The offer was priced at A$11.85 per share, a premium of 20.2% to Crown’s closing price of A$9.86 on Friday.
Crown said its board had not yet formed a view on the merits of the proposal.
Blackstone currently has a 10% stake in Crown which it bought from Macau’s Melco Resorts & Entertainment Ltd in April last year, making it the second-largest holder in Crown after the company’s billionaire founder James Packer.
($1 = 1.2967 Australian dollars)
(Reporting by Rashmi Ashok in Bengaluru; Editing by Peter Cooney and Daniel Wallis)