SYDNEY/HONG KONG – Forced to anchor in licensed clusters in Las Vegas and Macau, the world’s biggest casino operators rarely get a free shot at expansion. That’s why a once-in-a-generation opportunity to buy established gaming resorts in Australia could escalate into a bidding war.
Crown Resorts, controlled by Australian mogul James Packer, the one-time fiancé of singer Mariah Carey, this week disclosed a A$9.99 billion (US$7.12 billion) takeover offer from Wynn Resorts and said the two companies were discussing a deal. The talks were short-lived. Wynn said they were revealed too soon and ended negotiations.
The discussions were initially reported in the Australian Financial Review newspaper and confirmed shortly later by Crown. It looked like a tried-and-tested play to root out a higher bidder – until Wynn walked away.
