The Blackstone Group brings home Crown Resorts

Blackstone has announced that it has completed the acquisition of Crown Resorts, representing the biggest acquisition deal for the company in the Asian Pacific region. Through this purchase, Blackstone Group has been able to purchase all three properties, including Melbourne, Perth, and Sydney.

All three represent an important pivot of the Crown Resorts portfolio, and despite regulatory headwinds, Blackstone Group believes that it has a strong asset and a hand to play in Australia as a result. Blackstone is not cleaning house either, relying on the cultivated local expertise of the company and its thousands of employees, along with executives.

Crown Resorts had to enact a lot of C-level changes to make sure that it appeases regulators and restoresits reputation. Blackstone had nothing but praise for the casino group, arguing that Crown is capable and delivering on the highest standards of integrity, governance, and compliance, setting the tone for the future of the company under the Blackstone brand.

Blackstone further noted that Crown Resorts makes a substantial contribution to the Australian economy, which is another feather in the company’s cap. Blackstone Head of Real Estate Acquisitions Asia Alan Miyasaki said that Blackstone was extremely happy to be acquiring the company, and suggested that the group would be looking to realize Crown’s full potential.

"We look forward to working with the teams at Crown and applying our experience in owning and operating marquee hospitality brands around the globe with the highest levels of ethics and integrity to create something unique for employees, local communities, and visitors," Miyasaki added.

Blackstone Head of Real Estate Australia Chris Tynan said that the company would commit significant capital to ensure that Crown Resorts realizes its full travel and leisure potential available to all. Part of this investment will be a long-term commitment to the local economy, driving results and creating sustainable jobs.

Crown Resorts Chief Executive Officer Steve McCann welcomed the opportunity to be joining the Blackstone family. He stressed that the company has undergone a profound transformation that makes it fit to operate in the new market realities, alluding to the extensive reviews and the fallout of those that the company is still dealing with in Australia.

The executive assured that compliance will be an uppermost priority, but also added that there are important times ahead. Australian tourism is experiencing a recovery, McCann said, and Crown Resorts is well-positioned to benefit from the 28 years of cultivating loyal customers and potential new ones.

This and more will help Crown Resorts position itself firmly as one of the leading integrated resorts in existence. Blackstone’s input in Crown Resorts’ can have a further transformative effect as well, benefiting from its experience with The Cosmopolitan in Las Vegas.

Image credit: Unsplash.com