Crown Resorts Gets a $7.1 Billion Bid from Wynn Resorts

Crown Resorts in Australia has got a $7.1 billion bid from the Las Vegas based casino giants, Wynn Resorts.

Crown Resorts made a statement about the $7.1 billion (worth 10 billion in Australian Dollars) bid to the Australian Stock Exchange. The Melbourne-based company will be opening a new establishment in Barangaroo, a harbourside in Sydney. Wynn Resorts made a cash-and-scrip offer and Crown is considering it. The news about the takeover increased the price of Crown’s share by a staggering 21 per cent.

According to the deal, Crown Resorts will receive $10.50 on every share, for which Wynn Resorts will pay in stocks and cash. The Melbourne-based company stated that there isn’t any guarantee that the discussions will end with them accepting the offer. The proposal from the Las Vegas casino giants will need regulatory approvals and satisfy other conditions.