Australia’s Crown Resorts has announced the sale of its only international casino, Crown London, to Wynn Resorts for an undisclosed amount.
In a statement issued Friday, Crown said the transaction supports its focus on growing and developing its strategic core assets in Australia, namely Crown Melbourne, Crown Sydney and Crown Perth.
The sale is expected to complete in the second half of 2025.
“The sale of Crown London aligns with our strategy to invest in our Australian assets and customer offering to deliver sustainable growth for the business in our core market,” explained Crown CEO, David Tsai.
“Our priority is to deliver new and elevated experiences for our guests in Melbourne, Perth, and Sydney in line with our strategy to be the leading entertainment destinations in Australia.”
Wynn Resorts CEO Craig Billings added, “This acquisition of an iconic asset offers us a presence in a global gateway city and will create a conduit for Wynn guests to visit our resorts, particularly Wynn Al Marjan Island which is slated to open in the first quarter of 2027 in Ras Al Khaimah in the United Arab Emirates.”
Crown London, formerly Aspinall’s, was acquired by Crown Resorts in 2011.
The member’s only casino spans two historic townhouses in Mayfair, London, offering 20 gaming tables in a variety of sophisticated salons, as well as an intimate restaurant and lounge for entertaining. The casino will operate under the Crown London name until the transaction closes, Wynn confirmed.
Crown said it work collaboratively with Wynn Resorts to achieve a smooth transition of the London business following Wynn Resorts obtaining all necessary regulatory approvals.
The sale of Crown London represents the latest move in the company’s efforts to divest non-core assets, including last year offloading its entire 20% stake in global restaurant chain Nobu.
With Australian market conditions and significant regulatory pressures continuing to torch the local casino industry, Crown most recently reported an AU$164.8 million (US$111 million) loss for the 12 months to 30 June 2024 on flat year-on-year revenues.
Crown said it work collaboratively with Wynn Resorts to achieve a smooth transition of the London business following Wynn Resorts obtaining all necessary regulatory approvals.
The sale of Crown London represents the latest move in the company’s efforts to divest non-core assets, including last year offloading its entire 20% stake in global restaurant chain Nobu.
With Australian market conditions and significant regulatory pressures continuing to torch the local casino industry, Crown most recently reported an AU$164.8 million (US$111 million) loss for the 12 months to 30 June 2024 on flat year-on-year revenues.
For analysis on the transaction by our CEO Andrew W Scott, please click here.
