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Crown pulls out of Las Vegas, looks to reduce debt

Australian casino operator Crown Resorts on Thursday said it has signed a number of agreements aimed at reducing its debt, including selling its interest in Alon Las Vegas for $300 million.

According to a filing from Crown, the company entered into an agreement with a subsidiary of Wynn Resorts on Thursday to sell its 34.6 acre vacant site on the the Las Vegas Boulevard.

The transaction is set to complete in late January 2018, with Crown's share of the gross proceeds, after taking into account minority interests, expected to be around $264 million.

Crown on Thursday also said it intends to sell its shares in Caesars Entertainment Corporation, with its current holdings worth around $54 million.

The operator has also agreed to sell part of its interest in Ellerston, a private golf course in the Hunter Valley meant for its VIP customers, for A$62.5 million (US$47.9 million) to Packer’s Consolidated Press Holdings.

The company has also agreed in-principle to sell two floors of the Crown Sydney Residences at the Crown Sydney Hotel Resort to James Packer for A$60 million, which has been approved by Crown’s independent directors.

Finally, Crown also reaffirmed that it is in discussions with the CrownBet management team for a potential sale of Crown’s 62 percent interest in CrownBet, together with any loans advanced by Crown to CrownBet for A$150 million.

However, there is no certainty as to whether the transaction will eventuate, said the operator.

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