realisticgames.png
realisticgames.png
realisticgames.png
CLOSE
× Gambling News In-Depth iGaming Calendar Connections GI Friday Trafficology GI Magazine
GGA 2019 AffiliateCon
NEWS 2 January 2018

Crown Resorts agrees to the $150m sale of CrownBet

By Caroline Watson
Concluding in 2017, Crown Resorts announced that it has agreed to the $150m sale of its majority stake in CrownBet that is set to be completed by the end of February this year.

The sale follows on from the company’s recent string of sales, allowing it to focus on a number of its core assets such as its construction of the $1.5bn Barangaroo Crown Sydney Hotel Resort, along with other casino properties in Melbourne and Perth.

Earlier in the year, Crown sold its interests in joint-venture casinos in Macau and the sale of a vacant lot in Las Vegas where it had originally planned to build a new casino development.

The company’s most recent deal saw Crown Resorts sell off its 62% stake in the bookmaking subsidiary to investors including CrownBet Chief Executive, Matthew Tripp.

The sale is worth AU$150m, with Crown Resorts looking to eliminate its debt with the hopes of raising as much as $700m.

The deal was subject to the buyers arranging satisfactory financing, Crown said in a statement to the ASX.

The announcement comes after news broke late last year detailing that Crown had entered into discussions with both William Hill and Paddy Power.

The company also decided to drop its long-running legal action against the possible merger between sports betting giants, Tabcorp and Tatts.
RELATED TAGS: Online | Land-Based | Industry | Sports Betting | Mergers & Acquisitions | Legal & Regulatory | Financial
DISCUSS THIS ARTICLE
IN-DEPTH 10 July 2019
Who will be first to cry "nanny state?"
Industry veteran Kevin Dale argues for a strategic plan for the industry to find middle ground in regulation and change the narrative
READ MORE
PREMIUM CONNECTIONS