Shares in Crown Resorts have soared after the casino operator announced a string of asset sales that could deliver a windfall of nearly $700 million.
The sales include two floors of its luxury Crown Sydney complex at Barangaroo to its largest shareholder, billionaire James Packer.
The casino operator said, after the market closed on Thursday, that Mr Packer will pay $60 million for two residential floors of Crown Sydney, located above the mid-levels of the luxury high rise project that will include a casino for high rollers.
Crown said the sale will be made on the same terms as those entered into with other buyers.
It also has secured three other sales, the largest of which is a vacant lot in Las Vegas where it had planned to build a casino that expected to deliver proceeds of $US264 million ($A344 million).
The second sale is of around 4.2 million shares in gaming giant Caesars Entertainment Corporation that a Crown subsidiary and which are worth about $US54 million.
Finally, Crown is selling its 50 per cent interest in the Packer family’s luxury Ellerston property in the NSW Hunter Valley to Mr Packer’s Consolidated Press Holdings Pty Limited and an entity associated with his sister Gretel Packer for $62.5 million.
Crown will continue to have access to the golf course and other facilities at Ellerston for its VIP gamblers, in line with its commitment to the NSW government.
The company also is in talks with the management team of bookmaker CrownBet to sell its 62 per cent stake in the venture, which together with loans advanced by Crown to CrownBet would be for $150 million.
There is no certainty a transaction will eventuate, Crown said.
The news spurred a lift in Crown’s shares closed 40 cents, or 3.2 per cent, higher at $12.85.