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Benzinga
Benzinga
Politics
Anusuya Lahiri

Crown-Blackstone Deal's Prospect Hangs Subject To Regulatory Approval

Crown United States James Packer BX Company Australia .Blackstone Inc. NYSE Melbourne New South Wales
  • Blackstone Inc's (NYSE:BX) $6.3 billion buyout of Crown Resorts Ltd (OTC:CWLDY) got delayed pending regulatory approval despite positive shareholder approval, Reuters reports.
  • Gambling regulators in New South Wales, Victoria, and Western Australia found the Crown unfit to hold gaming licenses at different times.
  • Crown's license for the flagship A$2.2 billion casino skyscraper in Sydney remains suspended over a year after it was due to open. Its Melbourne casino has been operating with a government-appointed supervisor since 2021.
  • James Packer, Crown's biggest shareholder, and founder will cash in his chips, worth A$3.3 billion ($2.32 billion), a decade and a half after creating the company.
  • The deal's success with the U.S. private equity giant could give Packer an out from the beleaguered Australian casino firm hit by scandals and regulatory setbacks and draw the curtain on one of Australia's most storied business dynasties.
  • Price Action: BX shares closed higher by 0.98% at $104.56 on Thursday.
  • Photo via Company
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