CWN 0.25% $12.09 crown resorts limited

Crown Resorts’ major shareholder and former chairman James...

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    Crown Resorts’ major shareholder and former chairman James Packer is in talks with the US-based Blackstone Real Estate about a possible deal to take his gaming company off ASX boards, according to The Australian Financial Review.
    Although any conversations are likely at an early stage, the pairing could be promising. Packer has been trying to take Crown private for some time, while Blackstone has been active in Australia, recently agreeing to buy Adelaide’s Rundle Place precinct for $400 million.
    Packer would need to raise upwards of $5 billion to buy the 47 per cent of the company he doesn’t own, which would require some outside help.
    The billionaire has previously sounded out several prospective investors, including private equity firm TPG, but apparently it’s hoped that this time, it could be more serious.
    Crown’s shares have been trending downwards over the last two years, so any private equity firms interested in a deal would need to see more value than the market does.
 
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