Crown gives thumbs up to Blackstone

The board of Australia’s Crown Resorts has agreed for the company to be taken over by Blackstone, the private equity company.

The problem-hit casino company, wracked with money-laundering accusations and condemned by a Royal Commission, has reformed its board and has now agreed to back the offer by Blackstone of US$6.3bn.

The deal would enable the controversial billionaire James Packer to leave the company and its string of casinos in Melbourne, Sydney and Perth. Crown had previously dismissed a lower bid from Blackstone.

The new chairman, Ziggy Switkowski, pointed out that the new Blackstone offer was 10 per cent higher than the original one made in 2021.

Crown meanwhile remains under investigation from the regulators for its alleged connections to organised crime. Its Sydney casino licence is currently suspended and its major venue in Melbourne is operating under a government-appointed manager.