UPDATE: Wynn Resorts terminates talks with Australian casino owner

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UPDATE: Wynn Resorts announced Tuesday afternoon it has terminated all discussions with Crown Resorts to buy the Australian casino operator.

The company released the following statement:

“Following the premature disclosure of preliminary discussions, Wynn Resorts has terminated all discussions with Crown Resorts concerning any transaction.”

SYDNEY (AP) — Las Vegas casino giant Wynn Resorts is in talks to buy Australia’s largest casino operator, Crown Resorts.

Crown, which owns casinos in Melbourne, Perth and London and will soon open another in Sydney, confirmed in a statement Tuesday it was in confidential takeover discussions over a cash-and-scrip offer from Wynn.

It said the offer had an implied value of $10.58 ($14.85 AUD) per share, valuing Crown at around $7.83 billion ($10 billion AUD).

Stressing there was “no certainty that these discussions will result in a transaction,” Crown said the proposal was subject to conditions including due diligence and regulatory approvals.

Crown’s value has fallen 20 percent since mid-2018, but news of the talks sparked a 20.5% share price rise on the Australian Stock Exchange on Tuesday morning, to $10.07 ($14.14 AUD).
 

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