Wynn still considers Crown acquisition

Wynn still considers Crown acquisition

Wynn Resorts cancelled the acquisition of Crown but still considers it for the future.

Wynn Resorts officials revealed they may still look into a potential Crown Resorts buyout, despite backing out of a recent deal.

Australia.- Wynn Resorts was recently about to acquire Crown Resorts, but backed out after details of the deal emerged. However, the US company revealed it is still considering taking over James Packer’s business in the future.

Chief executive Matt Maddox stated last week that they would “always be looking for opportunities”. He addressed “tier-one, first-class assets with licences that are protected in cities that are global destinations.”

“While we are not pursuing any acquisitions at this stage, we will, along with all of our competitors, be looking at opportunities that you can’t replicate through development,” Mr Maddox said on a conference call with investors.

Deal cancelled

Rumours about a potential take over by Wynn Resorts over Crown had been in the air for months. The Australian company issued a statement to confirm a multibillion-euro offer, but hours later Wynn announced there wouldn’t be any deal.

Crown had revealed a €6.3 billion proposal, but Wynn released a statement shortly after to terminate it. “Following the premature disclosure of preliminary discussions, Wynn resorts has terminated all discussions with Crown Resorts concerning any transaction.”

The Australian operator had filed a statement with the Australian Securities Exchange on Tuesday to reveal the details. It said Wynn had approached the company with a proposed takeover for €6.3 billion at €9,3 per share. Wynn Resorts also confirmed the preliminary talks with the U.S. Securities & Exchange Commission but nothing definite.

Crown’s shares jumped nearly 20% after it announced the deal, while Wynn’s fell after it disclosed there wouldn’t be any.

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