Crown to sell CrownBet to shareholders for $150m

Business News

Crown Resorts has agreed to the $150 million sale of its majority stake in bookmaker CrownBet and expects to complete the divestment by the end of February.

Crown on Friday said it had entered into an agreement for the sale of its 62 per cent stake – along with loans advanced by it to CrownBet – to investors including CrownBet chief executive Matthew Tripp.

The deal was subject to the buyers arranging satisfactory financing, Crown said in a statement to the ASX. The divestment is part of a string of asset sales announced on December 14 that could raise nearly $700 million.

The sales include a vacant lot in Las Vegas where it had planned to build a casino, a stake in gaming giant Caesars Entertainment Corporation, and two floors of its luxury Sydney development – the latter to executive chairman James Packer.

Mr Packer will pay $60 million for two residential floors of Crown Sydney at Barangaroo, which are located above the mid-levels of the luxury high rise project that will include a casino for high rollers.

Crown already this year sold its interests in joint-venture casinos in Macau following the detention of staff by Chinese authorities amid a gambling clampdown.