Posted on: January 9, 2025, 08:32h.
Last updated on: January 9, 2025, 08:32h.
Wynn Resorts (NASDAQ: WYNN) announced late Thursday that it’s purchasing the famed Crown London casino from current operator Crown Resorts.
Financial terms of the transaction, which is expected to close in the second half of this year, weren’t revealed. Located in London’s Mayfair District, Crown is a members-only casino founded by John Aspinall. Australia-based Crown Resorts acquired the venue in 2011.
Crown London spans two historic townhouses at 27-28 Curzon Street, Mayfair, London. It offers 20 gaming tables in a variety of sophisticated salons, as well as an intimate restaurant and lounge for entertaining. The casino will operate under the Crown London name until the transaction closes,” according to a statement issued by Wynn.
When Crown London bears the Wynn name — one of the most valuable brands in the gaming industry — it will mark the first time the operator’s name has been attached to a European casino.
Wynn Crown London Buy a UAE ‘Conduit’
Wynn is hoping to leverage the London casino as an avenue for steering business to its upcoming Wynn Al Marjan Island in Ras Al Khaimah (RAK), United Arab Emirates. That casino resort is slated to open in early 2027.
It’s a sensible approach by Wynn because, by some estimates, the London area is home to approximately 200,000 people of Arab heritage. In 2019, approximately 1.5 million tourists from the Middle East, including the UAE, visited the UK, according to Statista. That could imply it’s a smart move by Wynn to establish a footprint in London in advance of the opening of its UAE integrated resort.
“This acquisition of an iconic asset offers us a presence in a global gateway city and will create a conduit for Wynn guests to visit our resorts, particularly Wynn Al Marjan Island which is slated to open in the first quarter of 2027 in Ras Al Khaimah in the United Arab Emirates,” said CEO Craig Billings in a statement.
The venue doesn’t have a hotel on premises, but it features a dining room with Middle Eastern, European, Chinese, and Indian cuisine. It’s located near the Green Park Station, Hyde Park Corner, and Knightsbridge Station stops. Cost of membership information isn’t available on Crown’s website.
Crown, Wynn History
Wynn and Crown Resorts have history. In January 2018, Wynn completed its $300 million purchase of land on the Las Vegas Strip that was previously owned by the Australian gaming company. Fifteen months later, the Encore operator walked away from takeover talks with its Aussie counterpart after Crown reportedly leaked details of the $7.1 billion offer to the press.
US private equity giant Blackstone (NYSE: BX) acquired Crown Resorts in June 2022 for $6.6 billion. The operator’s other casinos are namesake venues in Melbourne, Perth, and Sydney.
Wynn’s current portfolio is comprised of Wynn and Encore Las Vegas, Encore Boston Harbor, Wynn Palace and Wynn Macau.
0
20
20
