A Barangaroo casino licence is the only remaining hurdle to US player Blackstone’s $8.9 billion takeover of Crown Resorts, and a multibillion dollar exit for James Packer, after Western Australian gambling regulators approved the new owner.
“As the prospective new owner of the Perth Casino, Blackstone will be required to meet a number of stringent conditions,” WA racing and gaming minister Tony Buti, said on Friday.
“These conditions align with a number of the recommendations stemming from the recent Perth Casino Royal Commission.”
Crown chairman Ziggy Switkowski and chief executive Steve McCann.Credit:Renee Nowytarger
It comes one day after the Victorian Gambling and Casino Control Commission (VGCCC) and the NSW Independent Gaming and Liquor Authority (ILGA) approved Blackstone’s proposed acquisition.
The company is awaiting the return of its casino licence for Barangaroo, which was suspended in late 2020 amid the ILGA’s damning public inquiry into its operations, which found Crown was unfit to operate.
The NSW report found Crown needed a management overhaul if it ever wanted to hold a casino licence, and the state’s gambling regulator should reconsider James Packer’s involvement.
The NSW government was expected to review and approve Crown’s licence earlier this week and allow the company to enter its final court hearing to finalise Blackstone’s takeover. A decision by the NSW government is expected before the end of the month. The licence is expected to have strict conditions and allow the gambling giant to operate for an initial two-year period.
The deal will see the gaming billionaire James Packer walk away with $3.3 billion after he sells his 37 per cent stake in Crown to Blackstone.
On Wednesday, Crown Resorts chief executive Steve McCann was optimistic about the casino’s near future. “We are very close,” he said of work with the regulator and NSW government to get its licence approved.
Stay connected with us on social media platform for instant update click here to join our Twitter, & Facebook
We are now on Telegram. Click here to join our channel (@TechiUpdate) and stay updated with the latest Technology headlines.
For all the latest Business News Click Here
For the latest news and updates, follow us on Google News.
Denial of responsibility! NewsAzi is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – [email protected]. The content will be deleted within 24 hours.
