Business & Economy

Crown Resorts casinos accepts Blackstone purchase for $ 6.3 billion

Sydney, Australia, March 22 (EFE).- Australian casino operator Crown Resorts announced Monday it agreed to be sold for some AUD 8.9 billion ($ 6.349 million) to American investment fund Blackstone, after months of negotiations and scandals.

Crown Resorts said in a statement it would recommend to shareholders that they accept Blackstone’s offer of AUD 13.10 per share at a general meeting scheduled for mid-year.

Ziggy Switkowski, Crown Resorts’ board of directors chairman, said that despite the steps taken to face various challenges of the business group, the investigations and the Covid-19 pandemic, “uncertainty” continues to reign over its future, and said Blackstone’s offer is 11 percent higher than the one made nearly a year ago.

The transaction, which has been unanimously recommended, is conditional on the country’s gaming regulators allowing Blackstone to own and operate Crown’s casinos in Sydney, Melbourne and Perth.

Crown, in which tycoon James Packer owns 37 percent of the shares, faces a series of scandals including the suspension of its license to operate in Sydney after a government investigation found in 2021 that the company cannot operate over alleged money laundering activities. EFE


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