Blackstone receives WA approval for Crown (ASX:CWN) acquisition

10/06/2022 14:40:00

The Western Australian Government has approved Blackstone’s proposed acquisition of Crown (ASX:CWN), including Crown Perth.

This will allow Blackstone to become the new owners of Crown, subject to various conditions including enhanced reporting of anti-money laundering and responsible gambling activities, and additional auditing requirements on Crown.

The approvals were advised by the Racing and Gaming Minister Tony Buti, and WA's Gaming and Wagering 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," said Tony Buti. 

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

Approvals have now been granted from regulators in WA, Victoria and NSW. The final approvals are still required from the Federal Court of Australia.

Shares in Crown (ASX:CWN) are trading 0.5 per cent higher at $13.06.