Business

Crown Resorts talking about takeover offer from Vegas' Wynn

Posted April 08, 2019 7:00 am

The Associated Press

SYDNEY (AP) - Las Vegas casino giant Wynn Resorts is in talks to buy Australia's largest casino operator, Crown Resorts.

Crown, which owns casinos in Melbourne, Perth and London and will soon open another in Sydney, confirmed in a statement Tuesday it was in confidential takeover discussions over a cash-and-scrip offer from Wynn.

It said the offer had an implied value of $10.58 ($14.85 AUD) per share, valuing Crown at around $7.83 billion ($10 billion AUD).

Stressing there was "no certainty that these discussions will result in a transaction," Crown said the proposal was subject to conditions including due diligence and regulatory approvals.

Crown's value has fallen 20% since mid-2018, but news of the talks sparked a 20.5% share price rise on the Australian Stock Exchange on Tuesday morning, to $10.07 ($14.14 AUD).

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