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Crown Resort Australia Confirms Merger Proposal From Us-Based Wynn Resorts

Crown Resort Australia Confirms Merger Proposal From Us-Based Wynn Resorts
Crown Resort Australia Confirms Merger Proposal From Us-Based Wynn Resorts

Crown Resort, one of the biggest players in the Australian gambling industry, has accepted that they are in talks over a takeover offer from US-based gambling and hospitality giant Wynn Resorts. It is estimated that the deal could be worth US $7 billion.

Sydney-based Crown Resorts owns casinos in Melbourne and Perth. The company is also developing another resort in the city; the new project is still in the early stages of development.

Reports suggest that Wynn Resorts had proposed both cash and share buyout at A$14.75 per share, for a total value of A$10 billion (US$7.1 billion). Following the confirmation of the discussions over the merger, the share market welcomed the news as Crown share surged by 24.85 percent to A$14.37 on Tuesday.

In a statement to the press, Crown Resorts’ spokesperson put an end to the speculations around a brewing merger. He said that “Crown confirms that it is in confidential discussions with Wynn regarding a potential change of control transaction following approaches to Crown by Wynn.No agreement has been reached between the parties in relation to the structure, value or terms of a transaction. There is no certainty that these discussions will result in a transaction.”

Crown Resorts has been restructuring its business operations for the past few years. Wynn Resorts is a big shot in the global hospitality and gambling industry, and they own and operate casinos and resorts in Macau and Las Vegas.

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Cameri Ross

Cameri Ross

Cameri is an independent and self employed person, she has expertise in digital marketing and content creation for websites and blogs. Her passion is dancing and singing, especially classical singing.

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