Western Australia gives conditional nod to Blackstone’s $6.3 billion Crown deal -Breaking
(Reuters) – Australia’s largest casino operator Crown Resorts Ltd stated Friday that the regulators in Western Australia had approved Blackstone’s $6.3 billion takeover of Crown Resorts Ltd. However, there were strict conditions.
Blackstone has now received nods in Victoria and New South Wales for this approval. This removes another obstacle on its path to closing the deal for 37% of James Packer’s company.
Tony Buti (West Australian’s Independent Casino Regulator) and Tony Buti (State’s Racing and Gaming Minister) approved the agreement subject to certain conditions. These included additional auditing, as well as a promise to continue investing in Crown’s Perth casino.
Crown was under severe pressure since it was found to have enabled money laundering. COVID-19 lockdowns, border closures and COVID-19 lockdowns also harmed Crown’s profit and share price.
Now, the deal is awaiting approval by Australia’s Federal Court at a hearing scheduled for June 15.