Crown leaves Vegas to reduce debt
Crown Resorts has agreed the terms to sell its stake in Alon Las Vegas in order to reduce its debt.
US.- Australian operator Crown Resorts has decided to sell its stake at Alon Las Vegas for US$300 million in order to reduce the company’s debt. Crown has agreed with Wynn Resorts on the sale that is set to be completed by late January 2018 and is expected to get a share of the gross proceeds after interests of nearly US$264 million.
Furthermore, the company added that it will sell its shares in Caesars Entertainment Corporation as well. Crown’s share in the company is estimated to be around US$54 million and its sale will help the Australian operator to reduce its debt.
Crown will also 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 might also get rid of its 62 per cent interest in CrownBet and it’s discussing with the latter’s management to assess how and whether the US$114.9 million transaction will happen or not.
