Valued asset: The Crown Casino logo adorns the side of their casino in Melbourne, Australia. Wynn is desperately seeking to shore up its presence among Asian bettors. — AFP
SYDNEY: Wynn Resorts Ltd is in talks to buy Australian billionaire James Packer’s Crown Resorts Ltd for A$9.99 bil (US$7.12 bil) as the Las Vegas casino empire looks for growth in Asia amid a slowdown in the gambling enclave of Macau.
The proposed deal, which values Crown at A$14.75 per share, 26% more than Monday’s closing price, will also allow Packer to divest his single largest asset, completing a remarkable corporate retreat for a titan who’s been beset by political trouble and mental health issues in recent years.
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