Last week, Wynn Resorts (NASDAQ: WYNN) announced the acquisition of the Crown London, a small, private casino in the Mayfair District, and while it’s not the typical property-level purchase executed by a US gaming value, the deal has merit. The Crown London, a private casino. An analyst praised Wynn Resorts’ purchase of the venue. (Image: Crown London) In a recent report to clients, CBRE Equity Research analyst John DeCree acknowledged that while the casino formerly known as Aspinalls doesn’t generate material cash flow and that London’s VIP casino market has been faltering since the start of the coronavirus pandemic five years ago, there’s logic behind the Wynn deal. That said, we view this as a very strategic purchase for Wynn. Aspinalls caters to very high-end VIP gaming customers from London but also internationally, including from Asia, India and the Middle East, making it a very unique customer acquisition tool for Wynn Al Marjan Island,” wrote DeCree. Financial terms of the… Read More
Category: Financial, Mergers and Acquisitions, mergers and acquisitions
Source: Casino.org
