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Crown Resorts Will Sell CrownBet For $150 Million

07.01.2018 03:02
CrownBet To Be Sold For $150 MillionAt the end of 2017 Crown Resorts agreed to sell most of their shares in CrownBet for $150 million. They came out with a public announcement on the matter stating that they are planning on finalizing the sale by the end of February, this year.
"Crown evaluates opportunities regarding its investments from time to time," the company said.
"Crown confirms that it is in discussions concerning its interest in CrownBet. There is no certainty as to whether any transaction will eventuate."
Crown Resort has an ongoing sales series, this sale included. This way they can afford the building of $1.5 billion Barangaroo Crown Sydney Hotel Resort, among other assets and casino properties all around Melbourne and Perth.
The sale series include the sale of some joint-venture casinos in Macau that happened at the beginning of last year, as well as, the sale of a vacant lot in Las Vegas where they were supposed to build a new casino property. There are also the sales of a stake in gaming giant Caesars Entertainment Corporation, and two floors of its luxury Sydney development.
This last deal had Crown Resorts selling their 62% of the shares in CrownBet to investors including CrownBet CEO, Matthew Tripp.
That 62 % of the shares will bring Crown Resorts a profit of AU $150 million and will help them raise $700 million in hopes of dealing with the debt they are in.
Crown Resorts came out with a statement for the public saying that they tried to get the most of the deal, so, whoever offered the most, got in.
They made the announcement after last year’s news that they got into discussions with both William Hill and Paddy Power at the same time.
They also stated that they made a decision to drop the long-running legal action against the Tabcorp and Tatts merger.
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