Australian casino giant Crown Resorts said on Tuesday it had received an indicat...
SYDNEY - Australian casino giant Crown Resorts said on Tuesday it had received an indicative A$10 billion takeover offer from Las Vegas’s Wynn Resorts, sending Crown’s shares soaring as investors bet on an even higher bid.
For Wynn, the deal would give the world’s second-largest casino company a foothold in a market popular with Chinese tourists, although a recent downturn in Chinese consumer spending has constrained Crown’s revenue and share price. “It’s a preliminary-style bid which doesn’t yet provide an adequate premium for control, and most would expect there to be both more debate about the strategic merit and pricing,” said Angus Gluskie, managing director of White Funds Management, which also holds Crown shares.
The deal would also provide some relief for Crown shareholders, who have seen their investment go sideways since late 2016 when 18 of the company’s staff were arrested in China for breaking laws banning casino marketing. The deal would put Wynn in charge of one of Australia’s most high profile developments, a A$2.2 billion luxury casino precinct called Barangaroo on the Sydney waterfront, which Crown has pitched as its future growth engine.
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