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UPDATE 1-Australia's Crown Resorts to sell CrownBet stake for $117 million

Published 29/12/2017, 04:41 pm
© Reuters.
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Dec 29 (Reuters) - Australian casino operator Crown Resorts CWN.AX said on Friday it has agreed to sell its 62 percent stake in online betting firm CrownBet to a consortium including the unit's chief executive for A$150 million ($117 million).

The deal, part of a series of divestments planned by Australia's biggest casino company to cut debt, also includes loans extended by Crown to CrownBet.

Both Dublin-based Paddy Power Betfair PPB.I and British bookmaker William Hill WMH.L had previously expressed an interest in the stake. buyer of the stake is an entity associated with other shareholders in CrownBet, including the CrownBet management team led by CEO Matthew Tripp, Crown said in a statement.

Australia's gambling industry has seen much change this year with the country's biggest bookmaker Tabcorp Holding TAH.AX buying lottery owner Tatts Group for $4.7 billion this month to create a gambling powerhouse. of Crown Resorts were down 0.3 percent.

($1 = 1.2830 Australian dollars)

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