Crown Resorts to sell CrownBet majority stake

The James Packer-packed Crown Resorts has agreed to the $150m sale of its majority stake in bookmaker CrownBet.

James Packer leaves the Crown Resorts AGM in Melbourne. Pic: AAP

Crown Resorts has agreed to the $150 million sale of its majority stake in bookmaker CrownBet and expects to complete the divestment by the end of February.

The James Packer-backed Crown (CWN) says it has entered into an agreement for the sale of its 62 per cent stake — along with loans advanced by it to CrownBet — to investors including CrownBet chief executive Matthew Tripp.

The deal — which it flagged earlier this month — is subject to the buyers arranging satisfactory financing, Crown said in a statement to the ASX.

Macquarie’s analysts earlier this month estimated CrownBet had a 6 per cent share of Australian wagering revenue in fiscal 2017, which was up from 4 per cent in fiscal 2016.

The divestment is part of a string of asset sales announced on December 14 that could raise nearly $700 million.

The sales include a vacant lot in Las Vegas where Crown had planned to build a casino, a stake in gaming giant Caesars Entertainment Corporation, and two floors of its luxury Sydney development - the latter to executive chairman James Packer.

Mr Packer will pay $60 million for two residential floors of Crown Sydney at Barangaroo, which are located above the mid-levels of the luxury high rise project that will include a casino for high rollers.

Crown already this year sold its interests in joint-venture casinos in Macau following the detention of staff by Chinese authorities amid a gambling clampdown.

Shares in Crown Resorts closed down 2.0 cents, or 0.15 per cent

AAP