Blackstone Puts Major Gaming Industry Exhibitions Organizers Clarion Events and ICE Up for Sale

Blackstone Inc., a leading private equity and alternative investment firm, is reportedly putting Clarion Events on the market, a move that could reshape the landscape of global gaming industry exhibitions. Based in London, Clarion is a powerhouse within the sector, serving as the driving force behind the International Casino Exhibition (ICE)—one of the most significant and influential events on the annual gaming calendar.

Since acquiring Clarion Events in 2017 for £600 million (approximately US$802 million), Blackstone has maintained a crucial role in keeping the firm afloat, especially during the COVID-19 pandemic when events were largely put on hold.

Blackstone is reportedly seeking around £2 billion (US$2.7 billion) for Clarion Events, which translates to an impressive 12x multiple on its earnings before interest, tax, depreciation, and amortization (EBITDA).

Leading the Gaming Show Market

ICE has established itself as a must-attend event for industry stakeholders, boasting attendance figures that dwarf those of its nearest competitor, the Global Gaming Expo (G2E) in Las Vegas. To put it in perspective, while G2E sees attendance around 25,000, ICE recorded upwards of 45,000 participants at its last event in Barcelona.

Key Events Organized by Clarion Gaming

• ICE (International Casinos Exhibition)
• Indian Gaming Tradeshow & Convention
• iGB Live!
• iGB Affiliate

In addition to ICE, Clarion’s newer offerings, such as iGB Live and the Indian Gaming Tradeshow & Convention, continue to grow in popularity.

Reports suggest that Blackstone has attracted interest from at least five potential buyers, indicating strong demand for Clarion’s established position within the gaming industry.

Global Presence and Events

As the world’s largest privately held event organization, Clarion conducts approximately 125 events annually across 25 countries, employing over 2,000 personnel. Notable events beyond gaming include the Airport Business Conference held in New Orleans, the National Grocers Association Show in Las Vegas, and Awesome Con in Washington D.C.

Blackstone’s Broader Gaming Investments

Blackstone’s foray into the gaming industry spans several years and includes considerable investments. For instance:

• In 2020, Blackstone acquired a 49.9% stake in the real estate of MGM Grand and Mandalay Bay.
• Before the pandemic, Blackstone completed a £4.25 billion sale-leaseback deal for The Bellagio, receiving annual rentals of $245 million.
• In a significant transaction, they sold a 21.9% interest in The Bellagio to Realty Income for $950 million in August 2023.
• Blackstone purchased The Cosmopolitan for $1.73 billion and later profited significantly from its operations.
• More recently, they acquired Crown Resorts, Australia’s largest gaming company, for A$8.9 billion.

Blackstone’s continuous investment in Crown is indicative of its commitment to the gaming industry, as the firm navigates regulatory challenges in New South Wales, Western Australia, and Victoria.

Conclusion

Blackstone’s strategic decision to sell Clarion Events signifies not just the value it has contributed to the market but also the opportunities remaining within the global gaming industry. With a solid foundation and diverse portfolio of events, the buyer can expect to inherit a powerhouse in the gaming exhibition space.