Howard Marks’ famous investment giant Oaktree typically appears when a company is on its last legs, fighting for survival.

Casino giant Crown Resorts has clearly worn some heavy blows in the last 12 months – most of them embarrassingly self-inflicted, aside from the substantial hit from the pandemic – but the $8 billion takeover offer on the table from New York-based giant Blackstone proves that while it might be bloody, it’s hardly bowed.