Blackstone takes control of the company on Friday. In the fallout of what became three state regulatory inquiries into Crown, all of which found it unfit for a gambling licence, the company accepted an A$8.9 billion buyout by private equity giant Blackstone Inc (BX.N), below its market value before the probes began and COVID-19 movement restrictions squashed its revenue. It also brings a bittersweet resolution for the company's billionaire founder and 37% shareholder James Packer, who spent years campaigning for permission to build the skyscraper, Sydney's tallest, which he once called his gift to his home city. ![]() The decision by the New South Wales gambling regulator ends a state of limbo for Crown's new waterfront resort, which had its licence suspended just before opening 17 months ago amid claims of shirking anti-money laundering rules and dysfunctional governance at its other assets. ![]() ![]() June 22 (Reuters) - Australia's biggest state on Wednesday cleared casino operator Crown Resorts Ltd (CWN.AX) to take bets at a A$2.2 billion ($1.5 billion) Sydney casino, a breakthrough after a years-long money-laundering scandal crippled its growth plans.
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