Blackstone Inc’s $6.3 billion takeover of Crown Resorts Ltd was approved by gambling regulators in the Australian states of Victoria and New South Wales. Regulators in Western Australia, where Crown Runs its Perth casino, have yet to complete the approval process.
The Victorian Gambling and Casino Control Commission said a government-appointed supervisor has been overseeing Crown’s Melbourne casino since last year, and will continue to do so.
More than a year after it was due to open, Crown’s flagship US$1.58 billion casino skyscraper in Sydney, New South Wales still has its license suspended.
Philip Crawford, chairman of the NSW Independent Liquor & Gaming Authority said, “The Authority has worked closely with Crown on plans for a conditional opening of gaming at Crown Sydney.”
Victoria, New South Wales, and Western Australia have all found Crown unfit to hold gaming licenses at one time or another. This would make a potential deal with Blackstone very attractive to James Packer, Crown’s billionaire founder, as it would offer him an exit option from a firm wracked by scandals and regulatory setbacks.