We look forward to working with the teams at Crown and applying our experience in owning and operating marquee hospitality brands around the globe with the highest levels of ethics and integrity to create something unique for employees, local communities, and visitors.”Ĭhris Tynan, Head of Real Estate Australia, Blackstone, 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 first invested in Crown two years ago, seeing the tremendous underlying potential of the company and its people.
#Integrity pools full#
Crown’s core businesses include two of Australia’s leading integrated resorts, Crown Melbourne and Crown Perth, as well as Sydney’s latest premium hotel resort and dining precinct at Crown Sydney.Īlan Miyasaki, Head of Real Estate Acquisitions Asia, Blackstone, said: “We are thrilled to become the new owner of Crown, bringing our expertise in hospitality to help the company achieve its full potential as a leading travel and leisure company.
Blackstone will work with the management team at Crown and its thousands of dedicated employees, as well as their representatives from the United Workers Union and other partner unions, to transform these properties into world-class entertainment destinations and continue Crown’s transformation to operate at the highest standards of compliance, governance, and integrity.Īs one of Australia’s largest entertainment groups, Crown makes a major contribution to the Australian economy. The transaction comprises three premium resort and casino properties in Melbourne, Perth and Sydney. MELBOURNE–(BUSINESS WIRE)–Blackstone (NYSE: BX) today announced that real estate funds and private equity funds managed by Blackstone (“Blackstone”) have completed the acquisition of Crown Resorts Limited (“Crown”) in the largest transaction to date for the firm in Asia Pacific.
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