Nearly a decade after acquiring Cannery Casino in a US$1.75 billion deal Crown Resorts may be ready to cut their losses and move on. There are rumors that James Packer’s Crown Resorts are very close to concluding a deal in which they will sell the Cannery Casino Resort in Las Vegas to the Boyd Gaming Corp. Boyd Gaming Corp is a private operator that is set to acquire the casino operator which is currently being valued at between US$225 million and US$250 million. The deal will for Cannery Assets in Nevada. The Meadows Racetrack and Casino in Pittsburgh was already shed off.
What had initially started off as a move to take a slice of the lucrative US gambling market is ending in write-offs. The global financial meltdown was the major cause for the poor US gambling revenues. The Cannery is riddled in debt and Crown Resorts is not expected to take anything out of their deal with Boyd as the funds will be used for debt repayment. Even after cutting their losses Crown Resorts is required to pay a hefty tax bill to the Australian government. The bill consists of back taxes on their American investment and accrued interest. They are also required to pay a penalty of AUD$112 million. You can also visit GoldenRiviera Online Casino for latest casino news, online casino games, as well as secure payment options.
In true casino gambler fashion, James Packer is not letting a losing streak stop him from returning to the casino. Crown Resorts is already trying to raise funds to develop a $2 billion dollar casino in Las Vegas. This is the typical get up and go attitude that is characteristic of many successful online gamblers who play best real money slots online. The funds will be raised through a sale down of their 74% stake in Alon. Although the US money markets are a bit slow in current times but the attitude in James Packer’s Crown Resorts will lead to success.