Crown Resorts Plans Slew of Asset Sales to Reduce Debt

By Mike Cherney Features Dow Jones Newswires

Australian casino operator Crown Resorts Ltd. (CWN.AU) said late Thursday that it would sell off a vacant lot in Las Vegas, shares in Caesars Entertainment Corp. and is considering selling its stake in online betting site CrownBet, as it continues to refocus on its core business and reduce debt.

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Crown said a subsidiary, Alon Las Vegas Resort LLC, would sell a vacant Las Vegas lot to Wynn Resorts Ltd. (WYNN) for US$300 million. Crown had previously said it wouldn't proceed with building a casino on the site. Crown said its share of the proceeds would be US$264 million.

Crown also said it would sell 4.2 million shares in Caesars, which recently had a market value of US$54 million.

Crown said it is in discussion with the CrownBet management team to sell Crown's 62% interest in the business, but cautioned there is no certainty that a transaction will occur. The deal could net 150 million Australian dollars (US$114.6 million).

The company also said James Packer, a major shareholder and a board director, is planning to buy two floors at Crown's new casino-resort in Sydney for A$60 million.

As well, Crown also said it would sell its interest in a luxury resort in Australia's Hunter Valley for A$62.5 million.

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-Write to Mike Cherney at mike.cherney@wsj.com

(END) Dow Jones Newswires

December 14, 2017 02:25 ET (07:25 GMT)