James Packer has acknowledged Crown’s “ups and downs and challenges” as he ended his 23-year relationship with the casino business with a $3.3 billion cheque from new owners Blackstone.

Packer praised what the company had achieved during his tumultuous ownership, especially with Crown’s Barangaroo casino in Sydney.

“There have been ups and downs and challenges, but today’s final sale to Blackstone is confirmation that we have built one of the country’s best tourism, entertainment and leisure companies. And I am extremely proud of that, thank you to everyone at Crown,” he said.

“It’s exciting to think of Crown’s next chapter and I am confident Blackstone will take good care of the company.”

Blackstone has yet to commit to an opening date for the all-important Barangaroo casino operation, but the US investment giant has flagged further investment in the business, which is still working with regulators to retain its casino licences in Australia.

Blackstone executive Chris Tynan said the group would now sit down with Crown executives to determine what investments were needed to transform Crown’s properties into world-class entertainment destinations as tourism rebounds from COVID.

“We’re very excited about the prospect of further investment into all three of the assets the Crown has in the stable,” Tynan said.

He flagged hospitality, and specifically new restaurant brands, as well as room refurbishments as part of its plan, with the Melbourne flagship operation the main target.

“Melbourne is the biggest opportunity that we see. It’s a phenomenal asset,” Tynan said.