Crown adds Cannery Casino Resorts
14th December, 2007
Crown has doubled its presence in the US casino market with the acquisition of Cannery Casino Resorts.
The company believes the move will give it a foothold in the US market so that it can develop its options in the country.
It is reported that Crown will pay $1.75 billion for the casino organisation and the firm is looking to grow its position in the US marketplace through the deal.
Speaking to Bloomberg News, Sean Fenton, a fund manager in Sydney at Jenkins Investment Management explained: "They've been looking to expand in the US, and this is where they see their opportunity."
Crown currently owns a 19.6 per cent stake in Fontainebleau Resorts, which is already developing a new casino in Las Vegas, but the addition of Cannery should give Crown the opportunity to vastly expand its creation of casinos in the US.
