Blackstone buys 10% stake in Crown Resorts (ASX:CWN)

Company News

by Rachael Jones

Casino operator Crown Resorts (ASX:CWN) has been informed that an entity owned by funds managed or advised The Blackstone Group Inc. and its affiliates has purchased shares in Crown.

This represents 9.99 per cent of the issued capital of Crown, from Melco Resorts & Entertainment at a price of $8.15 per share.

Blackstone is an American company and one of the world's biggest investors across real estate and private equity.

Shares in Crown Resorts (ASX:CWN) are trading 7.4 per cent higher at $9.24.