Good evening,

It has taken 11 months, but private equity giant Blackstone has finally revealed its ambitions for Crown Resorts.

As we all suspected, the famed “buy-it, fix-it, sell-it” investment firm with a strong track record in Las Vegas casinos wants to do exactly that at Crown.

It lobbed an opening offer on the weekend, as we revealed on Sunday night, worth $11.85 a share. Crown’s board, advised by UBS and Allens, wants some time to review it.

Blackstone’s bid was pitched as a way to solve plenty of people’s problems, including potentially Crown’s own regulatory issues. It was also pitched as a way for investors, including James Packer, to get out of the quagmire that could envelop the group for 18 months or more.

Whatever happens, it’s unlikely to happen quickly. Even if Crown’s threadbare board likes the look of $11.85, and even if Blackstone’s indicative bid gets past due diligence, then there’s a probity review that is likely to stretch on for a while.

Elsewhere, NRMA is seeking to make the most of Australiansholidaying at home this year with a big acquisition in Tasmania.

Street Talk can reveal NRMA has snapped up a handful of well-known tourism spots from RACT - its counterpart on the Apple Isle - including hotels at Cradle Mountain and Freycinet.

It’s part of NRMA’s push to build the biggest tourism and transport business in the country.

Happy reading,
Sarah Thompson, Anthony Macdonald and Tim Boyd

Street Talk Editors