Crown sells off $370m worth of Las Vegas assets
29 January 2018, Written by Paris Faint
Crown Resorts (ASX: CWN) has sold off 34.6-acres of vacant land in Las Vegas, in a deal worth AU$370 million.
It is reported that Crown had once intended to build a casino on the site, located on Las Vegas Boulevard, which it has now sold to a subsidiary of Wynn Resorts Limited.
After accounting for minority interests, Crown will pocket an approximate US$264 million in proceeds from the sale.
The company first announced its intent to sell the land, which belonged to its majority owned subsidiary Alon Las Vegas, on 14 December 2017.
In June 2017, the company wrote down the carrying value of its investment in Alon to US$200 million.
In the same market update on 14 December, Crown also announced plans for a string of further divestments worth around AU$700 million.
These included the company's intent to sell off 4.2 million shares in Caesars Entertainment Corporation and an agreement to sell its interest at Ellerston in the Hunter Valley for AU$62.5 million to Consolidated Press Holdings.
Crown is also in discussions over the sale of its 62 per cent interest in CrownBet however the company said it is not certain whether a transaction will take place.Never miss a news update, subscribe here. Follow us on Facebook, LinkedIn, Instagram and Twitter.
Business News Australia
Author: Paris Faint