At 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, 2018.
Тhe company said that Crown is looking into their investments every once in a while and evaluate them. This time they can confirm discussions regarding CrownBet but are not sure if anything will come out if it.
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 Perth and Melbourne both.
The sale series include the sale of some Macao-based joint-venture casinos that happened at the beginning of last year, as well as, their selling their vacant lot in Las Vegas where they were supposed to build from scratch 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, among which, 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 had some sale discussions with Paddy Power and William Hill 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.