• About Us
  • The Team
  • Advertise with Us

The latest news on the gaming industry in Asia

() () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () ()
  • Home
  • Macau
  • Philippines
  • Singapore
  • Japan
  • Rest of Asia
  • World
  • Industry Talk
  • Trends & Tech
  • iGaming
  • follow
    • Facebook
    • Twitter
    • RSS Feed
    • LinkedIn

Crown receives sweetened US$6.2bln bid from Blackstone

Nov 19, 2021 Newsdesk Latest News, Top of the deck, World  


Crown receives sweetened US$6.2bln bid from Blackstone

Australian casino operator Crown Resorts Ltd says it has received “an unsolicited and non-binding proposal” from private equity management firm The Blackstone Group Inc, to acquire all of the shares in Crown Resorts.

Crown Resorts, whose shares closed at AUD9.90 on Thursday, said the proposal was at a price of AUD12.50 (US$9.10) cash per share, according to a filing to the Australian bourse on Friday. Blackstone’s proposal values the deal at more than AUD8.46 billion (US$6.16 billion), based on the Australian firm’s outstanding shares.

Blackstone is the casino firm’s second largest shareholder, controlling nearly 10 percent of Crown Resorts.

In Friday’s filing, Crown Resorts said it was assessing the proposal, which follows earlier offers from Blackstone of AUD11.85 per share in March, and AUD12.35 per share in May. The casino firm rejected the latter offer, saying it undervalued the company.

“The Crown board has not yet formed a view on the merits of the proposal,” the company said in a statement to the Australian bourse. The firm said it would “now assess the proposal, having regard to the value and terms of the proposal and other considerations.” It would also “engage with relevant stakeholders including regulatory authorities.”

It added: “There is no certainty that the proposal will result in a transaction.”

Blackstone is no stranger to investment in the casino industry. The group currently owns the property of a few casino hotels in Las Vegas, including the MGM Grand, the Mandalay Bay and the Bellagio.

Crown Resorts said in its Friday filing that Blackstone’s offer price would be “reduced by the value of any dividends or distributions declared or paid by Crown.” Blackstone has indicated that the proposed transaction would be funded through a combination of debt and equity, according to the statement

Any acquisition of Crown Resorts by Blackstone is conditional on Blackstone conducting due diligence on an exclusive basis and the global investment firm receiving final approval from its investment committee.

The offer is also conditional on the suitor receiving final approval from the casino regulators in each of the Australian states where Crown Resorts operates: Victoria, New South Wales, and Western Australia.

Crown Resorts – until 2016 a partner in the Macau gaming market alongside Melco Resorts brand – has been facing stringent regulatory scrutiny in Australia.

The Australian casino firm has been grilled at home because of its “dishonest and unethical” conduct, as described by local authorities. Crown Resorts has been found unsuitable to operate a casino in Melbourne, in the state of Victoria, and given two years to reform itself, according to a report released in late October.

In February, the company had been found unsuitable to be permitted to open a casino in Sydney, New South Wales, and a decision on its gaming licence there is still pending.

Crown Resorts is also facing regulatory scrutiny in Western Australian, where it runs Crown Perth resort (pictured), over the firm’s suitability to hold its casino licence in that state.


  • tweet
Related articles
  • Melco group settles litigation with Australian regulator
    Melco group settles litigation with...

    Sep 01, 2023  

  • Tourism-tied stocks to gain on prospect of Chinese visitors
    Tourism-tied stocks to gain on prospect...

    Aug 11, 2023  

More news
  • Any Macau clamp on money changing may hurt GGR: pundits
    Any Macau clamp on money changing may...

    Sep 25, 2023  

  • 26 Capital to delist, liquidate as Okada Manila merger fails
    26 Capital to delist, liquidate as...

    Sep 25, 2023  


Latest News

Any Macau clamp on money changing may hurt GGR: pundits

Any Macau clamp on money changing may hurt GGR: pundits

Sep 25, 2023  

Criminalisation of unlicensed money exchange in Macau is a complex topic and would need careful handling to respect the Chinese authorities’ wish to control cross-border currency flow, while...
Read More
26 Capital to delist, liquidate as Okada Manila merger fails

26 Capital to delist, liquidate as Okada Manila merger

Sep 25, 2023  

Japan govt nods MGM-Orix, Osaka govt deal for IR scheme

Japan govt nods MGM-Orix, Osaka govt deal for IR scheme

Sep 25, 2023  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Pick of the Day

"We [estimate] that these illegal [currency exchange] transactions account for somewhere between 50 percent to 60 percent [of Macau's annual gross gaming revenue]”

Ben Lee

Managing partner at IGamiX Management and Consulting



Most Popular

  • Any Macau clamp on money changing may hurt GGR: punditsAny Macau clamp on money changing may hurt GGR: pundits September 25, 2023
  • Strong Macau hotel bookings for autumn Golden WeekStrong Macau hotel bookings for autumn Golden Week September 22, 2023
  • Big players, tourists due for Golden Week say Macau expertsBig players, tourists due for Golden Week say Macau experts September 22, 2023
  • Londoner Macao’s Harry Potter exhibition to open Dec 15Londoner Macao’s Harry Potter exhibition to… September 22, 2023
Copyright 2014-2023 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us