AU (EN)
IN (EN)Blackstone Closes On Crown Deal
Today (24 June 2022), it was announced that Blackstone has successfully closed the deal on the acquisition of Crown Resorts Limited. This comes after the group initially invested in Crown Resorts two years before.
With a successful track record of buying and renovating popular holiday destination resorts and casinos, Blackstone aims to do the same with the Crown brand. Read on below for more now.
Blackstone's Successful Acquisition History
This isn’t the first casino purchased by the Blackstone Group. For eight years, Blackstone owned and successfully ran The Cosmopolitan in Las Vegas. In that time, the group made significant improvements to the casino and hotel, including the upgrade to 3000 guest rooms.
Another successful venture by the group was the eleven-year ownership of the Hilton Hotels Corporation. During this time, the group increased the Hilton properties to over 5300 and grew their employee count to over 400 000 on a global scale.
The group has also added the following resorts to their list of assets:
- Bourne Leisure of Britain
- An eight-hotel-portfolio across Japan
- Joint acquisition of extended stay hotels
The Vision For Crown Resorts Limited
Over the next few years, Blackstone plans on making some big changes to the Crown group. The Australian head of real estate for the Blackstone Group, Chris Tynan, said,
"This is a great opportunity that plays to Blackstone’s strengths – investing significant capital and resources to rebuild Crown into an iconic destination for travel and leisure that everyone can be proud of… We look forward to supporting the local economy, creating jobs, and attracting visitors to Crown’s exceptional properties"
The Crown group has been operational for over a decade. Founded on the 31st of May, 2007, the group has soared to new heights.
To date, there are three Crown resorts in existence:
- Crown Perth
- Crown Melbourne
- Crown Sydney – to be developed
The company has also grown its number of employees to over twenty thousand since its inception.
What Steve McCann Of Crown Thinks Of The Acquisition
Steve McCann, the chief executive officer of Crown Resorts, is thrilled with the deal. In a recent press release, he stated,
"Australian tourism has entered a recovery phase, and we believe this trend will continue. Crown's suite of outstanding assets has built a loyal customer base over the past years, and we are excited about the opportunities ahead of us as we revitalize Melbourne and Perth and celebrate the addition of Sydney. With Blackstone’s investment and expertise, we’re confident Crown will cement its place on the global stage as one of the world’s leading owners and operators of integrated resorts."
He, however, remains undecided about his own future with the Crown Group, and has not released an indication as to whether or not he will stay on as CEO.
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