Australia’s biggest casino operator in takeover talks

Crown Resorts sign

The largest casino operator in Australia, Crown Resorts, is considering a takeover from Las Vegas-based hotel and casino developer and operator, Wynn Resorts.

Crown Resorts was valued at over $8.7 billion in April 2018 and wholly owns and operates the Crown Melbourne Entertainment Complex, Crown Perth and the currently under construction Crown Sydney.

Crown Perth consists of three hotels; the Crown Metropol Perth, Crown Promenade Perth and Crown Towers Perth, totalling over 1000 rooms in the complex.

The Melbourne complex hosts three hotels with a fourth currently under construction.

“Crown confirms that it is in confidential discussions with Wynn regarding a potential change of control transaction following approaches to Crown by Wynn,” said Crown Resorts in a statement.

“The proposal is subject to a number of conditions including due diligence, Wynn obtaining all necessary regulatory approvals and a recommendation by the Crown Board. It is stated to be preliminary, confidential, non-binding and indicative.”

The discussions are currently at a preliminary stage, and an agreement has yet-to-be reached, meaning there is no certainty that the talks will result in a takeover.