Wynn May Buy Crown Resorts

This story was published more than 1 year ago.

Nevada gaming giant Wynn Resorts this week opened discussions with Australian group Crown Resorts, and could possibly purchase the group for a proposed A$10 billion.

The purchase would be worth A$14.75 per share, and would see Wynn using 50% cash and 50% company shares to purchase the group. The revelation of the potential deal sent Crown stock shares up by 20% on Tuesday. Any proposed acquisition would be contingent on Wynn getting regulatory and legal approval of Australian regulators.

The move comes after Crown sold off their CrownBet online gaming business to William Hill last year, thereby shedding most of their online operations. The group has recently seen land gaming revenues growing slightly, but VIP and normalized resort revenues down over years prior.

There's no doubt that there's a long way to go before the two groups come to a potential agreement, and we'll be updating readers as we learn more.

About the author

Kingston Li // Asia Correspondent
Kingston Li
Kingston is a big fan of Baccarat and Texas Hold'em Poker and has tested his skills in tournaments around Asia and the world. He covers the latest gambling news from Asia for Casino Listings. In his spare time, Kingston enjoys hiking, video gaming, and playing disc golf.
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auEv_P
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10 April 2019 - 8:44am
#1

Not anymore they wont 👎
Heard on the news this morning that Wynn pulled the pin because they were pissed that the deal was leaked outside of boardroom discussions.
Another potentially failed marriage for Packer 🥀

sharpe

usbarbadosslim93
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10 April 2019 - 2:47pm
#2

Yep, it bit the dust mighty quick after details were leaked.

Oof.

sharpe

bgsharpe
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10 April 2019 - 5:41pm
#3
Quote:

Not anymore they wont Thumb Down
Heard on the news this morning that Wynn pulled the pin because they were pissed that the deal was leaked outside of boardroom discussions.

So we have a news whiting the news...those kind of deals are tough sometimes going through a lot of turnarounds so let see..maybe there's still a chance for that to occur...or there's might be another potential buyer if Crown Resorts are for sale anyway.