If the parties come to terms, Wynn would be buying a company whose ambitions are in active decline.
Crown largely retreated from overseas markets after a crackdown in China in late 2016 that resulted in 19 current and former Crown staff being convicted of illegally promoting gambling on the mainland, receiving jail terms of as long as 10 months.The company has since closed almost all its regional marketing offices in Asia, which funneled big-stakes players to Australia, and sold out of a Macau casino venture.
In the 2017 interview, Packer also said he wanted a more “simple life” and acknowledged he’d lost friends, put on weight and had led a reclusive life at his polo estate in Argentina. Crown is now focused on its existing casinos in Perth and Melbourne and is building a new six-star hotel, residential and gaming venue in Sydney, which is due to be completed in 2021.
Under its current structure, the transaction would make Packer a significant shareholder in Wynn. Packer’s private investment company, Consolidated Press Holdings, owns about 46% of Crown, so any deal hinges on Packer’s approval. Wynn Resorts has had its share of high-profile trouble. In February 2018, founder and former chief executive officer Steve Wynn stepped down following reports that he sexually harassed a number of employees over his career. He has denied that any of his sexual relationships were non-consensual. He later sold all his holdings in the company.
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