Bellagio Owner Blackstone Lists Clarion Events, ICE Organizer, For Sale
Posted on: May 23, 2025, 02:53h.
Last updated on: May 23, 2025, 02:53h.
- Clarion Events is reportedly being sold by Blackstone
- The private equity firm has considerable investments in the gaming industry
- Clarion is the event organizer behind ICE (International Casinos Exhibition)
Blackstone Inc., the private equity and alternative investment giant, is reportedly shopping Clarion Events, the London-based exhibition organizer that’s heavily invested in gaming.
Blackstone acquired Clarion Events and its Clarion Gaming subsidiary in 2017 for 600 million pounds (US$802 million). Clarion Gaming produces four major gaming exhibitions — ICE (International Casinos Exhibition), the Indian Gaming Tradeshow & Convention, iGB Live, and IGB Affiliate.
Blackstone kept Clarion afloat amid the COVID-19 pandemic when in-person trade shows and exhibitions halted. Blackstone is now seeking a financial reward for its Clarion loyalty by unloading the group, which, along with gaming, conducts shows and gatherings in consumer electronics, defense and security, energy, automobiles, home design, life science, collectibles, technology, and public safety.
Reuters reports that Blackstone is seeking around two billion pounds (US$2.7 billion) for Clarion Events. That would translate to a 12x premium on Clarion’s earnings before interest, tax, depreciation, and amortization.
Global Gaming Show Leader
Las Vegas’ annual Global Gaming Expo is often considered the can’t-miss event of the year for gaming industry stakeholders. But G2E’s yearly attendance of roughly 25,000 pales in comparison to ICE where last year’s record-setting event in Barcelona was attended by upwards of 45,000 people.
Clarion’s newer gaming shows — iGB Live and Affiliate, and the Indian Gaming Tradeshow & Convention — continue to see number gains, too.
Blackstone, per the Reuters report, has garnered interest from no fewer than five possible buyers. Blackstone has reportedly been seeking Clarion bids since the second half of 2024.
Clarion is the world’s largest privately owned event and exhibition organization. The company puts on around 125 events a year in 25 countries and employs more than 2,000 people.
Aside from gaming, notable shows produced by Clarion include the Airport Business Conference in New Orleans, the National Grocers Association Show in Las Vegas, and Washington, DC’s comic con called Awesome Con.
Blackstone Gaming Presence
Blackstone has been invested in the US and global gaming industries for many years.
In 2020, Blackstone acquired 49.9% of the physical real estate of MGM Grand and Mandalay Bay on the Las Vegas Strip through a partnership with MGM Resorts’ real estate investment trust, MGM Growth Properties. Blackstone sold its stake in MGP when Vici Properties acquired the REIT in August 2021.
Before the coronavirus, Blackstone paid MGM Resorts $4.25 billion for the Bellagio through a sale-leaseback arrangement in which the casino operator pays annual rent of $245 million. In August 2023, Blackstone sold a 21.9% stake in the Bellagio to Realty Income for $950 million.
Blackstone has also owned The Cosmopolitan since late 2014 when it paid $1.73 billion for the luxury Strip property. After investing around $500 million in property upgrades, in 2021, Blackstone sold most of the property and its operations in a deal totaling $5.6 billion.
The following year, Blackstone saw a buying opportunity in Crown Resorts, the largest of Australia’s two casino operators. Blackstone paid A$8.9 billion for the Aussie gaming organization.
Blackstone continues to invest in Crown as it continues to undergo efforts to regain suitability findings to hold casino licenses in New South Wales, Western Australia, and Victoria.
No comments yet