Blackstone acquires Crown Resort Casino

Investment company Blackstone Inc. has manged to acquire Sidney based Crown Resort Casino for $6.4 billion. On Friday regulators of the state of Western Australia gave approval of the buyout of Crown Resorts by Blackstone inc. However, there are certain conditions that should be met before the buyout can officially take place.

Crown Sydney is an enormous skyscraper in Barangaroo, an area in central Sydney. This skyscraper is developed by Crown Resorts and comprises a casino, apartments and a hotel. The construction Crown Sydney was finished in the end of 2020 and is now going to be acquired by the Blackstone investment company.

The State of NSW will have to give a final permission after extensive assessment of Blackstone. “As the prospective owner of Crown Resorts, Blackstone has been required to demonstrate the highest standards of probity as well as a commitment to deliver the full suite of operational changes recommended by the Bergin Inquiry.  “This commitment is vital to ensure Crown Sydney is free from criminal influence and properly manages the risks of harm associated with casino activities.”

Last year the Crown resort got their gaming license revoked because the company was not In the right state to hold a gaming license for its casino in the Crown Sydney tower. This was due to allegations regarding money laundering and links to organised crime.

Therefore, the company was able and allowed to operate the hotel and restaurants in the Crown Sydney. However, if they want to operate the crown casino they will have to make changes within the company. The company culture and corporate governance should be change massively in order to get their gaming license back. Maybe with Blackstone that is coming in to play, the casino can be opened anytime soon.