United States investment giant Blackstone, the majority Crown owner, is in talks now to sell its interest in the Bellagio hotel in Las Vegas.

Major Crown Resorts investor Blackstone is now setting its sights on reviving the meetings and events industry, as it targets an acquisition of Cvent for $4.6 billion.

Crown Resorts’ credit rating was downgraded by analysts at Fitch Ratings due to the deterioration in the company’s financial profile following the recently completed acquisition by Blackstone. 

U.S. investment group, Blackstone, has completed its A$8.9 billion ($6.1 billion) acquisition of Crown Resorts, saying it aims to rebuild the Australian operator into an “iconic destination for travel.” 

U.S. investment group Blackstone won approval from Australia’s Federal Court for the takeover of Crown Resorts, completing the last step of the regulatory process. 

Blackstone Group won regulatory approval from Western Australia and now has one final step before it can complete its A$8.9 billion ($6.3 billion) takeover of Crown Resorts.

Blackstone’s A$8.9 billion ($6.3 billion) acquisition of Crown Resorts has taken a step forward with regulators in New South Wales and Victoria finding the U.S. investment group suitable to hold a license

Crown Resorts has urged shareholders to vote in favor of an A$8.9 billion ($6.3 billion) bid from Blackstone Group saying it will help them to avoid the uncertainties involved in an ongoing investment in its business.

The proposed acquisition of Crown Resorts by U.S.-based Blackstone Group has been approved by the Foreign Investment Review Board (FIRB), meaning that the Australian government has no objection to the takeover. 

Crown Resorts’ credit rating may be downgraded multiple notches as new owner Blackstone group is more comfortable with higher debt levels, Fitch Ratings said.