American hedge fund Blackstone wants to buy Australian casinos

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The management of the Australian casino operator Crown Resorts Ltd announced the offer of the largest US investment fund The Blackstone Group Inc to acquire all the shares. According to the announcement, the unsolicited non-binding offer came through an intermediary over the weekend and, if accepted, Blackstone would acquire all of Crown’s shares for A$8 billion ($6.2 billion). It is worth noting that Blackstone is not new to investing in the casino industry. The company’s current portfolio includes a 9.99% stake in Crown Resorts acquired from casino operator Melco Resorts and Entertainment Ltd in April 2020. The fund also owns several casino hotels in Las Vegas, including the MGM Grand, Mandalay Bay and Bellagio. Crown Resorts has previously announced that it will no longer provide financial support to political parties in Australia. It was also previously reported that Australians are the world leaders in terms of per capita spending on gambling.

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