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. The
transaction comprises three premium resort and casino properties in
Melbourne, Perth and Sydney. 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.
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As one of Australia’s largest entertainment groups, Crown makes
a major contribution to the Australian economy. 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.
Alan 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.
We first invested in Crown two years ago, seeing the tremendous
underlying potential of the company and its people. 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.”
Chris 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. Blackstone has built a strong Australian presence over
the last 12 years. We look forward to supporting the local economy,
creating jobs, and attracting visitors to Crown’s exceptional
properties.”
Steve McCann, Crown Resort’s Chief Executive Officer, said:
“Today, Crown emerges as part of the Blackstone family, which is
the start of a new era for this great company and its 20,000 team
members. Over recent times, Crown has undergone immense
transformation, and we know under Blackstone’s ownership, we will
realize our vision to deliver world-class entertainment experiences
and a safe and responsible gaming environment.
“Australian tourism has entered a recovery phase, and we believe
this trend will continue. Crown’s suite of outstanding assets has
built a loyal customer base over the past 28 years, and we are
excited about the opportunities ahead of us as we revitalize
Melbourne and Perth and celebrate the addition of Sydney. With
Blackstone’s investment and expertise, we’re confident Crown will
cement its place on the global stage as one of the world’s leading
owners and operators of integrated resorts,” he said.
Blackstone has built a strong track record in the wider
hospitality, travel, and leisure sectors. The firm completed the
sale of The Cosmopolitan of Las Vegas this year, after transforming
the property into one of the most vibrant destinations on the Las
Vegas Strip. During its 8-year ownership, Blackstone implemented
significant operational changes, developed best-in-class management
team, and invested significant capital to renovate 3,000 guest
rooms and enhance F&B offerings. In addition, Blackstone owned
Hilton Hotels Corporation for 11 years, during which it helped
double the size of the company to more than 5,300 properties and
400,000 employees worldwide. Its other recent investments in these
sectors include the acquisition of an 8-hotel portfolio across
Japan’s top tourist destinations; acquisition of Bourne Leisure, a
premier British holiday company; and joint acquisition of Extended
Stay Hotels.
About Crown Resorts
Crown Resorts is one of Australia’s largest entertainment
companies, owning and operating a suite of world-class integrated
resorts. Its property portfolio includes three award-winning
resorts in Melbourne, Perth and Sydney, as well as London’s
prestigious Crown Aspinalls, a high end, boutique casino in the
West End.
For 25 years, Crown Melbourne has been Australia’s leading
luxury integrated resort and casino, offering guests a range of
exceptional entertainment and event experiences; premium
hospitality, dining, spa and retail; and gaming. Crown Perth is
Western Australia’s only integrated resort and casino, and features
a combined 1188 hotel-room capacity, expansive lagoon and private
pools, and 33 bars and restaurants. Crown’s newest property, Crown
Sydney, opened in December 2020 setting a new standard in luxury
hotel and dining experiences. Crown Sydney is the tallest building
in New South Wales, and features 349 hotel rooms and villas, 13
signature restaurants, a VIP, members only casino which is due to
open shortly, two pools, a spa, and Crown’s first ever luxury
serviced apartment offering.
As one of Australia’s largest hospitality employers, Crown’s
properties support the employment of a diverse mix of over 20,000
people.
About Blackstone
Blackstone is the world’s largest alternative asset manager. We
seek to create positive economic impact and long-term value for our
investors, the companies we invest in, and the communities in which
we work. We do this by using extraordinary people and flexible
capital to help companies solve problems. Our $915 billion in
assets under management include investment vehicles focused on
private equity, real estate, public debt and equity,
infrastructure, life sciences, growth equity, opportunistic,
non-investment grade credit, real assets and secondary funds, all
on a global basis. Further information is available at
www.blackstone.com. Follow @blackstone on LinkedIn, Twitter, and
Instagram.
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version on businesswire.com: https://www.businesswire.com/news/home/20220623006044/en/
For more information:
Crown Resorts Media
Danielle Keighery Chief Brand & Corporate Affairs Officer |
Crown Resorts Danielle.keighery@crownresorts.com.au | +61 400 223
136
Libby Armstrong General Manager, Crown Foundation &
Communications | Crown Resorts Libby.armstrong@crownresorts.com.au
| +61 472 729 434
Blackstone Media
Ellen Bogard Blackstone Ellen.Bogard@blackstone.com | +852 3651
7737
Hayley Morris MorrisBrown Communications Pty Ltd
Hayley@morris-brown.com.au | +61 407 789 018
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