Blackstone has acquired Crown Resorts, an entertainment group.

The transaction comprises three premium resort and casino properties in Melbourne, Perth and Sydney.

Alan Miyasaki, head of real estate acquisitions Asia, Blackstone, said, “We are thrilled to become the new owner of Crown, bringing our expertise in hospitality to help the company achieve its full potential as a leading travel and leisure company. We first invested in Crown two years ago, seeing the tremendous underlying potential of the company and its people. We look forward to working with the teams at Crown and applying our experience in owning and operating marquee hospitality brands to create something unique for employees, local communities, and visitors.”