American private equity management firm The Blackstone Group Incorporated has reportedly had its about $6.35 billion takeover offer for Crown Resorts Limited accepted by the Australian casino operator’s board of directors.
According to a report from The Sydney Morning Herald newspaper, the initial approval comes about a month after the New York-headquartered suitor sweetened an earlier proposition by around $300 million, which means it will now look to acquire all of the gambling giant’s issued shares at an individual price in the region of $9.35.
Elegant estate:
Crown Resorts Limited is reportedly responsible for the gambling-friendly Crown Melbourne and Crown Perth facilities in Australia as well as the United Kingdom’s prestigious Crown London Aspinalls property. The Sydney-listed operator is purportedly also planning to open the gaming portion of its new $1.56 billion Crown Sydney venue later this month after having the venue’s initial timetable scuppered due to the findings of a state-run investigation into persistent allegations of money laundering.
Billionaire beneficiary:
The newspaper reported that the founder of Crown Resorts Limited, controversial businessman James Packer (pictured), is widely expected to consent to the offer from The Blackstone Group Incorporated. This 54-year-old recluse holds a 37% stake in the casino operator and could purportedly pocket approximately $2.32 billion via the successful completion of the planned union.
Assured appraisal:
The Chair for the New South Wales Liquor and Gaming Authority, Philip Crawford, reportedly told the newspaper that his enterprise has already completed the majority of its required probity assessments of The Blackstone Group Incorporated, which owns the 4,000-room Aria Resort and Casino in Las Vegas, and has not ‘found anything that would preclude this transaction from going ahead.’ The regulator moreover purportedly noted that the final stages of this review could now be concluded by as early as June if the potential buyer promptly discloses the makeup and structure of its local management teams.
Important interest:
Chris Tynan serves as the Senior Managing Director Australia for The Blackstone Group Incorporated and he reportedly told The Sydney Morning Herald that his company is looking forward to completing its purchase of Crown Resorts Limited and will now await the outcome of a shareholder vote that is expected to take place in April, May or June. The executive purportedly furthermore divulged that his firm already holds a 9.9% stake in the Melbourne-headquartered target as well as a controlling interest in prominent casino and slots operator Cirsa Gaming Corporation SA, which runs 147 gambling-friendly facilities throughout Spain, Morocco and Latin America.
Reportedly read a statement from Tynan…
“Crown Resorts Limited plays a pivotal role in Australia’s economy. We are excited to bring our local expertise and global hospitality and gaming experience to contribute to Australia’s post-pandemic recovery and position Crown Resorts Limited for future growth.”