All Australian regulators have signed off on the sale of Crown Casinos to Blackstone

Crown Resorts has obtained approval from all regulatory our bodies to go ahead with its sale to US non-public fairness agency The Blackstone Group. The Western Australian Minister for Racing and Gaming and the Gaming and Wagering Commission of Western Australia have given the nod following approvals final week introduced by Victorian and NSW regulators.

Shareholders have already authorised the sale. The Federal Court of Australia is the final main authorities physique that wants to give consent to the acquisition.

Lanie Chopping, Wagering Commission Chair said, “Blackstone has been subject to an extensive probity assessment by the Gaming and Wagering Commission. The Gaming and Wagering Commission’s probity approval has been granted subject to a number of conditions designed to ensure that the Commission has oversight and the capacity to monitor any change in licensee management or ownership.”

Such terse wording for a brand new entity to function a longstanding and vital financial engine comes from the truth {that a} Royal Commission was shaped to look into previous enterprise practices at Crown Perth that included lax money-laundering controls and different vital regulatory mess-ups.

Casinos to Operate Under Tougher Regulatory Conditions

Some of the enhanced circumstances the new proprietor should abide by are more durable anti-money laundering and accountable playing oversight, conserving institutional buyers at arm’s size to stop interference in the each day operations of the on line casino, and a requirement to report any investigations by different regulators into actions at Crown Perth.

A moratorium on Blackstone altering funding preparations or its company construction was additionally put in place with the caveat that prior discover and approvals would enable such adjustments.

Racing and Gaming Minister Tony Buti stated, “As the prospective new owner of the Perth Casino, Blackstone will be required to meet a number of stringent conditions. These conditions align with a number of the recommendations stemming from the recent Perth Casino Royal Commission.

“The State Government has already made significant improvements to the regulatory regime and remains committed to establishing an even tougher regulatory and governance framework to ensure whoever owns or runs Perth’s casino is held to account.

“The conditions on Blackstone, combined with upcoming reforms, will ensure appropriate standards are upheld at Perth’s Casino.

“This detailed and complex process undertaken since the application was submitted last year involved the comprehensive independent assessment of relevant Blackstone entities in accordance with the legislative requirements.”

Steady as She Goes With a Hand Firmly on the Tiller

Last Thursday, Crown introduced that it had obtained approvals from the New South Wales Independent Liquor and Gaming Authority (ILGA) and the Victorian Gambling and Casino Control Commission (VGCCC) for Blackstone to buy all shares in the operator for US$6.5 billion (AU$8.9b).

Crown Melbourne will proceed to function below a Special Manager appointed by the Commission and can have its suitability to maintain a on line casino license reassessed in 2024.

VGCCC Chairperson Fran Thorn stated: “Our approval comes with stringent conditions which balance delivering stronger controls on the casino and ensuring it continues to be the flagship casino in Australia. We will take action should any of these conditions not be met by either Blackstone or Crown.”

Source: Western Australia regulator gives green light for Blackstone acquisition of Crown, Inside Asian Gaming, June 12, 2022