BLACKSTONE has taken a bet on troubled Australian gambling group Crown Resorts, which announced yesterday that it had backed the US private equity giant's £4.7bn buyout.

Crown Resorts has faced regulatory scrutiny after investigations revealed it had knowingly dealt with criminal organisations and misled authorities.

Blackstone already owned 10 per cent of the resort group, but has now snapped up a controlling stake.

The new deal will allow billionaire owner James Packer to cash in his chips for an expected £1.75bn and quietly escape the scandal - though he will remain the largest shareholder with 37 per cent of the company.

The deal comes after a lower bid from Blackstone was rejected last year.

(c) 2022 City A.M., source Newspaper