Crown Resorts (ASX:CWN) shares gain as Blackstone gets key buyout approval

June 09, 2022 01:10 PM AEST | By Bhawna Gupta

Crown Resorts (ASX:CWN) shares gain as Blackstone gets key buyout approval — Image source: © Pvl | Megapixl.com

More about deal

The Victorian Gambling and Casino Control Commission said Crown's Melbourne casino has been operating under a government-appointed supervisor since last year and will continue to do so.

Crown's AU$2.2 billion ($1.58 billion) casino skyscraper licence in Sydney, New South Wales (NSW), is still closed more than a year after it was supposed to open.

Also Read: Crown (ASX:CWN) secures shareholders' approval on Blackstone buyout

What does management say?

According to ILGA chairperson Philip Crawford, Blackstone had been subjected to a rigorous probity review, which looked at its ability to resolve the risks and issues raised in the Bergin Report.

About Blackstone

Blackstone Inc. is a well-known global investment firm that specialises in capital placement on behalf of pension funds, major institutions, and individuals.

Why was Crown Resorts in the news recently?

With a current market capitalisation of AU$8.63 billion, Crown Resorts Limited is the largest ASX-listed casino and entertainment company. The majority of the company's interests are in the resort industry.

On 30 May, Crown Resorts informed that it had been fined AU$80 million due to the Victorian Gambling and Casino Control Commission's (VGCCC) inquiry into the China UnionPay procedure. According to the VGCCC, Crown Melbourne Limited must pay the fine within 28 days of the judgement date (27 May 2022).

Furthermore, the VGCCC is considering taking further disciplinary action against the Crown for the Royal Commission's other conclusions. While Crown has already agreed to pay VGCCC's costs in connection with this disciplinary action, the other processes might result in fine of up to AU$100 million.

Also Read: Why Crown (ASX:CWN) Melbourne has been slapped with AU$80M fine?

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