BREAKING NEWS: James Packer eyes a $2billion pay day as he considers selling Crown Resorts to a Las Vegas casino company for $10billion
- Las Vegas casino company Wynn Resorts has made a takeover bid for Crown
- The bid values Crown at $10billion and may give Packer a $2billion payout
- Crown shares jumped 22 per cent on the back of the news on Tuesday morning
James Packer is considering selling his Crown Resorts business to a huge Las Vegas casino company.
Wynn Resorts has made a takeover bid valuing Crown at $10billion.
Crown shares jumped 22 per cent to the highest they’ve been for seven months on the back of the news on Tuesday morning.
James Packer is considering selling his Crown Resorts business to a huge Las Vegas casino company
If the deal goes ahead, Packer – who owns 46 per cent of Crown shares – may get a $2billion payout and a 10 per cent stake in the new merged company, according to The Australian.
Crown confirmed talks were happening in a statement on Tuesday: ‘Crown confirms that it is in confidential discussions with Wynn regarding a potential change of control transaction following approaches to Crown by Wynn.’
The company stressed that no agreement had been reached.
‘The discussions between Crown and Wynn are at a preliminary stage and no agreement has been reached between the parties in relation to the structure, value or terms of a transaction.’
Wynn Resorts, based in Las Vegas, develops and operates high end hotels and casinos. It posted revenue of US$4.4billion in 2016.
It was founded in 2002 by former Mirage Resorts Chairman and CEO Steve Wynn, and is now run by CEO Matthew Maddox.