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Crown completes $370m Vegas land sale

Trevor Chappell  |  29 Jan 2018Text size  Decrease  Increase  |  
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MELBOURNE - [AAP] Casinos operator Crown Resorts (ASX: CWN) has completed the sale of its interest in land in Las Vegas on which the company had once intended to build a casino.

Crown on Monday said it will pocket about $US264 million ($A370 million) from the sale of its stake in the 34.6-acre site on Las Vegas Boulevard to a subsidiary of Wynn Resorts Ltd.

Crown Resorts in December announced a string of asset sales worth a total of about $A700 million, including the sale of the vacant Las Vegas site and two floors of its luxury hotel-casino project at Barangaroo to its largest shareholder, billionaire James Packer.

Its divestments have also included the sale of around 4.2 million shares in gaming giant Caesars Entertainment Corporation, and of its 50 per cent interest in the Packer family's luxury Ellerston property in the NSW Hunter Valley to Mr Packer's Consolidated Press Holdings and an entity associated with his sister, Gretel Packer.

Crown has also agreed to sell its 62 per cent interest in bookmaker CrownBet to other shareholders including CrownBet management.

Crown has said the asset sales are part of its strategy to reduce debt.

Crown shares were 2.5 cents, or 0.2 per cent, lower at $13.045 at 1122 AEDT.

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