The deal is a component of a 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.
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