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From the Australian late today-

Blackstone plans Crown spend with Star in sights

US privateequity and property giant Blackstone is prepared to spend hundreds of millionsof dollars in upgrading the operations of Crown Resorts, including arefurbishment of the casino group’s original property in Melbourne,according to its global co-head of real estate, Kathleen McCarthy.

The groupis also not ruling out a potential bid for NSW-based casino company StarEntertainment, operator of the rival to Crown’s casino in Sydney.

Speaking inSydney on her second visit to Australia this year, Ms McCarthy said she couldnot comment on whether Blackstone was interested in buying the ASX-listed Starfollowing its $8.9bn purchase of Crown last year.

, which hasmore than $US1 trillion ($1.57 trillion) in assets under management globally,would continue to look for high-quality real estate assets in Australia, where it could use its global expertise to improve their operations.

Blackstonehas argued that its expertise in the casino business in Las Vegas has given itthe expertise in upgrading and running companies in the casino sector.

Ms McCarthysaid its focus in Australia, where it already has a significant footprint,included logistic centres, as well as build-to-rent and student accommodation.

“We can’tcomment on that at this time,” she said when asked if Blackstone would considera bid for Star, which owns casino and hotel assets in Sydney, Brisbane and theGold Coast

Star’sshares have been under heavy pressure as a result of regulatory action and highturnover at the board and executive level, down from almost $3.80 in 2021, tojust above 60c this week.