Recently, talk about the deal between James Packer, the owner of Crown Resorts Limited, and the Las Vegas gambling Giant, Wynn Resorts, was all around the place.
However, it was recently found that the deal had come to nothing due to issues that there was information leaked to the media.
Wynn Terminated Discussion with Crown Resorts
Wynn Resorts is best known for its operation of hotels in Las Vegas, Macau, and Boston. It was directly mentioned by the Crowns that the discussion between them and Wynn was confidential and it involves a change of control between the two.
The deal particularly involves the selling of the Las Vegas property between the two parties, with Crown having the chance of walking away with $2 billion in Wynn Resorts. However, Crowns decided to reveal this plan of theirs.
As a result, the executive of Wynn Resorts was upset about this move by Crown and terminated any further discussion with Crown Resorts.
The deal was not yet finalized and it’s understood that the discussion is confidential. Wynn executives even stated that they were shocked by Crown’s announcement of the discussion. Even United States gamblers were surprised.
The information about the discussion was announced just weeks after James Packer was listed as one of richest people in The Australian’s The List, taking the 15th place with a net worth of $4.23 billion.
Crown, a Great Addition to Wynn Holdings
Crown is best known for its casino hotels in Perth, London, Melbourne, and Sydney, which is currently under development. Wynn stated that the merging of the company to theirs will bring a significant change in their empire.
Crown’s Chance to Emerge
The past few years was some of the worst moments in Crown’s venture in the gambling industry.
Not only were they forced to stop venturing in Macau and Las Vegas, but their staff in China was also arrested and jailed due to the promotion of gambling, which is supposedly illegal in the country.
The share firms of Crown skyrocketed with the announcement that a merge will be happening in the future. With this unexpected turn of events, it’s expected that this year might be another moment where Crown would have to endure yet again.
While it’s very tempting to brag about their latest achievement, this move only cost them a fortune. Hopefully, they won’t make the same mistake again.
