Blackstone adds conditions for Crown Resorts buyout

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(Reuters) – Crown Resorts said on Tuesday Blackstone Group set further conditions for its proposed buyout of the casino operator, including that the Australian company not loose further state licences.

Crown has already been found to be unfit to hold a gambling licence for its Sydney casino, and currently faces Royal Commission inquiries in Western Australia and Victoria, the two other states it operates in.

Last month, U.S. private equity firm Blackstone offered to buy shares in Crown that it does not already own for A$11.85 each, in a deal that valued the Australian company at A$8.02 billion ($6.11 billion).

The new conditions set out safeguard against the cancellation, suspension or surrendering of casino licences in Western Australia and Victoria, Crown said.

They also include a condition in the event that gaming regulators impose, or indicate they will, terms or conditions on Crown that could constitute a material adverse change.

Blackstone is expected to receive approval to buy Crown from each state regulator by the third quarter, the Australian company said, adding that its board was still assessing the proposal.

($1 = 1.3116 Australian dollars)

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