Blackstone closes in on US$6.3bil Crown bid

Good to go: A man walking past a Crown Sydney hotel. The approvals are a key step to ensure that the company is able to meet its undertakings for major operational, governance and structural reforms. — Bloomberg

SYDNEY: Australian gambling regulators have cleared private equity giant Blackstone Inc to run the troubled casinos of Crown Resorts Ltd in the country’s two largest cities, a crucial but largely expected step in its US$6.3bil (RM27.7bil) buyout.

The Sydney-listed target that is 37% owned by billionaire James Packer has been under pressure for years since damaging inquiries found it enabled money laundering, while Covid-19 lockdowns and border closures battered its profit and shares.