Australian casino giant Crown Resorts said on Tuesday it had received an indicat...
SYDNEY - Australian casino giant Crown Resorts said on Tuesday it had received an indicative A$10 billion takeover offer from Las Vegas’s Wynn Resorts, sending Crown’s shares soaring as investors bet on an even higher bid.
For Wynn, the deal would give the world’s second-largest casino company a foothold in a market popular with Chinese tourists, although a recent downturn in Chinese consumer spending has constrained Crown’s revenue and share price. “It’s a preliminary-style bid which doesn’t yet provide an adequate premium for control, and most would expect there to be both more debate about the strategic merit and pricing,” said Angus Gluskie, managing director of White Funds Management, which also holds Crown shares.
The deal would also provide some relief for Crown shareholders, who have seen their investment go sideways since late 2016 when 18 of the company’s staff were arrested in China for breaking laws banning casino marketing. The deal would put Wynn in charge of one of Australia’s most high profile developments, a A$2.2 billion luxury casino precinct called Barangaroo on the Sydney waterfront, which Crown has pitched as its future growth engine.
México Últimas Noticias, México Titulares
Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.
Wynn Resorts Bids $7.1 Billion for Australia’s Crown ResortsWynn Resorts of Las Vegas offered to buy Australia’s Crown Resorts for about $7.1 billion, in the latest sign that global gambling companies are looking to get bigger as they battle with online gaming.
Leer más »
Australia's Crown Resorts gets $7.1 billion takeover approach from Wynn ResortsAustralia's Crown Resorts said on Tuesday it was in talks with Las Vegas ri...
Leer más »
Chick-fil-A leads the pack as teens' favorite restaurant chain in AmericaChick-fil-A is keeping its crown as teenagers' favorite restaurant chain, according to Piper Jaffray's latest survey.
Leer más »
House joins Senate in passing measure to end U.S. involvement in Yemen, setting up a Trump vetoHouse joins Senate in passing measure to end U.S. military involvement in Yemen, a move with major political implications for Trump
Leer más »
Saudi Aramco is big, just not big enoughThe oil producer’s accounts show it is hyper-efficient. That helps its valuation, as does the rise in the price of crude since Aramco first flirted with an IPO. But while the company is a giant, it still doesn’t warrant the $2 trillion value envisaged by Saudi’s crown prince.
Leer más »
Wynn Resorts Bids $7.1 Billion for Australia’s Crown ResortsWynn Resorts of Las Vegas offered to buy Australia’s Crown Resorts for about $7.1 billion, in the latest sign that global gambling companies are looking to get bigger as they battle with online gaming.
Leer más »
Australia's Crown Resorts gets $7.1 billion takeover approach from Wynn ResortsAustralia's Crown Resorts said on Tuesday it was in talks with Las Vegas ri...
Leer más »