Regulators in Australia have given the nod to equity company Blackstone to take over the running of the Crown Resorts casinos in Sydney and Melbourne in its $6.3bn acquisition deal.
Crown has been the subject of a long-running scandal over money laundering failures and links to organised crime, with considerable negative media attention and the subject of an inquiry that found it unfit to hold licences.
The new Crown board has approved the takeover bid by Blackstone, providing a way to exit a troubled investment for its shareholders.
No decision has been made yet by regulators in Western Australia about Blackstone’s suitability to take over the other Crown property in Perth.