October 25, 2014
Australia's largest casino company says it's agreed to buy privately held Cannery Casino Resorts for $1.75 billion to expand its business in Las Vegas.
Cannery Casino operates three Las Vegas casinos, including the Cannery Hotel & Casino and the Nevada Palace Casino.
It also owns the Meadows Racetrack & Casino in Pittsburgh.
Earlier this month, Crown split from James Packer's Publishing & Broadcasting Ltd. after investors endorsed a plan to split PBL's gambling assets and media businesses into two separately listed companies.
The deal still needs regulatory approval in the U.S.
Cannery is building a new Las Vegas casino, which is due to be completed in September, and is replacing the Pittsburgh venue with a new complex, which is due to open in April 2009.
Cannery is currently 58 percent-owned by Millennium Gaming Inc., a joint venture between Bill Paulos and Bill Wortman, and the reminder is owned by entities managed by Oaktree Capital Management LP.