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Blackstone Completes Acquisition of Crown Resorts in Firm’s Largest Funding to Date in Asia

MELBOURNE–(COMMERCIAL WIRE)–Blackstone (NYSE: BX) right this moment introduced that Blackstone-managed personal fairness and actual property funds (“Blackstone”) have accomplished the acquisition of Crown Resorts Restricted (“Crown”) within the largest transaction thus far for the agency in Asia Pacific. The transaction contains three premium resort and on line casino properties in Melbourne, Perth and Sydney. Blackstone will work with Crown’s administration staff and its 1000’s of devoted staff, in addition to its representatives from the United Employees Union and different associate unions, to rework these properties into world-class leisure locations and proceed Crown’s transformation to function at highest degree. requirements of compliance, governance and integrity.

As one in all Australia’s largest leisure teams, Crown makes a major contribution to the Australian economic system. Crown’s core companies embrace two of Australia’s main built-in resorts, Crown Melbourne and Crown Perth, in addition to Sydney’s newest premium resort resort and meals courtroom at Crown Sydney.

Alan Miyasaki, Head of Asia Actual Property Acquisitions, Blackstone, stated: “We’re delighted to change into the brand new proprietor of Crown, bringing our hospitality experience to assist the corporate obtain its full potential as a number one journey and leisure firm. We first invested in Crown two years in the past, seeing the large underlying potential of the corporate and its folks. We stay up for working with Crown groups and making use of our expertise of proudly owning and working famend resort manufacturers world wide with the best ranges of ethics and integrity to create one thing distinctive for workers, native communities and guests.”

Chris Tynan, Head of Actual Property Australia, Blackstone, stated: “This can be a large alternative that builds on Blackstone’s strengths – investing important capital and sources to construct Crown into an iconic journey and leisure vacation spot that everybody will be pleased with. Blackstone has constructed a robust Australian presence over the past 12 years. We stay up for supporting the native economic system, creating jobs and attracting guests to Crown’s distinctive properties.”

Steve McCann, CEO of Crown Resort, stated: “In the present day Crown emerges as a part of the Blackstone household, which is the start of a brand new period for this nice firm and its 20,000 staff members. In latest occasions, Crown has undergone an immense transformation and we all know that beneath Blackstone’s possession, we’ll understand our imaginative and prescient of offering world-class leisure experiences and a protected and accountable gaming setting.

“Australian tourism has entered a restoration part and we imagine this development will proceed. Crown’s array of excellent belongings has constructed a loyal buyer base over the previous 28 years, and we’re excited concerning the alternatives that lie forward as we revitalize Melbourne and Perth and rejoice the addition of Sydney. With Blackstone’s funding and experience, we’re assured that Crown will cement its place on the world stage as one of many world’s main built-in resort house owners and operators,” he stated.

Blackstone has constructed a robust observe document within the broader hospitality, journey and leisure sectors. The agency accomplished the sale of The Cosmopolitan of Las Vegas this 12 months, after reworking the property into some of the vibrant locations on the Las Vegas Strip. Throughout its 8-year possession, Blackstone carried out important operational adjustments, developed a best-in-class administration staff, and invested important capital to renovate 3,000 rooms and improve F&B choices. Moreover, Blackstone owned Hilton Motels Company for 11 years, throughout which era he helped double the scale of the corporate to greater than 5,300 properties and 400,000 staff worldwide. Its different latest investments in these sectors embrace the acquisition of a portfolio of 8 motels in main vacationer locations in Japan; acquisition of Bourne Leisure, a number one British vacation firm; and joint acquisition of Prolonged Keep Motels.

About Crown Resorts

Crown Resorts is one in all Australia’s largest leisure corporations, proudly owning and working a world-class suite of built-in resorts. Its property portfolio contains three award-winning resorts in Melbourne, Perth and Sydney, in addition to London’s prestigious Crown Aspinalls, a high-end boutique on line casino within the West Finish.

For 25 years, Crown Melbourne has been Australia’s main built-in luxurious resort and on line casino, providing company quite a lot of distinctive leisure and occasion experiences; premium hospitality, eating places, spa and retail; and gaming Crown Perth is Western Australia’s solely built-in resort and on line casino, with a mixed capability of 1,188 resort rooms, an expansive lagoon and personal swimming pools, and 33 bars and eating places. Crown’s latest property, Crown Sydney, opened in December 2020 and set a brand new customary in luxurious resort and eating experiences. Crown Sydney is the tallest constructing in New South Wales and boasts 349 resort rooms and villas, 13 unique eating places, a soon-to-open members-only VIP on line casino, two swimming swimming pools, a spa and the primary ever providing of luxurious residences with Crown Companies.

As one in all Australia’s largest resort employers, Crown properties help the employment of a various mixture of greater than 20,000 folks.

About Blackstone

Blackstone is the world’s largest various asset supervisor. We search to create optimistic financial impression and long-term worth for our buyers, the businesses during which we make investments, and the communities during which we work. We do that through the use of extraordinary folks and versatile capital to assist corporations remedy issues. Our $915 billion in belongings beneath administration embrace funding automobiles centered on personal fairness, actual property, authorities debt and fairness, infrastructure, life sciences, development fairness, non-investment grade opportunistic credit score, actual belongings and secondary funds, all on a world foundation. . Extra data is on the market at Observe @blackstone on LinkedIn, Twitter and Instagram.

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