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.
Australian Prime Minister Scott Morrison on Wednesday warned that “collateral damage” from trade spats between China and the United States were hurting smaller countries and threatening the global economy.
When I found out that Kirstjen Nielsen was resigning as Homeland Security secretary, I posted this on Facebook:
Worshipping huge pop idols as deeply as a religion is a culture I’m all too familiar with. As an awkward teenager in the early Nineties, I was a follower, led by wherever the cool clique of my generation would take me. R&B and hip hop weren’t just popular music genres — they shaped our identity, beyond just being British south Asian girls.
Sharjah Police have appealed to members of the society via their social networking platforms in Arabic and English for anyone who has information about the missing Indian boy, Mohammad Parvez, to contact on these numbers (80040 or 06-5943210).
The Islamic Affairs and Charitable Activities Department in Dubai, IACAD, has announced the delivery of 38 housing units to low-income Emirati families, in cooperation with Sheikh Zayed Housing Programme as part of the “Mudon Al Khair” (Cities of Goodness) initiative.
The UAE’s police chiefs were recently honoured with the ‘Dubai Police Security Cooperation Medal’ for their outstanding services and cooperation in maintaining the security and safety of the country. The officers were felicitated by Lieutenant General Dhahi Khalfan Tamim, Deputy Chief of Police and Public Security of Dubai, Chairman of the Police Leaders Council of the Ministry of Interior, in the presence of Major General Abdullah Khalifa Al Marri, Commander-in-Chief of Dubai Police