Blackstone buys 10% stake in Crown Resorts

US private equity firm Blackstone has bought a 10 per cent stake in Crown Resorts from Macau casino operator Melco for a discounted $551 million. 

Crown on Wednesday said an entity controlled by Blackstone had bought about 67.7 million of its shares from Melco, which in February had shelved a bid to raise its holding in the Australian firm due to a plunge in traveller numbers.

The stake that changed hands represented about 9.99 per cent of the issued capital of Crown, with shares traded at a discounted $8.15 each. 

Crown’s closing price on Tuesday was $8.60. 

Crown shares climbed 12.09 per cent to $9.66 after 35 minutes of trade on Wednesday. 

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