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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.