Wynn Resorts Ltd (WYNN)

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Wynn Says Ending Talks With Australia's Crown Resorts After Discussions Leaked
By: TheStreet | April 9, 2019

Wynn Resorts scraps takeover discussions with Australia's Crown Resorts after news of the talks are leaked.

Wynn Resorts (WYNN - Get Report) scrapped takeover discussions with Australia's Crown Resorts (CWLDY after news of the deal was leaked, Wynn said Tuesday.

"Following the premature disclosure of preliminary discussions Wynn Resorts has terminated all discussions with Crown Resorts concerning any transaction," Wynn Resorts, the world's No. 2 casino operator, said in a statement.

Crown Resorts said earlier Tuesday that it had been approached by Wynn with a A$10 billion ($7.1 billion) takeover offer.

"The discussions between Crown and Wynn are at a preliminary stage," said Crown, which is one of Australia's largest gaming and entertainment companies, said earlier Tuesday. "There is no certainty that these discussions will result in a transaction."

Crown Resorts owns casinos in Melbourne and Perth, Australia, and London.

The deal would have offered Wynn a hedge against Macau, the Chinese gambling hub where its licenses are up for renewal, by giving it two lavishly revamped Australian casinos and a third still being built on the Sydney harbor front, Reuters reported.

Crown said Wynn was proposing to buy the company in a cash-and-stock deal.

Crown Resorts shares ended the trading day in Sydney up 19.7% to A$14.05. Wynn shares fell 3.2% to $140.25.

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