Las Vegas Casino Deal Canceled Today Due To Buyer's Failure To Close
Las Vegas Casino deal canceled today due to buyer’s failure to close. Australia’s Crown Ltd. couldn’t close a $1.75 billion deal to purchase Cannery Casino Resorts.
Due to the deal cancellation, Crown paid $50 million termination fee to Cannery Resorts. Although, Crown wants to continue the purchase of the casinos it will have to go through a several year process with many milestones. Crown operates casinos in Macau and Australia.
Crown makes its way in the news again with help from billionaire James Packer. They have wanted to purchase several casinos in the US including Meadows Race Track and Casino near Pittsburgh, the Rampart Casino near Summerlin, and several Cannery casinos on the Boulder Highway and in North Las Vegas, Nevada. That deal started at the end of 2007.
The beginning stage of the acquisition requires $370 million from Crown to purchase 24.5 percent and a maximum of 60 days for regulatory approval in Pennsylvania and Nevada for Cannery Resorts. There is a small amount of extra time if Cannery Resorts agrees. A non-complete penalty of $200 million will be payable for another cancellation.
The Cannery Casino Resorts owners say the company has a strong balance sheet, growth opportunities and new gaming properties in Nevada and Pennsylvania.
The original commercial real estate contract calls for an additional $1.4 billion to acquire the remaining interest in Cannery Resorts. Source: Review Journal
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Las Vegas casino deal canceled today due to buyer’s failure to close.