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The world’s No. 2 casino operator Wynn Resorts has terminated deal talks with Crown Resorts after the discussions were leaked shortly after the Las Vegas company approached Crown with a A$10 billion ($7.1 billion) takeover.
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The deal, which Wynn Resorts hoped would expand its geographic reach in the midst of growth hurdles in Asia, would have offered Wynn a hedge against Macau, the Chinese gambling hub where its licenses are up for renewal. The deal would have provided it two revamped Australian casinos and a third that’s still being built on the Sydney harbor front.
“Following the premature disclosure of preliminary discussions Wynn resorts has terminated all discussions with Crown Resorts concerning any transaction,” the company said in a statement.
The deal would have been Australia’s biggest M&A deal so far this year. Crown previously said that Wynn was thinking of buying the company half in cash, half in shares. Talks were at a beginning stage, with no agreements on value or deal structure, and the proposal had not reached the board yet.
This story is developing. Please check back for updates.