Crown Resorts has officially sold the One Queensbridge development site in Melbourne for AU$85m (US$57.05m), as part of a strategic move by its private equity owner, Blackstone, to recover from poor financial performance.
The sale, finalised in August, marks a significant shift for the casino operator, which had originally planned to create a $1.75bn (US$1.17bn), 90-floor hotel and apartment complex on the site, set to be Melbourne’s tallest tower, with development plans shelved in 2019.
The recent transaction follows Crown’s earlier divestiture of its 20 per cent stake in Nobu, the globally recognised restaurant chain partly owned by Hollywood actor Robert De Niro, in a deal valued at AU$1.3bn (US$871.81m).
The Australian Financial Review has indicated that Crown is also exploring the sale of its prestigious Melbourne golf club and the high-end Aspinall’s Club in London.
Blackstone acquired Crown Resorts for AU$8.9bn (US$5.95bn) in 2022 and has focused on liquidating non-core assets to improve the company’s financial standing.
Source: Asia Gaming Brief
