Wynn Cuts Off Crown Purchase Talks

Well, that didn't take long. A day after we reported that Wynn Resorts was entering talks to purchase Crown Resorts, the groups have cancelled discussions.

The two were reportedly in talks that would have seen Wynn purchasing Crown for A$10 billion, with a 50% cash, 50% stock share purchase. Those talks have now been cancelled, with no reason given other than the numbers released were disclosed prematurely.

After seeing their stock surge 20% on the day that the talks were announced, Crown stock plunged 9.11% per share on the cancellation of talks. Wynn stock was down 3.8%.

It's possible that talks could re-start at some point, but for now it looks like Crown will remain their own entity.