Australian casino operator Crown Resorts Ltd has entered into a formal agreement to sell its 62% stake in online sportsbook CrownBet for AU$150 million.
In a filing to the Australian Securities Exchange, Crown revealed that the purchaser is a consortium associated with various CrownBet shareholders and led by CrownBet CEO Matthew Tripp. The sale is expected to be completed by the end of February “subject to the purchaser arranging satisfactory financing.”
Confirmation of the CrownBet deal follows a previous announcement by Crown Resorts on 14 December that it was in the process of divesting a number of assets including a 34.6 acre site on the Las Vegas Strip previously slated for Alon Las Vegas which Wynn Resorts has purchased for US$300 million.
Crown also revealed last month that it will sell US$54 million worth of shares in Caesars Entertainment Corporation it recently acquired through a subsidiary, while it has reached an in-principle agreement with James Packer that will see the company’s major shareholder purchase two floors of Crown Sydney Residences at the Crown Sydney Hotel Resort – part of Crown’s high profile Barangaroo project – for AU$60 million.