Blackstone finalizes acquisition of Crown Resort Casino.

After an intense review process, investment giant Blackstone Inc. successfully acquires Sydney's Crown Resort Casino resort for a hefty price of $6.4 billion. With regulators in Western Australia clearing the deal on Friday, only a few stipulated conditions remain before this acquisition becomes official.

Crown Sydney stands as a towering marvel in Barangaroo, central Sydney. Developed by Crown Resorts, it houses a casino, luxury apartments, and a hotel. With construction completed at the end of 2020, it now transitions to Blackstone's portfolio.

A definitive green light from NSW awaits a meticulous evaluation of Blackstone. As the prospective operator of Crown Resorts, Blackstone must adhere to the highest ethical standards and instigate comprehensive operational overhauls suggested by the Bergin Inquiry. Such changes are crucial to safeguarding Crown Sydney from criminal undertakings and effectively managing the inherent risks tied to casino operations.

Last year, Crown Resort faced the revocation of its gaming license for the Crown Sydney tower. This followed accusations of money laundering and connections to organized crime.

Consequently, the company retained operations of Crown Sydney's hotels and restaurants. However, reopening the crown casino hinges on transformative shifts within the company. Significant enhancements in corporate culture and governance are mandatory to regain their gaming license. With Blackstone stepping in, the reopening of the casino could be on the horizon.