Blackstone Group has acquired a 9.99 percent stake in Australian casino operator Crown Resorts from Hong Kong–based Melco Resorts and Entertainment.
The sales price was A$550 million ($359 million).
Blackstone’s purchase makes it the second-largest holder in Crown after the company’s billionaire founder James Packer.
Crown, one of Australia’s leading entertainment groups, owns and operates two casinos and integrated resorts, Crown Melbourne and Crown Perth. It is currently constructing the A$2 billion ($1.3 billion) Crown Sydney Hotel Resort at Barangaroo.
