Australia's Crown Resorts signs several deals to cut debt

Bengaluru

AUSTRALIAN casino operator Crown Resorts said on Thursday that it had signed several deals to divest assets to cut debt, including selling interest in a site on the Las Vegas Boulevard for US$300 million. Crown Resorts has been retreating from a decade-long foray into Macau, the other big global gaming hub, amid a broader Chinese crackdown on corruption.

In May, it quit its remaining stake in Macau-focused Melco Resorts and Entertainment, freeing up cash to pay off debts.

Last week, the casino operator was slapped with a class action lawsuit for allegedly failing to inform shareholders of a marketing campaign in China that resulted in staff arrests and a slump in the share price.

The company, part-owned by billionaire businessman James Packer, said it expects gross proceeds of US$264 million from the sale of the Las Vegas site to a unit of Wynn Resorts.

Separately, it said it will sell two floors at the Crown Sydney Hotel Resort to Mr Packer for A$60 million.

Crown will also sell part of its interest in the property and operations at Ellerston, New South Wales, for A$62.5 million to Consolidated Press Holdings and another entity associated with Mr Packer's sister.

It also confirmed talks with online betting firm CrownBet regarding the sale of a 62 per cent interest, together with loans advanced by Crown, for A$150 million (S$157 million).

In addition, Crown said it intends to sell 4.2 million shares in casino operator Caesars Entertainment Corp, valued at about US$54 million. REUTERS