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Crown property could be worth $5.6b

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Property experts have backed suggestions Crown's new shareholder Blackstone could engineer a spin-off of the casino giant's property assets, with one estimate valuing the portfolio at $5.6 billion.

Blackstone grabbed a 9.99 per cent stake in James Packer’s casino giant on Wednesday after Melco Resorts, run by Hong Kong-based billionaire Lawrence Ho, sold the stake it acquired last June at a heavy loss.

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James Thomson is senior Chanticleer columnist based in Melbourne. He was the Companies editor and editor of BRW Magazine. Connect with James on Twitter. Email James at j.thomson@afr.com
Larry Schlesinger writes on real estate, specialising in commercial and residential property. Larry is based in our Melbourne newsroom. Connect with Larry on Twitter. Email Larry at larry.schlesinger@afr.com

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    Original URL: https://www.afr.com/companies/games-and-wagering/crown-could-be-worth-a-third-more-under-property-split-citi-20200430-p54ohp