International edition
September 17, 2019

Discussions are still at a preliminary stage

Wynn Resorts makes takeover offer to Crown Resorts

Wynn Resorts makes takeover offer to Crown Resorts
Crown owns casinos in Australia and London. The company exited Macau in 2017, after China's crackdown on gambling resulted in prison sentences for a senior executive and 15 colleagues.
United States | 04/09/2019

The Las Vegas firm has reached one of Australia's largest gaming and entertainment groups with a USD 7 B takerover bid.

C

rown Resorts announced Tuesday it has received a a 10 billion Australian dollar ($7.1 billion) takover offer from Wynn Resorts

According to the statement filed to the Australian Stock Exchange, the cash and stock bid from Wynn values the Melbourne-based company's shares at 14.75 Australian dollars ($10.51) each.

"The discussions between Crown and Wynn are at a preliminary stage," Crown said. "There is no certainty that these discussions will result in a transaction."

Investors welcomed the possibility of a US buyout — shares in Crown spiked 21% in Sydney, CNN reports.

Wynn Resorts owns casinos in Las Vegas, Macau and Boston. Founder Steve Wynn was a high roller in the gambling world for decades, during which time he was credited as helping to transform Las Vegas casinos from gambling dens into entertainment hubs that offer spectacular shows and high-end restaurants. However, he stepped down as CEO of the company last year, after allegations of sexual misconduct piled pressure on the billionaire casino mogul and sent the company's stock tumbling.

Crown also lost a key figure last year, when Australian billionaire James Packer resigned from the board due to personal reasons.

Crown owns casinos in Australia and London. The company exited Macau in 2017, after China's crackdown on gambling resulted in prison sentences for a senior executive and 15 colleagues.

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