Australia Casino Operator Crown Ltd. Buys Cannery Casino Resorts

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.


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