- The Western Australian Government gives its approval for Blackstone to complete its takeover of Crown Resorts (CWN) for $8.9 billion
- The green light was given after regulators in New South Wales and Victoria had approved Blackstone as a suitable holder of the casino licence
- Now that the necessary approvals have been granted, the matter will be taken to the Federal Court of Australia as the final major hurdle in the acquisition
- Shares in Crown are up 0.5 per cent, trading at $13.07 as of 12:41 pm AEST
The Western Australian Government has given its approval for Blackstone to complete its takeover of Crown Resorts (CWN) for $8.9 billion.
The US private equity group had been waiting for the green light in WA, after New South Wales and Victorian regulators approved it as a suitable holder of the casino licence.
Subject to a number of strict conditions, the approvals will allow Blackstone to become the new owners of Crown, which were given by the Gaming and Wagering Commission (GWC) and the Racing and Gaming Minister Dr Tony Buti MLA.
Minister Buti has given approvals regarding Blackstone’s proposed and future shareholdings of Burswood Limited and securities over the casino gaming licence, site and resort complex, in accordance with the Burswood State Agreement and Casino Control Act respectively.
“These conditions align with a number of the recommendations stemming from the recent Perth Casino Royal Commission,” he said.
“The state government has already made significant improvements to the regulatory regime and remains committed to establishing an even tougher regulatory and governance framework to ensure whoever owns or runs Perth’s casino is held to account.”
GWC Chair Lanie Chopping echoed Mr Buti’s comments, assuring the public that Blackstone has been subjected to an extensive probity assessment by the GWC.
“The Gaming and Wagering Commission’s probity approval has been granted subject to a
number of conditions designed to ensure that the Commission has oversight and the capacity to monitor any change in licensee management or ownership.”
Now that the necessary approvals have been granted from regulators in WA, Victoria, and NSW, the approval of the Federal Court of Australia can be sought.
Shares in Crown were up 0.5 per cent, trading at $13.07 as of 12:41 pm AEST.