The logo of Australian casino giant Crown Resorts Ltd adorns the hotel and casino complex in Melbourne, Australia. File photo/ Reuters
Australian gambling giant Crown Resorts on Tuesday confirmed a takeover offer from US gaming group Wynn Resorts, estimated to be worth more than US$7 billion, sending the firm’s shares surging by a quarter.
The Sydney-listed company — which owns casinos in Melbourne and Perth, and is building another in Sydney — said the talks were “at a preliminary stage.”
Wynn’s proposal is a cash and share buyout at Aus$14.75 per share, for a total value of Aus$10 billion (US$7.1 billion). Shares in Crown soared 24.85 percent to Aus$14.37 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 firm said in a statement.
“No agreement has been reached between the parties in relation to the structure, value or terms of a transaction. There is no certainty that these discussions will result in a transaction.”
Crown has undergone significant restructuring in recent years and divested from many of its overseas interests.
A crackdown by Beijing has driven away many big-spenders and hurt revenues. Around the same time, several of its employees were detained in China before being released in 2017.
Last year Australian tycoon and former Crown head James Packer, son of the late publishing and gaming mogul Kerry Packer, abruptly departed the family firm citing “mental health issues”, though he remains a significant shareholder.
Wynn Resorts, which employs 23,000 people around the world, operates casinos in Las Vegas and Macau.
Founder Steve Wynn sold his entire stake in the Las Vegas-based firm after he stepped down earlier this year as chairman and chief executive in the wake of allegations of decades of sexual misconduct.
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Do not violate rules and do not subject yourself to legal accountability and expect financial fines in coordination with the competent authorities in the emirate.
The RAK Department of Economic Development closed the public sitting areas and prayer rooms, limiting malls’ visitor capacities to 30%, prohibiting visitors over 60 of age or under 12 from entering. Restaurants have been instructed to operate at 30% capacity at most...
The Ministry, however, said that schools are instructed to allocate 3 minutes of each lesson to educate children about the the virus and to make them aware of the precautions they all should take to protect themselves from the virus.