Wynn Resorts is placing its bets on one of Australia’s largest gaming and entertainment groups.
The Las Vegas company has approached Crown Resorts with a 10 billion Australian dollar ($7.1 billion) takeover, the Melbourne-based company said in a statement to the Australian Stock Exchange on Tuesday.
The cash and stock offer from Wynn values Crown shares at 14.75 Australian dollars ($10.51) each.
“The discussions between Crown and Wynn are at a preliminary stage,”
Crown said.
“There is no certainty that these discussions will result in a transaction.”
Investors welcomed the possibility of a US buyout — shares in Crown spiked 21% in Sydney.
