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Tag Archives: Blackstone

Australia – Blackstone completes takeover of Crown Resorts

Blackstone has announced that real estate funds and private equity funds managed by Blackstone have completed the acquisition of Crown Resorts Limited in the largest transaction to date for the firm in Asia Pacific. The transaction comprises three premium resort and casino properties in Melbourne, Perth and Sydney. Blackstone will work with the management team…

Australia – Blackstone on track to take control of Crown Resorts

The board of Australia’s biggest casino operator, Crown Resorts, said today that it’s likely to back a buyout proposal from US private equity firm, Blackstone, after the offer was sweetened to A$8.87bn ($6.46bn). The buyout firm, which already owns 10 per cent of Crown, lifted its bid to A$13.10 per share, from a November offer…

US – Churchill Downs to sell land by Calder Casino to Blackstone

Churchill Downs will sell 115.7 acres of land near Calder Casino for $291m to Link Logistics, one of the premier owners of logistics real estate assets, established in 2019 by Blackstone. The closing of the sale of the property is subject to the satisfaction of various closing conditions. The company anticipates closing the sale of…

Australia – Crown receives improved takeover offer from Blackstone

Crown Resorts announced that it has received an unsolicited and non-binding proposal from a company on behalf of funds managed and advised by Blackstone Inc. and its affiliates to acquire all of the shares in Crown by way of a scheme of arrangement at a price of A$12.50 cash per share. The offer price will…

US – MGM buys Cosmopolitan operational rights from Blackstone for $1.625bn

MGM Resorts is buying the operations of The Cosmopolitan of Las Vegas from Blackstone for $1.625bn, subject to customary working capital adjustments. The purchase price represents a multiple of approximately eight times adjusted EBITDA, inclusive of expected operational synergies and identified revenue growth opportunities. Following the close of the transaction, MGM Resorts will enter into…

US – Blackstone could have buyer lined up for $5bn Cosmopolitan

New York-based investment company, Blackstone, owner of the Cosmopolitan casino resort in Las Vegas, has reportedly got a suitor lined up to buy the property, although it has set an asking price of $5bn. Two of the big names believed to be interested in buying the casino include Apollo Global Management, who is buying the…

Australia – Blackstone looks to protect offer for Crown from regulatory fall-out

US private equity fund Blackstone has tweaked its $6bn offer for Crown Resorts, saying can’t lose any of its state licences before the deal is approved, and that a Blackstone-controlled Crown must be viewed as a ‘suitable’ operator by all regulatory authorities. Blackstone has left the price of its offer the same. Crown Resorts said:…

Australia – Blackstone buys 9.9 per cent shareholding in Crown Resorts from Melco

US private equity investment company The Blackstone Group has bought a 9.9 per cent shareholding in Australian casino group in Crown Resorts from Melco Resorts & Entertainment for around $550m. Melco said the sale was ‘an opportunity for the group to realise its investment in Crown Resorts at a market price,’ and to ease financial…

US – Blackstone to pay $4.6bn for foothold in MGM Grand and Mandalay Bay

MGM Resorts is offloading a major shareholding in two of its major Las Vegas assets with MGM Grand and Mandalay Bay being sold to growing gaming force Blackstone for $4.6bn following the increasingly popular ‘buy and lease back model.’ The deal between MGM Growth Properties and Blackstone Real Estate Income Trust effectively monetises the real…