{"id":45001,"date":"2021-03-23T09:46:30","date_gmt":"2021-03-23T09:46:30","guid":{"rendered":"https:\/\/gaming-awards.com\/NEWS\/?p=45001"},"modified":"2021-03-23T09:46:30","modified_gmt":"2021-03-23T09:46:30","slug":"blackstone-offer-for-crown-resorts-too-low","status":"publish","type":"post","link":"https:\/\/gaming-awards.com\/NEWS\/blackstone-offer-for-crown-resorts-too-low\/","title":{"rendered":"Blackstone Offer For Crown Resorts Too Low"},"content":{"rendered":"
\"\"

Crown Resorts new Brisbane Integrate Resort<\/p><\/div>\n

With the news yesterday that Crown Resorts<\/a> were approached by Blackstone Group<\/a> for an entire purchase of the shares valuing the casino operator at around $6.2 billion, it now seems unlikely that the US private equity firm will be successful at the bid.<\/p>\n

Blackstone that owns 9.9% of Crown Resorts stock already believed the offer was generous giving a 19% premium on the current value. However since the news was released Crown Resorts have neared that valuation with their shares soaring.<\/p>\n

Indeed it was only three years ago that Wynn Resorts were reported to have approached Crown to acquire their full stock amount with a bid of around $8.5 billion and that ultimately failed.<\/p>\n

Analysts know that with the current troubles of the Australian casino operator their shares recently have dipped dramatically and it is thought Blackstone knew this and wanted to get it while they were still low. However with the price increasing the question is will Blackstone come back with another offer?<\/p>\n

Although no official word has come from Crown Resorts on accepting or rejecting the offer it is almost certain now the current valuation by Blackstone will be rejected.<\/p>\n

The question is did Blackstone just try their luck on a depressed share valuation of Crown Resorts while the company is in turmoil or will Blackstone make an increased offer near to the real valuation of the operators worth.<\/p>\n","protected":false},"excerpt":{"rendered":"

With the news yesterday that Crown Resorts were approached by Blackstone Group for an entire purchase of the shares valuing the casino operator at around $6.2 billion, it now seems unlikely that the US private equity firm will be successful at the bid. Blackstone that owns 9.9% of Crown Resorts stock already believed the offer […]<\/p>\n","protected":false},"author":5,"featured_media":32015,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[123,2,11,8],"tags":[],"class_list":["post-45001","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-australia","category-gaming","category-headlines","category-latest"],"yoast_head":"\nBlackstone Offer For Crown Resorts Too Low - iGaming Post<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/gaming-awards.com\/NEWS\/blackstone-offer-for-crown-resorts-too-low\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Blackstone Offer For Crown Resorts Too Low - iGaming Post\" \/>\n<meta property=\"og:description\" content=\"With the news yesterday that Crown Resorts were approached by Blackstone Group for an entire purchase of the shares valuing the casino operator at around $6.2 billion, it now seems unlikely that the US private equity firm will be successful at the bid. 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