Western Australia Gives Conditional Nod to Blackstone's $6.3 Bln Crown Deal

Reuters2022-06-10

June 10 (Reuters) - Australia's largest casino operator Crown Resorts Ltd said on Friday regulators in the state of Western Australia had cleared its $6.3 billion buyout by private equity giant Blackstone Inc, subject to several strict conditions.

The approval follows nods from New South Wales and Victoria this week and clears another hurdle in Blackstone's path to closing its deal for the company 37% owned by billionaire James Packer.

Western Australia's independent casino regulator and the state's racing and gaming minister Tony Buti approved the deal subject to "tough" conditions, including additional auditing and a commitment to invest in and maintain Crown's Perth casino, the regulator said.

Crown has been under pressure for years since damaging inquiries found it enabled money laundering, while COVID-19 lockdowns and border closures battered its profit and shares.

The deal now awaits approval from Australia's federal court at a hearing on June 15.

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Comments

AliPharma
2022-06-10
AliPharma
ok
VivianChua
2022-06-10
VivianChua
Ok
patrickLai
2022-06-10
patrickLai
Ok
Kenang
2022-06-10
Kenang
Pls like
Ahsiang
2022-06-10
Ahsiang
Omg
AlfonsoDex
2022-06-10
AlfonsoDex
Ok

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