Crown Resorts backs $6.3b Blackstone bid

Australia’s Crown Resorts has agreed to the sale of all of its shares to Blackstone for $6.5 billion.

Crown has been under scrutiny from regulators, who allege the firm is linked to organized crime. Currently, the gambling license for its flagship casino in Sydney remains suspended. BBC reported that Crown's casino in Melbourne has been told it must operate under the supervision of a government-appointed manager for two years.

“The Crown Board and management have made good progress in addressing a number of significant challenges and issues emerging from the COVID-19 pandemic and various regulatory processes,” said Ziggy Switkowski, Crown’s chairman. “Nevertheless, uncertainty remains and having regard to those circumstances and the underlying value of Crown we believe the Blackstone Transaction represents an attractive outcome for shareholders. The all-cash offer provides shareholders with certainty of