That's its third offer for the troubled firm, with the news pushing Crown shares 17% higher.
The revised bid puts Blackstone in pole position to win the takeover race.
Rival bidder Star Entertainment has backed off, citing regulatory worries.
Crown too still faces its own problems.
Those include a federal probe and a public inquiry over governance and anti-money laundering control at its second-biggest earning casino.
The company has acknowledged that it failed to prevent criminal transactions.
Having favored the bid by Star, Crown now says it will weigh up the new Blackstone offer.