CROWN SELLS MACAU CASINO STAKE AND HALTS VEGAS PLANS
15 December 2016, Written by James Perkins
CROWN Resorts Limited (ASX: CWN) entered a trading halt today as it announced the sale of a $1.6 billion stake in its Macau casinos and a decision not to proceed with the Alon project in Las Vegas.
Crown Resorts chairman, Robert Rankin, says, "These business decisions are strategic and for the long-term and will underpin the company's future over the next decade.
"Today's announcements will maximise value for the benefit of all Crown Resorts shareholders, allowing us to redeploy capital to fund high quality growth projects as well as adopting a number of capital management initiatives.
"Crown Resorts has a strong portfolio of future projects, anchored by Crown Sydney, and including our online and wagering platforms."