This article is from the Australian Property Journal archive
JAMES Packer’s Crown Resorts has completed the sale of its vacant 14-hectare Las Vegas site, once an ace in the deck of its global expansion plans which has been abandoned.
It will receive around $370 million as part of the deal, announced last month, with a subsidiary of Wynn Resorts, which owns the casino site next door.
Wynn Resorts is overseen by billionaire casino, real estate and political player Steve Wynn, who yesterday stepped down as the finance chair of the Republic National Committee after sexual misconduct allegations.
Crown’s exit from the international stage was initially revealed at the end of a tumultuous 2016, and included the divestment of shares in its Macau operator and the sale of the Alon project on Las Vegas Boulevard, effectively folding its intended separately-listed vehicle of international assets.
Its ongoing mission to cut debt led to another $700 million worth of assets put up for grabs in December. Packer himself took two floors of the high-end hotel and resort at Barangaroo in Sydney for $60 million, and a $62.5 million interest in the property and operations at Ellerston in the Hunter Valley to Consolidated Press Holdings Pty Ltd – of which Packer is the major shareholder – and an entity associated with his sister Gretel Packer.
Crown has also offloaded its 62% interest in betting company CrownBet to other shareholders for $150 million, and intends to do likewise with 4.2 million shares in Caesers Entertainment formerly held by a Crown co-investment vehicle.
In June, the group had written down the subsidiary that held the Alonsite to US$200 million.
Australian Property Journal
