Billionaire James Packer's Crown Resorts has sold its stake in a large site on the world-famous gambling strip, Las Vegas Boulevard, as the company continues withdrawing from its overseas ambitions.
The ASX-listed casino giant told the market on Monday it had finalised the sale of its interest in the 14-hectare vacant Las Vegas site, where it had once planned to build a casino, to a subsidiary of Wynn Resorts.
Crown's share of the proceeds of the $370 million sale would be about $325 million, the company said in a statement.
The divestment comes after Crown Resorts embarked on a large-scale debt-cutting drive, and decided to scrap its strategy of becoming an global casino and hotel empire, selling its stake in a former joint-venture casino in Macau and shelving plans to build a new casino in Las Vegas.
At Crown's latest annual general meeting, Mr Packer conceded that his ambition of expanding Crown Resorts internationally had failed, in a large part due to the 2016 arrest and jailing of Crown staff in China for the illegal promotion of gambling on the country's mainland.
"We didn't succeed in a global strategy," Mr Packer said at the meeting in October.
Following the China arrests scandal, Crown turned its focus squarely on its operations in Melbourne and Perth, and its long-delayed VIP casino in Sydney's Barangaroo.
Crown also noted on Monday that it had written down the carrying value of its investment in its Las Vegas subsidiary, Alon, to $200 million, in June 2017.
Crown first announced the Las Vegas sale last year, as part of a $700 million package of asset sales in Australia and overseas.
Among the other sales announced by the company in December were more than $70 million worth of shares in US casino giant Caesars; its 62 per cent stake in online corporate bookmaker CrownBet, and two floors of its new luxury Sydney complex to Mr Packer, its largest shareholder.
The story Packer's Crown Resorts seals $370m Las Vegas land sale first appeared on The Sydney Morning Herald.