Las Vegas's Wynn Resorts has made a $7.1 billion takeover offer for Austral...
HONG KONG - Las Vegas’s Wynn Resorts has made a $7.1 billion takeover offer for Australian casino giant Crown Resorts Ltd, a move to expand its global footprint and hedge against the expiration of its license in Macau.
- Beset by sexual misconduct allegations, Wynn disposed his entire 11.8 percent stake in Wynn Resorts for $2.1 billion last month. - Deal would create a global casino empire, combining the world’s second- and seventh-largest gambling operators, to take on the largest player, Las Vegas Sands Corp.- Founded in 2007 by James Packer, scion of an Australian business dynasty, when he split the family’s gambling and media assets.
- Crown also owns Aspinalls, a casino in London’s West End, a fifth of luxury restaurant chain Nobu, and has a modest online betting and gambling division.- Constrained by space and regulations in Vegas, Crown’s Australian portfolio offers an expansion opportunity which promises exposure to high-rolling Asian gamblers, but also booming domestic and corporate travel.
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