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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 […]
Industry
May 20, 2022
Crown Investors Approve Blackstone’s Takeover Bid
As Blackstone prepares to acquire Crown Resorts, the casino company inquired about its investors’ opinion on the deal. As it turns out, most of them support the takeover. Crown’s Shareholders Approve the Scheme Blackstone, an American investment management company, announced its intentions to acquire Crown Resorts. The Australia Foreign Investment Review Board reviewed the deal […]
Business
April 27, 2022
Blackstone Set to Wait Three More Weeks to Take Over Crown Resorts
Blackstone’s takeover of Crown Resorts has been delayed due to the fact that the private equity company needs to make a case with Australian regulators that it is fit to be in control of the casino operator. As a result, Blackstone will have to wait additional 3 weeks to receive the necessary approvals. The Company […]
Casino
March 29, 2022
Blackstone’s Acquisition of Crown Resorts Now Closer to Realization
The Foreign Investment Review Board has given the green light on Blackstone Group’s proposed acquisition of Crown Resorts and in doing so, the first hurdle has been passed as the Australian government has no objection to the purchase. Blackstone Offered $6.5 Billion All-Cash to Buy Crown Blackstone’s offer of AU$8.9 billion ($6.5 billion) was met […]
