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Casino
October 19, 2023
Blackstone Anticipates Crown Resorts Overhaul to Cost Millions
The Blackstone Group, the globally recognized US private equity giant, acquired Crown Resorts, the leading Australian casino operator, last summer. At the time of the announcement, the price tag of the deal was a staggering AU$8.9 billion ($6.5 billion). However, despite the initial investment to acquire Crown Resorts, The Blackstone Group revealed that it has […]
Casino
June 9, 2023
Blackstone Group Signals Confidence in Crown Melbourne Property
As a result, Blackstone will be investing in what it sees as a much-needed renovation in Crown Melbourne, following the $6.5-billion acquisition of Crown Resorts last year. This was carried out amid increased pressure on the property, as it faced probes into various offenses and breaches of Australia’s gambling laws. Blackstone Outlines Future Success of […]
Business
May 5, 2023
Blackstone-owned Cirsa Explores Potential IPO in Spain
Spanish gambling company Cirsa, owned by US asset manager Blackstone, is considering various options, including an initial public offering (IPO), according to anonymous insiders. Cirsa’s Potential Deal May Be Affected by Lottomatica’s Disappointing IPO However, Lottomatica’s recent lackluster IPO in Milan, which priced its shares at the bottom of the targeted valuation range and led […]
Business
December 2, 2022
Blackstone Sells Off All Stakes in MGM Grand and Mandalay Bay
Blackstone Real Estate Income Trust, Inc. (BREIT) made an official press release announcing the upcoming sale of its remaining MGM Grand Las Vegas and Mandalay Bay Resort stakes. VICI Properties, which currently owns a 50.1% interest, will acquire the remaining 49.9% interest in the joint venture for a cash consideration of roughly $1.27 billion. VICI […]
Business
July 6, 2022
Fitch Lowers Crown’s Rating Post-Blackstone Takeover
Crown Resorts, Australia’s largest gaming operator, recently sold its business to The Blackstone Group, a real estate and private equity firm. As a result, Fitch Ratings, a major rating agency, downgraded its rating of Crown’s business. Fitch Changed Its Ratings Soon after Blackstone completed the deal, Fitch lowered Crown Resorts’ Issuer Default Rating from BBB […]
Casino
June 24, 2022
Blackstone Acquires Crown Resorts, the Real Estate Firm Confirms
Blackstone, a real estate and private equity firm, has officially confirmed that it completed Crown Resorts’ acquisition. With this development, Blackstone will take over three premium casino resorts, located in Sydney, Melbourne, and Perth. The news comes just days after Crown Sydney was granted a conditional license. The Acquisition is Blackstone’s Largest Investment in the […]
Casino
June 15, 2022
Crown’s Acquisition by Blackstone Will Breathe New Life into the Brand
The Federal Court of Australia has approved the takeover of beleaguered casino operator Crown by The Blackstone Group, a US-based private equity giant. This approval clears the final hurdle before the $6.5 billion acquisition, which will conclude on 24 June. The takeover has already secured the other required approvals from Victoria, Western Australia, and New […]
Industry
June 13, 2022
Western Australia Backs Blackstone’s Bid on Crown
The Blackstone Group, a US-based private equity company, is on the way to acquiring Crown Resorts, an Australian casino business. As per the agreement, the former firm will acquire the operator for a total of around $6.5 billion. The deal was approved by Crown’s shareholders and has now been approved by Australia’s regulators as well. […]
Business
June 9, 2022
Two Australian Watchdogs Back Blackstone-Crown Resorts Deal
The Blackstone Group has cleared an important hurdle as it pivots towards the acquisition of Crown Resorts Ltd. The company has got the go-ahead by regulators in Victoria and New South Wales with the Victorian Gambling and Casino Control Commission (VGCCC) and the New South Wales Independent Liquor and Gaming Authority (ILGA) backing the move, […]
Business
May 24, 2022
Crown Resorts’ $6.5B Acquisition Pending Final Court Hearing
Australian land-based casino operator Crown Resorts announced in a filing with the Australian Securities Exchange (ASX) today that it has filed materials conccerning the proposed acquisition by Blackstone with the Federal Court of Australia. Final Court Hearing Date Pending Last week, Crown Resorts shareholders voted to almost unanimously approve the proposed transaction by way of […]
