Casino watchdogs in Victoria and NSW have approved Blackstone’s $8.9 billion takeover of Crown.
Stipulations include that Crown Melbourne’s board must be majority independent, according to a statement by the Victorian Gambling and Casino Control Commission released on Thursday.
The conditions stem from recommendations by last year’s inquiry into the casino operator, which assessed the suitability of Crown Melbourne to hold its licence.
“In reaching this decision, our specialist team put in many months of work investigating the suitability of the Blackstone Group to become an associate of the Melbourne casino operator,” Victoria’s gambling commission chair Fran Thorn said.
“Our approval comes with stringent conditions which balance delivering stronger controls on the casino and ensuring it continues to be the flagship casino in Australia. We will take action should any of these conditions not be met by either Blackstone or Crown.”
Other conditions include better reporting of anti-money laundering and responsible gambling activities and additional auditing requirements on Crown.
They must also adhere to improved information sharing with law enforcement agencies and also implement new role requirements for Crown Melbourne’s chief executives and key executives.
