Blackstone closes in on $6.3b Crown bid after Australia approvals

Photo: Crown Resorts

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 $6.3-billion 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.

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