the assets the Crown has in the stable,” he said. "We look forward to working with the teams at Crown and applying our experience in owning and operating marquee hospitality brands around the globe with the highest levels of ethics and integrity to create something unique for employees, local communities and visitors."īlackstone executive Chris Tynan said the group would now sit down with Crown executives to determine what investments are needed to transform Crown’s properties into world-class entertainment destinations, according to the cited source. "We first invested in Crown two years ago, seeing the tremendous underlying potential of the company and its people," he added. Blackstone has yet to commit to an opening date for the Barangaroo casino operation.Īlan Miyasaki, Head of Real Estate Acquisitions Asia, Blackstone, spoke in an official press release about the takeover and said: “ We are thrilled to become the new owner of Crown, bringing our expertise in hospitality to help the company achieve its full potential as a leading travel and leisure company." On their part, Blackstone said it will work with the management team at Crown and its thousands of employees, as well as their representatives from the United Workers Union and other partner unions, "to transform these properties into world-class entertainment destinations and continue Crown’s transformation to operate at the highest standards of compliance, governance, and integrity."Ĭrown’s core businesses include two of Australia’s leading integrated resorts, Crown Melbourne and Crown Perth as well as Sydney’s latest hotel resort and dining precinct at Crown Sydney, which has now been greenlighted to conduct gaming operations. “It’s exciting to think of Crown’s next chapter and I am confident Blackstone will take good care of the company.” And I am extremely proud of that,” he said, according to Sydney Morning Herald. ![]() "Today’s final sale to Blackstone is confirmation that we have built one of the country’s best tourism, entertainment and leisure companies. Following the transaction, the mogul reflected on his tumultuous period at the helm -which included several governance failings and money laundering allegations at the company's properties- praising what the company has achieved, despite “ups and downs and challenges.” Billionaire James Packer, the majority shareholder of the company, has now exited the business. The buyout was priced at AUD 8.9 billion ($6.2 billion), starting Crown afresh as an unlisted Australian entity. Blackstone announced Friday it has completed the acquisition of Australian gaming giant Crown Resorts Limited, the largest transaction to date for the firm in the Asia-Pacific region, comprising three premium resort and casino properties in Melbourne, Perth and Sydney. ![]()
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