US equity giant gets green light to operate Crown Casino Sydney

US fund manager Blackstone has again been given the green light in favor of his Crown Resorts license after it was approved to have a casino license in New South Wales

The US stock giant launched a takeover bid last year and now the NSW and Victorian gambling watchdogs have approved the $8.9 billion deal.

Philip Crawford, the chairman of the NSW’s independent Liquor and Gaming Authority, said Blackstone was subject to a comprehensive fairness assessment, examining its ability to address the risks and issues identified in the Bergin report. to grab.

“The fairness assessment has also resulted in certain individuals being approved to become ‘close associates’ of Crown Sydney,” Crawford said.

“As the future owner of Crown Resorts, Blackstone had to demonstrate the highest standards of honesty, as well as a commitment to implement the full range of operational changes recommended by the Bergin study.

“This commitment is vital to ensuring that Crown Sydney is free from criminal influence and properly manages the risks of harm associated with casino activities.”

Crawford said they will be allowed to operate under “strict guidelines” for two years to allay concerns about “the culture of these organizations”.

The approvals follow a May 20 meeting of Crown shareholders who voted overwhelmingly to accept Blackstone’s takeover offer.

“These approvals and terms are conditional on Blackstone’s approval by federal court for the acquisition of Crown,” Crawford added.

The Crown Blackstone deal needs final approval from Western Australia’s gambling authorities.

Many executives were removed from the Crown Resorts hierarchy after evidence of money laundering and links to organized crime was revealed in Crown Melbourne.

These revelations, as well as the allegations of money laundering at the Star Casino, have sparked a critical government investigation into casinos.

The NSW government is working on an independent casino committee.