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Industry
February 14, 2022
Blackstone to Acquire Crown Resorts for $6.5 Billion
Crown Resorts announced that it entered into an implementation deed under which its shares will be acquired by Blackstone Inc. for AU$13.10 per share. Blackstone, Crown Resorts Enter Into Implementation Deed Crown Resorts, one of Australia’s largest entertainment groups and a leading casino operator, announced on Monday that it entered into an implementation deed with […]
Casino
December 9, 2021
Blackstone Working on IPO for Spanish Gambling Giant Cirsa
According to Spanish daily newspaper Cinco Días, private equity group Blackstone will seek to launch an initial public offering (IPO) for Spanish gambling giant Cirsa. The deal is reportedly estimated at up to €3 billion ($3.4 billion) and could be one of the most significant for the European and Spanish gambling industries. The report states […]
Casino
December 2, 2021
Crown Resorts Opens Books to Blackstone, Expects Improved Bid
Crown Resorts may be in trouble but it is not selling on the cheap – that was the message sent by the Australian land-based casino company to Blackstone Group and all other potential suitors on Thursday. Bid Does Not Reflect Crown’s Value Crown Resorts reacted to the latest offer by Blackstone in which the private […]
Casino
September 27, 2021
MGM Resorts Agrees to $1.6B Cosmopolitan Operations Purchase
MGM Resorts signed a definitive agreement with Blackstone to acquire the operations at The Cosmopolitan of Las Vegas for $1.625 billion in cash, the casino company announced today. Buy the Operations, Rent the Property The price of the transaction that is expected to close in the first half of 2022, subject to regulatory approvals and […]
Casino
May 17, 2021
Crown Resorts Might Be Seriously Considering Merger with Star Entertainment
It appears that The Blackstone Group is going to have to head back to the boardroom if it wants to make a play for Crown Resorts. After Star Entertainment Group stepped in with a proposal that would see Crown and Star merge, Blackstone tried to sweeten the pot, but it apparently isn’t enough. Crown’s board […]
Casino
April 13, 2021
Blackstone Safeguards Crown Proposal, Tightens Conditions
Australian casino operator Crown Resorts announced conditions for the proposed buyout of outstanding shares by Blackstone Group have been modified to include safeguard against possible loss of operating licenses before the deal is complete. Regulatory Approval Condition Last month, the private equity giant which already holds a 9.99% stake at Crown Resorts acquired from Melco […]
Casino
April 8, 2021
Sale of Crown Resorts Appears Ready to Advance, But Maybe Not to Blackstone
Once a reining giant in Australia’s casino market, Crown Resorts has found itself spiraling downward the past couple of years. The casino operator has acknowledged it made a series of missteps, including not preventing money laundering at its properties, and is facing scrutiny across the country. As the saga continues to unfold, Crown’s board has […]
Casino
March 29, 2021
Blackstone’s Crown Resorts Bid to Face Regulatory Scrutiny
NSW’s gambling regulator boss, Philip Crawford, has said that Blackstone will face extensive regulatory scrutiny in its bid for Crown Resorts. Blackstone to Face Regulatory Scrutiny Blackstone’s $8 billion takeover bid for Crown Resorts should be coming to a successful close as the investor seems hell-bent on making this one work. Yet, challenges abound. The newest one comes from […]
Casino
March 22, 2021
Crown Receives AU$6.2B Buyout Offer from Blackstone Group
Troubled Australian casino operator Crown Resorts received a buyout offer from Blackstone Group Inc, the company revealed Monday declining to comment further on the unofficial bid. Price Discovery Crown’s second-largest shareholder Blackstone offered AU$11.85 per share bringing the total valuation to AU6.2 billion, but when the news hit the wires Crown’s shares jumped more than […]