Packer buys US casinos
James Packer's new companies casino and gaming company Crown Limited has quickly established itself in the US after snapping up four US casinos for an after outlaying almost USD$2 billion.
Crown has purchased the Cannery Casino Resorts for USD$1.752 billion. The casino complexes purchased include the Las Vegas's Cannery Hotel and Casino and the Rampart Casino, which will both be operating under the Crown banner once all the proper licenses have been issued. Crown does not expect this process to be completed within 12 months.
Crown has also agreed to the purchase the Nevada Palace Casino, which will be renamed the East Cannery Casino, and the Meadows Racetrack and Casino in Pittsburgh, which are both to be refurbished.
This will give Crown approximately 8400 poker machines, 75 tables and more than 720 hotel rooms.
Crown (CWN) first began trading shares on the Australian Securities Exchange (ASX) on December 3 opening at $14-80 a share. on December 3
Crown and Consolidated Media Holdings both made their debut on the Australian Securities Exchange following the demerger of Publishing Broadcasting Ltd.
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