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Las Vegas Assets Will Be Sold For $370 Million
Las Vegas Assets Will Be Sold For $370 Million

Las Vegas Assets Will Be Sold For $370 Million

30.01.2018 19:57
Crown Resorts Sells Their Las Vegas Lot For $370 MillionAfter selling Crownbet not even a month ago for $150 Million, Australian Crown Resorts decided to sell their Las Vegas lot for $370 Million. The decision was not made out of the blue and the public was, in fact, informed of this plan of theirs.
This is, however, their most recent sale or disinvestment from a whole series that happened for them in the past year. Crown Resorts did all this in order to adjust their aims and goals and focus on achieving them, rather than doing multiple things and projects at the same time.
Crown had quite a period to deal with, after calling quits with their long-time partner Melco, In May 2017. They faced trials regarding their employees, not long after that in June.
18 of its representatives were put on trial by Chinese experts on betting related charges following their confinement in 2016. These representatives were later discharged after supported weight from the Australian government in August.
Crown Resorts’ CEO, James Packer stated to the shareholders at their annual meeting that the company’s efforts to expand were unsuccessful, among other things due to the issue with the Chinese detention.
The LAS Vegas lot is around 14 hectares big and was planned in Crown’s building a casino. However, those plans are to be left to Wynn Resorts after buying the site. It also confirmed that it had written down the carrying value of its investment in its Las Vegas subsidiary, Alon, to $200 million, in June 2017.
Crown Resorts confirmed that the company would receive approximately $325m of the $370m proceeds, with is majority owned subsidiary, Alon Las Vegas Resort LLC, receiving the remainder.
Now after selling some quite big assets, Crown Resorts are focusing on their operation in Sydney, Perth and Melbourne, Australia.
Its divestments include the sale of 4.2 million shares in Caesars Entertainment Corporation, and of its 50 percent 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 percent 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 closed down one cent, or 0.08 percent, at $13.06.
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