Home » VT News » And Here Come The Australians... Crown LImited Buys Chunk of Harrahs and Stations

And Here Come The Australians... Crown LImited Buys Chunk of Harrahs and Stations

By Chuckmonster on Wednesday, 20th February 2008 2:53pm
  » filed under Harrah's Entertainment  comments: 0

   

Australia based gaming company, Crown Limited have gotten out their checkbook again. Crown Limited, part owners of Macau based MelcoPBL (Crown Macau, City of Dreams, Trinity), new owners of the Cannery Casinos (Vegas, Pennsylvania) and partners on the Crown Las Vegas project have shelled out $172M for a 2.5% stake in Harrah's as well as a 4.9% stake in Stations Casinos, both of which went private recently.

These are interesting investments from Crown Limited in their bid to storm the U.S. Casino market and could potentially signal a reverse investment by Harrah's or Stations Casinos into Crown Limited's piece of the larger Macau pie - which is limited to only six casino licenses all of which are spoken for. However partnering with Crown and in turn MelcoPBL means that Harrah's now has a partner to operate a potential casino on the golf course they bought in Cotai.

Crown's decision to purchase locals operator Cannery Casinos, buy a chunk of locals operator Stations and invest into mid-market monolith Harrah's isn't particularly becoming for a company whose clientele trends more towards the higher end MGM Mirage / Wynn set.



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