Crown Resorts to to sell its 62 percent stake in CrownBet for $117M
December 30, 2017 9:01 AM
by Robert Mann
Crown Resorts, in a filing with the Australian Stock Exchange, has revealed it has entered into agreement with a buyer to sell its 62 percent stake in online betting company CrownBet for $117 million (US).
The buyer is described as “an entity associated with other shareholders in CrownBet, including the CrownBet management team.”
CrownBet comprises about 10 percent of Australia’s domestic online wagering market.
The reported deal is latest move by the company to slim down some of its international business interests. It follows the sale several weeks ago of a 34.6-acre parcel on Las Vegas Boulevard to Wynn Resorts for $300 million(US). Crown has peviously indicated it has a $48 million(US) deal in place to sell two mid-level floors of the in-development Crown Sydney Hotel Resort to Crown’s majority shareholder James Packer.
Media reports also say Crown intends to sell the 4.2 million shares it holds in Caesars Entertainment Corporation. In May, Crown sold its share in Melco Crown Entertainment (now Melco Resorts & Entertainment), a joint venture in Macau and the Philippines.