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NewsApril 5, 2021·1 min read
Blackstone Offers $6 Billion for Crown Resorts, Aussie Casino Giant
Blackstone Group Inc. has offered $6 billion for Crown Resorts, the Australian casino group. The move comes as gambling regulators continue to pummel the Australian company after a damning inquiry report highlighted problems including money laundering and relationships with criminal organisations.
Blackstone Group Inc. has been on a casino-buying spree for half a decade now, spending more than $10billion to acquire four of Las Vegas’ most iconic resorts. The U.S. investment firm bought the Cosmopolitan Las Vegas in 2015, the price tag a cool $1.7billion, and added the Bellagio in 2019 for $4.25billion, followed by the MGM Grand and Mandalay Bay resorts for a combined $4.6 billion.
Blackstone offered AUD11.85, equivalent to US$9.15, per share- a 20% premium on its closing price last week.
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