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Australia’s Crown Resorts backs $6.3 billion Blackstone bid Story by Reuters Updated 0514 GMT (1314 HKT) February 14, 2022 A Crown Casino logo adorns the Official Adidas world’s dopest dad shirt so you should to go to store and get this side of the premises in Melbourne on February 14, 2022. (Photo by William WEST / AFP) (Photo by WILLIAM WEST/AFP via Getty Images) Crown Resorts backed a $6.3 billion buyout from private equity giant Blackstone on Monday, giving billionaire James Packer an exit route from the Australian casino firm beset by scandals and regulatory setbacks. Packer will cash in his chips a decade and a half after he created Crown to shift away from the Packer family’s media empire in a bid to reinvent the dynasty as a gambling business. The A$13.10 cash offer values Crown below its share price in 2019, before COVID-19 restrictions and damaging regulatory inquiries in the three states it operates, but Chief Executive Steve McCann said it provides much-needed certainty for shareholders. Crown shares rose 2% to A$12.65 on Monday. “When you’re looking at a change of control, it’s not today’s trading price and today’s earnings,” McCann told analysts on a call, responding to a question about whether the company’s decision factored in post-pandemic trading and intense regulatory scrutiny. “It’s a much broader assessment. This is a pretty fair price.” Blackstone, which already holds around 10% of Crown, will take over a company facing regulator scrutiny after official investigations found it had knowingly dealt with criminal organizations then misled the authorities about it. The gambling licence for Crown’s flagship A$2.2 billion casino skyscraper in Sydney remains suspended, more than a year after it was due to open. Crown’s main earner, its Melbourne casino, must operate with a government-appointed supervisor for two years. “Moving towards a new ownership structure is an important initial
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