Crown Resorts has offloaded a major Melbourne development site that was to be the home of a significant expansion as private equity owner Blackstone attempts to turn around its poorly performing investment.
New filings with the Australian Securities and Investments Commission show the private equity-owned casino group sold its One Queensbridge site in Melbourne for $85 million in August. It was once intended to be developed into a $1.75 billion, 90-floor hotel and apartment complex.
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Zoe Samios covers wagering and the business of sport from the AFR's Sydney newsroom. She was previously the media and telecommunications reporter for The Sydney Morning Herald and The Age, and covered media at The Australian. Connect with Zoe on Twitter. Email Zoe at zoe.samios@afr.com
