Casino Roundup: Crown Buyout, Wynn Leaseback and Sands Junk Rating
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Crown Resorts accepted a $8.9 billion buyout bid from Blackstone. The Australian casino company reported a loss of $141 billion for the last six months of 2021. A credit agency cut Las Vegas Sands’ debt rating. Wynn Resort negotiated its first real estate sale.
Crown Resorts bought Blackstone for $8.9 billion. Crown's shareholders will receive $13.10 per share as part of the all cash deal. Wynn Leaseback and Sands got junk rating.
Apollo Global Management bought the Sands' Las Vegas casinos for $6 billion last March. The deal was approved by Nevada regulators last week. S&P Global Ratings downgraded Las Las Sands credit rating to junk. Wynn Resorts is selling its Encore Boston Harbor property to a real estate investment trust. Under the terms of the sale, WynN will receive $1.7 billion and pay Realty Income roughly $100 million per year in rent.
