Crown Resorts has announced a string of asset sales that could deliver a windfall of nearly $700 million, including the purchase of two floors of its luxury Sydney development by James Packer.
Mr Packer will pay $60 million for two residential floors of Crown Sydney at Barangaroo, which are located above the mid-levels of the luxury high rise project that will include a casino for high rollers.
Crown said the sale will be made on the same terms as those entered into with other buyers.
The company is also in talks with the management team of bookmaker CrownBet to sell its 62 per cent stake in the venture, which together with loans advanced by Crown to CrownBet would be for $150 million.
There is no certainty a transaction will eventuate, Crown said.
The company has secured three other sales, the largest being a vacant lot in Las Vegas where it had planned to build a casino, which will deliver proceeds of $US264 million ($A344 million) to Crown.
A Crown subsidiary has also received about 4.2 million shares in gaming giant Caesars Entertainment Corporation, and Crown said it will sell the shares, which have a current market value of about $US54 million ($A70 million).
Finally, Crown is selling its 50 per cent interest in the Packer family’s luxury Ellerston property in the NSW Hunter Valley to Mr Packer and his sister Gretel for $62.5 million.
Crown will continue to have access to the golf course and other facilities at Ellerston for its VIP gamblers, in line with its commitment to the NSW government.