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Travel & Leisure

Rivals raise stakes in bidding for Australia's Crown Resorts

Investors welcome news of merger offer from Star Entertainment

Of Crown Resorts' three major casino properties, only the Crown Melbourne is currently open for betting.   © Reuters

SYDNEY -- A bidding war over Australian casino operator Crown Resorts heated up further on Monday with U.S. private equity group Blackstone raising its offer while domestic rival Star Entertainment Group jumped into the fray with its own proposal.

The interest from Blackstone and Star as well as U.S. private equity group Oaktree Capital comes even as two of Crown's three casinos are shuttered and regulatory probes cloud their future.

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