Western Australia gives a conditional nod to Blackstone’s $6.3 billion Crown deal According to Reuters
© Reuters. FILE PHOTO: The logo of Australia’s leading casino operator Crown Resorts decorates the fence surrounding the Crown Perth hotel and casino complex in Western Australia, October 20, 2016. REUTERS / Aaron Bunch / File Photo / File Photo / File Photo
(Reuters) – Australia’s largest casino operator Crown Resorts Ltd said on Friday regulators in the Western Australian state had cleared the private equity firm’s $6.3 billion buyout Blackstone (NYSE:) Inc., is subject to a number of strict conditions.
The approval follows nods from New South Wales and Victoria this week and removes another roadblock on Blackstone’s path to closing Blackstone’s 37%-owned company.
Western Australia’s independent casino regulator and the state’s Minister of Gaming and Racing Tony Buti approved the deal on “tough” conditions, including additional audits and a commitment to investment and maintenance. maintain Crown’s Perth casino, the regulator said.
Crown has been under pressure for years since damaging investigations found it allowed money laundering, while COVID-19 lockdowns and border closures have adversely affected its profits and shares. it.
The agreement is currently awaiting approval from Australia’s federal court at a hearing on June 15.
