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Blackstone Finalises its Acquisition of Crown Resorts

The Blackstone Group has announced that it has finalised its acquisition of the Crown Resorts Casino Group. Blackstone is a private equity firm, and this is said to be its largest acquisition to date within Asia. The process of acquiring Crown Resorts has been far from a simple process for the Blackstone Group, with several steps required before it could proceed. However, it has successfully completed all of them and completed its acquisition.

Blackstone group Finishes Acquisition of Crown Resorts

Blackstone Completes all Requirements

The Blackstone Group, a US-based company, reportedly paid AU$8.8 Billion for the privilege of acquiring Crown Resorts’ three properties. However, it wasn’t as simple as just throwing money at Crown Resorts. The process had to begin by showing the Crown Resorts’ shareholders that the acquisition was a good move for the company. Following that, the Blackstone Group then had to convince the casino regulators in Australia that it was worthy of holding a license and would adhere to all relevant regulations and rules.

Blackstone had to convince the regulators in New South Wales, Victoria, and Western Australia. Once this was done and the Blackstone Group had received approval from the regulatory organisations, it then had to go through the Federal Court, which had to approve the process. This was only completed a week ago, which gave the final green light for the acquisition to proceed.

Blackstone Committed to Restoring Crown Resorts

According to the Blackstone Group, this has been its first purchase in around two years, and it believes Crown Resorts has tremendous potential. It aims to transform the three properties into true world-class destinations for entertainment and gambling. Blackstone has also committed itself to ensuring the properties adhere to the highest standards and comply with all regulations and government standards.

This might finally be the first good news for Crown Resorts, which has seen a lot of bad news recently. There have been several cases of mismanagement and money laundering in recent years. The Blackstone Group is committed to getting Crown Resorts back on the right path and correcting recent mistakes and setbacks.