Australia’s casino operator Crown Resorts has confirmed talks with Wynn Resorts over a multi-billion dollar takeover proposal by the Las Vegas gaming giant.
The James Packer-controlled gaming firm said the board had yet to consider Wynn’s proposal.
"The discussions between Crown and Wynn are at a preliminary stage and no agreement has been reached between the parties in relation to the structure, value or terms of a transaction,” Crown Resorts said in a statement to the Australian Stock Exchange.
The proposal is 50-50 in cash and Wynn shares, with any offer subject to regulatory approval.
Crown, majority owned by Packer’s Consolidated Press Holdings, has operations in Melbourne, Perth, and London, and has a luxury resort development in Sydney’s Barangaroo due to be completed in 2021.
Crown’s operations in Macau suffered a major blow in 2017 when 19 of its staff were detained for promoting gambling in China.
Crown subsequently quit its remaining stake in Macau-focused Melco Resorts and Entertainment Ltd for US$1.16 billion to focus on operations in Australia.