Crown Ltd. buys minority stakes in Harrah’s
LAS VEGAS (AP) ” Australian casino company Crown Ltd. has spent $414 million for minority stakes in Harrah’s Entertainment Inc. and Station Casinos Inc., increasing its investment in the Nevada market, the company said.
Crown, based in Melbourne and controlled by billionaire James Packer, paid $172 million for a 2.5 percent interest in Harrah’s, the world’s largest gambling company by revenue, according to a Wednesday filing with the Securities and Exchange Commission.
It paid another $242 million for a 4.9 percent stake in Las Vegas-based Station Casinos, which operates properties that cater to Las Vegas residents off the Las Vegas Strip, the filing said.
Crown did not disclose when the purchases were made. It told analysts they were for investment purposes only, and the company had no intention of increasing its interest.
Crown said it would not have members on either company board of directors.
Representatives for Station Casinos and Harrah’s Entertainment declined comment.
Harrah’s operates Harrah’s Lake Tahoe, Harveys and Bills Casino in Stateline.
Crown also suggested it was rethinking plans to build a $5 billion hotel-casino project on the north end of the Las Vegas Strip.
Along with its partners, Austin, Texas-based developer Christopher Milam and New York-based private equity firm York Capital Management, the company is “undertaking a strategic review of its development options in light of recent upheavals in capital markets,” the filing said.
Information from: Las Vegas Review-Journal, http://www.lvrj.com
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