Crown completes Alon Las Vegas sale
In order to reduce its debt, Crown Resorts has finally completed the Alon Las Vegas Resort sale to Wynn Resorts for US$300 million.
US.- The Alon Las Vegas Resort LLC’s sale has finally been completed, as Crown Resorts exit the property after reaching a deal worth US$300 million with Wynn Resorts. The company will receive nearly US$264 million as shares of the proceeds as the deal, agreed in December, was completed.
The company also decided to sell its shares in Caesars Entertainment Corporation. Crown’s share in the company is estimated to be around US$54 million and this sale will help the Australian operator to reduce its debt.
Furthermore, Crown decided to get rid of assets in Australia by selling part of its interest in private golf course Ellerton for US$47.9 million to Consolidated Press Holdings, and two floors of the Crown Sydney Residences at the Crown Sydney Hotel Resort for US$45.98 million.
The company has also announced the sale of its 62 per cent interest in online division CrownBet to a consortium of shareholders led by the current management team and CEO Matt Tripp.
