In the high-stakes game of international hospitality, a shuffle of ownership has seen Crown Resorts, the premier Australian casino behemoth, offloading its coveted slice of the upscale Nobu hotel-restaurant empire. At the heart of this strategic move is the hand of US private equity titan Blackstone, orchestrating a cash-in that outshines any jackpot, with Crown earning a cool $180 million for its 20% stake—a stake acquired not so long ago in 2015 for half that sum. This lucrative turnover signals an eye-watering valuation for Nobu at $900 million, a testament to its gourmet appeal and luxury accommodation, ensconced with the star power of investors like the iconic Robert DeNiro.
The origins of Nobu trace back to the vision of its celebrated name bearer Nobu Matsuhisa, who welcomed the world to his culinary mastery with the opening of the first restaurant in Los Angeles in 1987. The name, once a single gleaming beacon, has multiplied to an ensemble of 56 establishments across 23 countries, each a shrine to the fusion of Japanese cuisine with Peruvian accents that has garnered global adoration.
James Packer’s brainchild Crown Resorts once baskedBy basking in the Nobu glow has decided to walk a different path towards the magnetic pull of its foundational casino industry, spearheaded by Blackstone’s acquisition strategy. The closure of this chapter doesn’t sever Nobu’s ties to the world of roulette wheels and poker tables. The chain still boasts a significant presence inside the casino circuit, having made a glamorous entrance on the Las Vegas Strip in 2013 at Caesars Palace. Since then, Nobu has danced across the globe, alighting into City of Dreams Manila, and is soon to illuminate the revitalized splendor of Caesars New Orleans, to open its doors to an epoch of opulence in late 2024.
The mastermind behind the shaping of Crown Resorts’ new focus, Blackstone, is by no means a stranger to the glittering lights of casino life. Their past conquests paint a portrait of a major player, with their fingerprints on everything from the Cosmopolitan’s previous ownership to the sculpting of the real estate landscape, influencing giants like MGM Resorts. The course set by Blackstone for Crown is clear—hone in on the art of gaming and leisure, perfect its allure, and watch as the Asia-Pacific betting cohort are entranced by the call of Crown’s resplendent trio: Melbourne, Perth, and Sydney.
Thus, Crown Resorts embarks upon a reimagined journey steered by Blackstone, leaving behind the Nobu brand it magnified in a union that saw fortunes favor both kitchen and casino. The unfolding chronicle of Crown and its princely ambition is set to grip punters and shareholders alike, while Nobu continues to serve plates of luxury, worlds apart from the whirl of the roulette wheel but forever linked by the undeniable draw of grandeur and indulgence.
