The global head of real estate for US private equity giant The Blackstone Group says it has already spent “hundreds of millions of dollars” on revamping Australia’s Crown Resorts and will spend much more in the years ahead.
In an interview with The Australian, Kathleen McCarthy said Blackstone has plans for Crown well beyond the AU$8.9 billion (US$6.5 billion) it spent to acquire the company in June 2022, including significant investment to meet tightened regulatory requirements as well as upgrading physical facilities.
“We have invested hundreds of millions of dollars [behind the scenes], now we get to the really exciting part, which is transforming the customer experience and what they are seeing,” McCarthy said, making specific reference to Crown’s original Melbourne resort.
