Crown Resorts Says It's in Talks on Online Betting Service Stake
Crown Resorts Says It's in Talks on Online Betting Service Stake
(Bloomberg) -- Crown Resorts Ltd. said it’s in talks regarding its stake in an online betting service after a report that William Hill Plc held discussions on a potential deal.
“Crown confirms that it is in discussions concerning its interest in CrownBet,” according to a company statement Friday. “There is no certainty as to whether any transaction will eventuate.”
CrownBet and William Hill, a London-based betting company, have held in-depth talks on a potential deal, the Australian reported earlier Friday. The transaction could happen shortly, according to the article.
Philip Bowcock, chief executive officer of William Hill, met with CrownBet in Australia to discuss industry matters, a person with knowledge of the matter told Bloomberg. The companies are not in talks on a merger, the person said.
Crown Resorts holds a 62 percent stake in CrownBet. Crown’s wagering and online social gaming operations include CrownBet, Betfair Australasia, DGN Games, Draftstars and Chill Gaming, which have generated earnings of A$14.8 million ($11 million) for the fiscal year ended in June.
Shares of Crown Resorts fell 1.4 percent as of 11:34 a.m. in Sydney on Friday, the most since Oct. 27. William Hill shares rose 2.1 percent in London trading Thursday.
To contact the reporter on this story: Zoe Ma in Sydney at zma13@bloomberg.net.
To contact the editors responsible for this story: Edward Johnson at ejohnson28@bloomberg.net, Jeff Sutherland, Dave McCombs
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