Crown Resorts Sells $700 million in Assets and Luxury Ellerston Resort
t package includes sales of its Australian property and several agreement deals to rid its assets to try and lower the operators debt. Part of the debt reduction includes the sale of its Las Vegas Boulevard for $300 million.
A class action lawsuit was filed last week against Crown Resorts. The lawsuit is alleging that the operator failed to notify its shareholders of marketing campaigns in China. This resulted in arrests of employees and a decline in the company’s share price.
Crown also intends to sell more than 4.2 million Caesars Entertainment Corp shares valued at $54 million. The operator has been selling off its liquidity for some time. Back in May they quit its stake in the Macau market to free up some extra cash to try and pay debts down. James Packer, part owner and billionaire said that they are expecting to receive at least $264 million for the sale of the Las Vegas site from Wynn Resorts Ltd. Packers also confirmed that the company will sell two floors for $60 million at the Crown Sydney Hotel Resort to himself.