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CWNHB - Crown Resorts News Story

A$91.5 -0.3  -0.3%

Last Trade - 7:10am

Sector
Consumer Cyclicals
Size
Large Cap
Market Cap £3.44bn
Enterprise Value £3.91bn
Revenue £1.26bn
Position in Universe 84th / 1832

UPDATE 1-Australia's Crown Resorts signs several deals to cut debt

Thu 14th December, 2017 7:43am
(Adds details on other deals, background) 
    Dec 14 (Reuters) - Australian casino operator Crown Resorts 
 CWN.AX  said on Thursday it had signed several deals to divest 
assets to cut debt, including selling interest in a site on the 
Las Vegas Boulevard for $300 million.  
    Crown Resorts has been retreating from a decade-long foray 
into Macau, the other big global gaming hub, amid a broader 
Chinese crackdown on corruption. In May, it quit its remaining 
stake in Macau-focused Melco Resorts and Entertainment  MRP.PS , 
freeing up cash to pay off debts.  urn:newsml:reuters.com:*:nL4N1IA6FQ 
     Last week, the casino operator was slapped with a class 
action lawsuit for allegedly failing to inform shareholders of a 
marketing campaign in China that resulted in staff arrests and a 
slump in the share price.  urn:newsml:reuters.com:*:nL3N1O40EK   
    The company, part-owned by billionaire businessman James 
Packer, said it expects gross proceeds of $264 million from the 
sale of the Las Vegas site to a unit of Wynn Resorts Ltd 
 WYNN.O .  
    Separately, it said it will sell two floors at the Crown 
Sydney Hotel Resort to Packer for $60 million. 
    Crown will also sell part of its interest in the property 
and operations at Ellerston, New South Wales, for $62.5 million 
to Consolidated Press Holdings Pty Ltd and another entity 
associated with Packer's sister.  
    It also confirmed talks with online betting firm CrownBet 
regarding the sale of a 62 percent interest, together with loans 
advanced by Crown, for $150 million.  
    In addition, Crown said it intends to sell 4.2 million 
shares in casino operator Caesars Entertainment Corp  CZR.O ,  
valued at about $54 million.  
     
 
 (Reporting by Christina Martin in Bengaluru; Additional 
reporting by Aditya Soni; Editing by Muralikumar Anantharaman 
and Biju Dwarakanath) 
 ((christina.martin@thomsonreuters.com; +91-80-6749-9182; 
Reuters Messaging: 
christina.martin.thomsonreuters.com@reuters.net)) 
 
Keywords: CROWN RESORTS DIVESTITURE/
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