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Australia's Crown Resorts plans float for its hotels division
October 19, 2016 / 9:50 PM / a year ago

Australia's Crown Resorts plans float for its hotels division

SYDNEY, Oct 20 (Reuters) - Australian casino giant Crown Resorts said on Thursday it plans to spin off some of its Australian hotels and retail property in an initial public offering.

“The Crown Resorts board has now endorsed the implementation of a potential IPO of a 49 percent interest in some of its Australian hotels and associated retail property,” the company said in a statement to the Australian Securities Exchange. The spun-off unit would include hotels in Melbourne and Perth, the company said.

The announcement comes as Crown, which is 53-percent owned by billionaire James Packer, faces a crackdown on its operations in China, where 18 of its staff have been detained for suspected breaches of Chinese gambling laws. (Reporting by Tom Westbrook; Editing by Jane Wardell and Sandra Maler)

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