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NEWS 9 April 2019

Wynn Resorts terminates Crown Resorts talks

By Tim Poole

Las Vegas-based casino operator Wynn Resorts has terminated "all discussions" with Crown Resorts over a potential takeover.

Australian casino operator Crown earlier confirmed it was in confidential discussions with Wynn Resorts regarding a potential merger.

Crown said talks were at a "preliminary stage" after Wynn Resorts proposed an offer combining cash and Wynn Resorts shares; the proposal valued Crown shares at A$14.75 each.

Within a matter of hours, however, the US firm has terminated all discussions with Crown, citing "premature disclosure" of the talks.

When contacted by Gambling Insider, Wynn Resorts said in a statement: "Following the premature disclosure of preliminary discussions, Wynn Resorts has terminated all discussions with Crown Resorts concerning any transaction."

Crown had seen its share price jump from A$11.72 ($8.38) to A$14.06 in light of its earlier announcement. It remains to be seen how this valuation is affected once the Australian Securities Exchange re-opens.

Wynn Resorts’ share price fell from $144.85 to $139.12 after Crown’s initial announcement, rising slightly since to $140.72.

RELATED TAGS: Land-Based | Industry | Mergers & Acquisitions | Casino
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