NSW watchdog casts doubt on Blackstone’s timeline for Crown bid clearance

The head of NSW’s gambling regulator has thrown cold water on US private equity giant Blackstone’s claims it will have probity clearance to take over James Packer’s Crown Resorts by October, saying the process will be exhaustive and take as long as necessary.

The New York-based Blackstone has been stalking Crown for months and over the weekend increased its takeover bid from $11.85 per share to $12.35 - valuing it at about $8.3 billion - and told Crown it expected to have approval from gambling regulators in NSW, Victoria and WA by October. “The only estimates of timing have been coming from Blackstone, not from us,” Mr Crawford said in an interview.“There was some talk of 20 weeks - we’ll that’s not our number; we’ve given no one an indication. It’s going to be exhaustive... [and] it’ll take as long as it takes to do it properly.”

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