Private equity and venture capital managers are betting big on the global gambling market. Blackstone struck what is set to become the largest ever industry deal last month, buying Australia-based casino operator Crown Resorts in a $6.3bn takeover after a year-long pursuit of the company.
The Crown acquisition comes off the back of a record 2021, according to Pitchbook data shared with Financial News sister title Private Equity News. Private equity deal flow into global casino, gambling and betting reached $6.3bn last year, up from $1.2bn in the previous 12 months. Venture capital deal activity also soared from $256.5m in 2020 to $919m last year.
US buyout giant Apollo struck several mega-deals last year, acquiring Toronto-based casino operator Great Canadian Gaming for almost $2.6bn and paying $2.25bn for the operating company of The Venetian, one of the best known hotel and casino resorts in Las Vegas.
Read more: Honest Columnist
