Crown confirmed the news in a statement today (10 January) but did not disclose the value of the transaction. It did, however, say the Wynn deal supports its focus on growing and developing its strategic core assets in Australia.
Crown said it will now work with Wynn Resorts to achieve a smooth transition of ownership. Subject to the necessary regulatory approvals, the deal is expected to complete in the second half of 2025.
Located in Mayfair, Crown London was previously known as Aspinalls before being acquired by Crown in 2011. The facility features a gaming floor with table games and electronic gaming machines.
Crown committed to Australian investments
Commenting on the sale, David Tsai, who was named permanent CEO of Crown Resorts in October, said this will allow for further investment in the group’s core Australian assets.
“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,” Tsai said.
“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 is yet to comment on the proposed acquisition of Crown London.
More movement outside the US for Wynn
Wynn remains headquartered in the US, but its reach stretches far beyond the country’s shores.
The first Wynn-branded casino in Macau, the Wynn Macau, opened its doors in September of 2006. Since then, the operator has also established Wynn Palace and Encore at Wynn Macau.
Wynn Las Vegas remains its oldest property, having operated since April 2005. The group also runs Encore Las Vegas and Encore Boston Harbor, with the latter its newest venue, operating since 2019.
However, Wynn is also working on a new facility in the United Arab Emirates (UAE). Due to open in 2027, the Wynn Al Marjan Island resort is currently under development, with the latest update in November revealing more than half the structural concrete is now complete.
Announced in January 2022, Wynn Al Marjan Island will be the first integrated resort in the UAE. The project is expected to cost approximately $5.10 billion (£4.14 billion/€4.95 billion).
However, one venture that remains uncertain is Wynn’s plans for a casino in New York. This week, the Manhattan community board rejected the Hudson Yards casino proposal, amid concerns over a ‘Las Vegas-style monstrosity’ near midtown.
Original article: https://igamingbusiness.com/strategy/ma/crown-resorts-sell-london-venue-wynn/
