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Travel & Leisure

Rival bidders bet better days ahead for Australia's Crown Resorts

Despite fines, forced closures and regulatory probes, higher offers expected

New South Wales regulators have extended temporary liquor licenses for the Crown Sydney, but have yet to approve gaming at the $1.7 billion hotel. (Photo by Prashant Mehra)

SYDNEY -- A bidding war for Crown Resorts has broken out even with two of the Australian casino operator's three main properties shuttered and regulatory probes clouding its future.

U.S. private equity group Blackstone, which already holds just under 10% of Crown's shares, in March offered to buy the rest for 8 billion Australian dollars ($6.18 billion), or AU$11.85 a share.

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