Wynn Resorts is putting down its wagers on one of Australia’s biggest gaming and entertainment groups.
The Las Vegas organization has moved toward Crown Resorts with a 10 billion Australian dollar ($7.1 billion) takeover, the Melbourne-based organization said in an announcement to the Australian Stock Exchange on Tuesday.
The money and stock idea from Wynn values Crown shares at 14.75 Australian dollars ($10.51) each.
“The discussions between Crown and Wynn are at a preliminary stage,” Crown said. “There is no certainty that these discussions will result in a transaction.”
Wynn Resorts (WYNN) declined to remark.
Investors respected the likelihood of a US buyout – shares in Crown spiked 21% in Sydney.
Wynn Resorts possesses casinos in Las Vegas, Macau and Boston. Founder Steve Wynn was a high roller in the gambling world for decades, amid which time he was attributed as changing Las Vegas club from betting nooks into entertainment hubs that offer awesome shows and high-end restaurants.
He stepped down as CEO of the organization a year ago, after claims of misconduct heaped pressure on the billionaire casino mogul and sent the organization’s stock tumbling.
Crown likewise lost a key figure a year ago, when Australian billionaire James Packer left the board because of individual reasons. Packer is best known in the United States for his concise commitment to pop singer Mariah Carey.
Crown possesses casinos in Australia and London. The organization left Macau in 2017, after China’s crackdown on betting brought about jail sentences for a senior official and 15 partners.