Published on: January 9, 2025, 08:32h.
Last updated on: January 9, 2025, 08:32h.
Wynn Resorts (NASDAQ: WYNN) revealed late Thursday that it is acquiring the renowned Crown London casino from Crown Resorts, the current operator.
The financial details of the deal, set to be finalized in the latter half of this year, have not been disclosed. Situated in London’s Mayfair District, Crown is an exclusive members-only casino established by John Aspinall. Crown Resorts, based in Australia, acquired the property in 2011.
Crown London occupies two historic townhouses at 27-28 Curzon Street, Mayfair, London. It boasts 20 gaming tables in various elegant salons, alongside a cozy restaurant and lounge for guests. The casino will continue to operate under the Crown London branding until the transaction is completed,” as stated by Wynn.
When Crown London adopts the Wynn name — a highly esteemed brand in the gaming sector — it will signify the first association of the operator’s name with a European casino.
Wynn Crown London Acquisition as a UAE ‘Gateway’
Wynn intends to utilize the London casino as a means to channel business towards its upcoming Wynn Al Marjan Island in Ras Al Khaimah (RAK), United Arab Emirates. The opening of the casino resort is scheduled for early 2027.
It is a strategic move by Wynn, as estimates suggest that around 200,000 individuals of Arab descent reside in the London area. In 2019, approximately 1.5 million tourists from the Middle East, including the UAE, visited the UK, according to Statista. This indicates that establishing a presence in London ahead of the launch of the UAE’s integrated resort could prove beneficial for Wynn.
“This acquisition of an iconic asset gives us a foothold in an international hub and will serve as a link for Wynn guests to visit our resorts, particularly Wynn Al Marjan Island, projected to open in the first quarter of 2027 in Ras Al Khaimah, United Arab Emirates,” stated CEO Craig Billings.
The venue does not offer accommodation on-site but features a dining area offering Middle Eastern, European, Chinese, and Indian cuisine. It is conveniently located near the Green Park Station, Hyde Park Corner, and Knightsbridge Station stops. Details regarding membership costs are not available on Crown’s website.
Crown, Wynn Relationship
Wynn and Crown Resorts share a history. In January 2018, Wynn concluded a $300 million acquisition of land on the Las Vegas Strip previously owned by the Australian gaming company. Fifteen months later, the Encore operator withdrew from acquisition discussions with its Australian counterpart following reports of the $7.1 billion offer being leaked to the media.
US private equity firm Blackstone (NYSE: BX) purchased Crown Resorts in June 2022 for $6.6 billion. The operator’s other properties include namesake venues in Melbourne, Perth, and Sydney.
Wynn’s current holdings comprise of Wynn and Encore Las Vegas, Encore Boston Harbor, Wynn Palace, and Wynn Macau.