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26 June

Crown Resorts Deliberates $7B Wynn Resorts’ Offer

June 26, 2019
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Crown Resorts is engaged in “confidential” negotiations with the American game developer and operator Wynn Resorts about a $7.1 billion acquisition proposal, reports CNBC.

Shares of Australia’s Crown Resorts gambling and entertaining complexes have been suspended from trade following a bid of 10 billion Australian dollars ($7.1 billion U.S) made by Wynn Resorts on Monday. The Las Vegas corporation values Crown’s shares at A$14.75, A$2.99 more compared to Monday’s closing price.

The management of Crown is considering the possibility of putting up its Australia’s chips for sale as Wynn reaches with the A$10 billion offer. It is said that the acquisition would bring the Crown’s shareholders 50% of Wynn shares and 50% of monetary units.

As of the moment of writing, the discussions are at a “preliminary” stage, and no accord has been reached between the bodies in regards to the structure or terms of the buyout.   

Crown Resorts, headquartered in Melbourne, Australia, is one of the largest entertainment companies in the country, and owns and operates Crown Melbourne Entertainment Complex and Crown Perth Entertainment Complex, as well as Crown Aspinalls in London. It also has interests in digital businesses, such as Betfair Australia, DGN Games and Chill Gaming. 

A year earlier, billionaire and then director of Crown James Packer announced his resignation from the company due to mental illness, according to CNN. Before quitting the board, Packer had been accused of involvement in the corruption probe pertaining to Israeli Prime Minister Benjamin Netanyahu. The latter denied the allegations.  

Wynn Resorts operates gambling establishments in Las Vegas, Boston and Macau.  

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