Crown’s Hope Of Wynn Resorts Bid Unlikely To Happen

The battle for control of Crown Resorts, the Australian casino operator controlled by James Packer that has endured a torrid year with investigations into the companies regulatory failings ultimately ending in the loss of its license application for their billion dollar project in Sydney, has now heard that another company may put in a bid for the company.

Sources in Hong Kong say that CC Landing Holdings a real-estate development business which is majority owned by CK Cheung may put in a bid for Crown. Certainly CK Cheung the billionaire could easily afford to make an offer however given the current situation with Australia and China along with the concerns of a Hong Kong based firm owning Crown may be a little too much at the current political climate.

With bids already in by Crown Resorts competitor Star Entertainment along with Blackstone Group and Oaktree Capital there is one company that Crown were hoping to re-emerge with a new bid. Wynn Resorts who made a $10 billion bid for Crown Resorts some two years ago now and ultimately that bid fell through, it is hoped by Crown that Wynn will come to the bidding table again.

However sources in Las Vegas close to Wynn say that is highly unlikely now, Wynn is busy developing their online sports betting business and plans to float that on the US stock market. It is also understood that from their bid in 2019 the company has re-focused its business model and would no longer make a bid for the Australian casino company.