Top trio help as Crown Resorts sells assets

The deal is a component of a massive $700m divestment plan

Top trio help as Crown Resorts sells assets
Three top firms are advising in a deal that’s part of Crown Resort’s massive $700m divestment plan.

MinterEllison, Baker McKenzie, and Ashurst are acting in the sale of Crown Resort’s 50% stake in the Packer family’s luxury Ellerston property in the Hunter Valley. The stake was sold to James Packer’s Consolidated Press Holdings (CPH) and Gretel Packer-associated RPSCO Pty Ltd.

The $62.5m deal, which is expected to close later this month, is part of a larger divestment plan that includes the $60m sale of two floors of its luxury Crown Sydney complex to James Packer.

Crown Resorts is also selling a vacant lot in Las Vegas to a Wynn Resorts unit for $264m, as well as 4.2 million shares in Ceasars Entertainment, a stake valued at about $54m. Shares of the gaming and entertainment giant rallied last month after news of the divestment plan.

Crown Resorts is advised by Ashurst, with a team led by corporate partner Anton Harris.

MinterEllison is acting for CPH, while Baker McKenzie is acting for RPSCO. EY is the tax advisor to Crown.

Related stories:
Firm boosts finance expertise in the US with two hires from rivals
Firm doubles down on Sydney teams

Free newsletter

Subscribe to our FREE newsletter service and we’ll keep you up-to-date with the latest breaking news, cutting edge opinion, and expert analysis affecting both your business and the industry as whole.

Please enter your email address below and click on Sign Up for daily newsletters from Australasian Lawyer.

Recent articles & video

Trilby Misso Lawyers announces brand relaunch

Over 50% of UK chambers don’t expect to last six to 12 months, Bar Council study finds

Clayton Utz rings in new financial year with new deputy chief executive partners

Baker McKenzie appoints seven to practice and industry leaders in APAC

$65m equity raising for ASX-listed tech company sees completion with K&L Gates’s help

DWF shuts doors in Brussels and Singapore

Most Read Articles

JWS appoints new managing partner

New managing partner celebrates first day on the job at Carroll & O'Dea Lawyers

Service to others is ‘a way of life’ for Maurice Blackburn principal

McCullough Robertson attracts seasoned partner to insolvency and restructuring practice