Blackstone, the world’s biggest investment firm, is cautioning that an expanding credit crunch occurring in the US could potentially drain the worldwide economy. However, this won’t hinder Blackstone’s substantial investment toward one of its newest acquisitions, Australian casino operator Crown Resorts.
In 2021, Blackstone bought Crown when founder and then-primary stakeholder James Packer consented to sell the company. That was following an official investigation that uncovered breaches of anti-terrorism financing and anti-money laundering laws. Although investigations concluded that Crown wasn’t capable of properly managing its casino operations, it kept its licenses in New South Wales, Victoria, and Western Australia.
Blackstone refrained from investing substantially in Crown as the legal headaches continued – and still continue. However, it is now set to turn the tables by giving Crown Melbourne an overhaul.
In 2021, Blackstone bought Crown when founder and then-primary stakeholder James Packer consented to sell the company. That was following an official investigation that uncovered breaches of anti-terrorism financing and anti-money laundering laws. Although investigations concluded that Crown wasn’t capable of properly managing its casino operations, it kept its licenses in New South Wales, Victoria, and Western Australia.
Blackstone refrained from investing substantially in Crown as the legal headaches continued – and still continue. However, it is now set to turn the tables by giving Crown Melbourne an overhaul.