By Reuters Staff
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(Reuters) - Crown Resorts said on Tuesday Blackstone Group set further conditions for its proposed buyout of the casino operator, including that the Australian company not loose further state licences.
Crown has already been found to be unfit to hold a gambling licence for its Sydney casino, and currently faces Royal Commission inquiries in Western Australia and Victoria, the two other states it operates in.
Last month, U.S. private equity firm Blackstone offered to buy shares in Crown that it does not already own for A$11.85 each, in a deal that valued the Australian company at A$8.02 billion ($6.11 billion).
Crown Resorts said on Tuesday Blackstone Group set further conditions for its proposed buyout of the casino operator, including that the Australian company not loose further state licences.
Australian casino operator Crown Resorts Ltd said private equity giant Blackstone Group Inc modified the conditions of a proposed $6 billion buyout, saying the target must not lose further state licences before the deal is approved.
Live casino provider Evolution Gaming said on Monday it had agreed to buy Australia-based online slot machine developer Big Time Gaming for up to 450 million euros ($534.8 million).
By Reuters Staff
2 Min Read
FILE PHOTO: The Crown Casino complex is pictured in Melbourne March 19, 2016. REUTERS/Jason Reed//File Photo
(Reuters) -Billionaire James Packer’s Consolidated Press Holdings (CPH) said on Tuesday it was open to considering private equity firm Blackstone Group Inc’s A$8.02 billion ($6.13 billion) proposal to buy Australian casino operator Crown Resorts Ltd.
Blackstone in March had proposed to buy Crown Resorts in a deal valuing the troubled casino operator at $6.2 billion, a markdown from its value a year ago but a possible reprieve from regulatory pressure.
Top shareholder Packer has been heavily criticized over his alleged influence over Crown despite quitting the board in 2018, with an enquiry by a state asking for a resolution on the ownership before allowing the company to hold a casino license in New South Wales.