By Byron Kaye and Shashwat Awasthi
SYDNEY (Reuters) - Crown Resorts Ltd backed a $6.3 billion buyout from private equity giant Blackstone Inc on Monday, giving billionaire James Packer an exit route from the Australian casino firm beset by scandals and regulatory setbacks.
Packer will cash in his chips a decade and a half after he created Crown to shift away from the Packer family's media empire in a bid to reinvent the dynasty as a gambling business.
The A$13.10 cash offer values Crown below...
>>> Read more: Australia's Crown Resorts backs $6.3 billion Blackstone bid, ending Packer era
SYDNEY (Reuters) - Crown Resorts Ltd backed a $6.3 billion buyout from private equity giant Blackstone Inc on Monday, giving billionaire James Packer an exit route from the Australian casino firm beset by scandals and regulatory setbacks.
Packer will cash in his chips a decade and a half after he created Crown to shift away from the Packer family's media empire in a bid to reinvent the dynasty as a gambling business.
The A$13.10 cash offer values Crown below...
>>> Read more: Australia's Crown Resorts backs $6.3 billion Blackstone bid, ending Packer era
