Blackstone says Crown overhauling the ‘fun stuff’ after licence return

Nick Lenaghan and Zoe Samios

Jun 25, 2025 – 8.00pm

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Blackstone says it is working on overhauling Crown Resorts’ hotels and restaurants after the casino operator it acquired three years ago won back gaming licences in Sydney and Melbourne at considerable expense.

The private equity giant has owned the business, long associated with the Packer family, since spending $8.9 billion on acquiring it in 2022. Crown has faced considerable challenges as multiple government inquiries found significant money-laundering risks, recommending expensive governance changes at the same time as high-rollers steer clear of Australia.

Nick Lenaghan edits the property section, which covers all aspects, from residential real estate and housing and construction to commercial property – office, retail, industrial – and major ASX-listed developers and real estate investment trusts.

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.