Oceania

Australia’s Crown Casino Approves $6.3bn Sale to Blackstone

 

Australian billionaire James Packer will cash in his chips after his company Crown Resorts approved a $6.3-billion buyout by US private equity giant Blackstone.

Packer, Crown’s biggest shareholder and founder, is one step closer to an exit route from the beleaguered Australian casino firm hit by scandals and regulatory setbacks.

A shareholder ballot with 99.91% of the votes in favour of the buyout effectively ended one of Australia’s most storied business dynasties.

Packer, who created the company about 15 years ago, will receive about $2.32 billion.

Last month, Crown Resorts had postponed its scheme meeting, saying that Blackstone had made good progress in obtaining the gaming regulatory approvals. Crown said it had scheduled a court hearing for the scheme on May 24.

Earlier, advisory firm Grant Samuel – which was appointed as an independent expert by Crown – said that the scheme consideration is “fair, even if none of the contingent liabilities arise”.

 

  • Reuters, with additional editing by George Russell

 

 

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George Russell

George Russell is a freelance writer and editor based in Hong Kong who has lived in Asia since 1996. His work has been published in the Financial Times, The Wall Street Journal, Bloomberg, New York Post, Variety, Forbes and the South China Morning Post.

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