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Western Australia gives conditional nod to Blackstone's $6.3 bln Crown deal

reuters.com · 06/09/2022 22:41
Western Australia gives conditional nod to Blackstone's $6.3 bln Crown deal

- Australia's largest casino operator Crown Resorts Ltd CWLDF said on Friday regulators in the state of Western Australia had cleared its $6.3 billion buyout by private equity giant Blackstone Inc BX, subject to several strict conditions.

The approval follows nods from New South Wales and Victoria this week and clears another hurdle in Blackstone's path to closing its deal for the company 37% owned by billionaire James Packer. nL4N2XW02H

Western Australia's independent casino regulator and the state's racing and gaming minister Tony Buti approved the deal subject to "tough" conditions, including additional auditing and a commitment to invest in and maintain Crown's Perth casino, the regulator said. nASXcdfhpr

Crown 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.

The deal now awaits approval from Australia's federal court at a hearing on June 15.


(Reporting by Shashwat Awasthi; Editing by Rashmi Aich)

((Shashwat.Awasthi@tr.com))