Will Packer Partner with Blackstone?

Sat, Jan 30, 2016

U.S.-based Blackstone Real Estate may join up with Australian casino magnate James Packer to take some or all of Crown Resorts’ shares private. Packer is said to be trying to raise at least $5 billion to buy up the rest of Crown shares.

47 percent up for grabs

James Packer is quietly proceeding with plans to buy up some or all of Crown Resorts shares and take them private.

According to the Australian Financial Review, Mariah Carey’s fiancé is huddling with U.S.-based property giant Blackstone Real Estate to raise $5 billion or more—that’s what he would need to buy the 47 percent of Crown shares he doesn’t already own. AFR says in 2015 Packer talked with global private equity firm TPG, but never made a deal.

Packer resigned from the Crown board in December, possibly in advance of the privatization.

Blackstone is the world’s largest real estate investor, has a foothold in Australia, and is also active in the gaming-hospitality sector, owning part of the Cosmopolitan Hotel in Las Vegas.

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