[ad_1]
Wynn Resorts has submitted a confidential takeover bid to Crown Resorts in Australia, according to local media reports.
the Australian Financial Review reports that Wynn Resorts is seeking talks with Crown to determine whether or not its shareholders would be willing to pursue a takeover agreement. Crown would have reversed the approach at this point, but would have appointed UBS and Goldman Sachs as co-advisors pending further developments.
The announcement of this approach comes as Wynn Resorts strives to maintain control of its $ 2.6 billion integrated complex, the Encore Boston Harbor, following a three-day hearing hosted by Massachusetts Gaming Commission last week to determine if she was fit to hold a state gaming license. The hearing was held following an inquiry into the treatment of sexual assault charges against founder Steve Wynn by the board of directors, who had seen the casino magnate withdraw and surrender all of the proceeds. his participation in the company in early 2018.
Crown, which operates Crown Melbourne and Crown Perth, and is currently developing its luxurious Crown Sydney in Barangaroo, worth $ 2.2 billion, has also left its largest shareholder, James Packer, resigning from the board of directors. 39; administration. the reasons.
Crown, which was traditionally the main operator of casinos in Australia, recently gave up its plans for international expansion, including its joint venture partnership with Melco Resorts in Macau and the sale of 34.6 acres of land on the Strip. Las Vegas on which she planned to build an integrated complex. called Alon. Ironically, these lands were purchased by Wynn Resorts for A $ 300 million in December 2017.
Crown has also lost ground in the international VIP market in favor of its local rival Star Entertainment Group in recent years.
A spokesman for Wynn Resorts said In Asian games that the company has "no comment to make" on the report.
[ad_2]
Source link