Australian Crown prepares US$2 billion offer for casino in Las Vegas

Australian company Crown Resorts is expected to submit a $2 billion bid for a casino in Las Vegas, according to an Australian publication, highlighting the Melbourne-based casino operator's ambition to expand into more markets.
Crown is set to formalize its interest in the three-year-old casino and hotel complex, The Cosmopolitan of Las Vegas, owned by Deutsche Bank, the Australian Financial Review reported, citing unnamed industry sources. The sale is expected to fetch between $1,5 billion and $2 billion, the AFR added.
Crown, controlled by billionaire James Packer, also made an offer for a casino project worth over $1 billion in Brisbane after winning the right to operate a VIP gaming facility at its luxury hotel project in Sydney. The company is building new casinos in Sri Lanka and the Philippines, and has expressed interest in building a casino and resort in Japan worth over $5 billion.
Crown was not immediately available for comment.
The deal would be another attempt by Crown to enter the US market, after his two previous investments went bust shortly before the global financial crisis.
Crown acquired Cannery Casino Resorts for $1,75 billion in 2007 and invested $250 million in a 19,6 percent stake in Fontainebleau Resort.
The Cosmopolitan, which opened in December 2010, had net losses of $298,3 million in its first three years of operation, according to the newspaper.
Deutsche Bank, which took over ownership of the resort when it was closed down by the project's previous owner, has been preparing to sell it since the end of 2012.The state of Sao Paulo (Reuters News Agency – Maggie Lu Yueyang)