Gambling in the USA

Crown resorts finalised the Alon Las Vegas sale

Published

8 years ago

January 31, 2018

Niji Narayan

Reading Time: < 1 minute

With the goal of reducing its debt, the Crown Resorts ultimately completed the Alon Las Vegas Resort sale to Wynn Resorts for US$300 million.

The Alon Las Vegas Resort LLC’s sale has been finalised owing to the exiting of the property by Crown Resort after acquiring a deal worth US$300 million with Wynn Resorts. Consequently, the company will receive nearly US$264 million as shares of the proceeds as the deal, agreed in December, was completed.

The company is also all set to sell its shares in Caesars Entertainment Corporation. The share of Crown’s in the company is estimated to be approximately US$54 million. This sale will aid the Australian operator to reduce its debt.

Furthermore, Crown decided to dispose of assets in Australia by selling a 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.

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Niji Narayan

Niji Narayan has been in the writing industry for well over a decade or so. He prides himself as one of the few survivors left in the world who have actually mastered the impossible art of copy editing. Niji graduated in Physics and obtained his Master’s degree in Communication and Journalism. He has always interested in sports writing and travel writing. He has written for numerous websites and his in-depth analytical articles top sports magazines like Cricket Today and Sports Today. He reports gaming industry headlines from all around the globe.