Posted: January 9, 2025, 08:32 pm.
Last updated: January 9, 2025, 08:32 pm.
Wynn Resorts (NASDAQ: WYNN) announced late Thursday that it is purchasing the famed Crown London casino from existing operator Crown Resorts.
Financial terms of the transaction, which is expected to close in the second half of this year, were not disclosed. Located in the Mayfair district of London, Crown is a members-only casino founded by John Aspinall. Australia-based Crown Resorts acquired the venue in 2011.
Crown London occupies two historic townhouses at 27-28 Curzon Street, Mayfair, London. It offers 20 gaming tables in a variety of sophisticated salons, as well as an intimate restaurant and lounge for entertaining. The casino will operate under the Crown London name until the transaction closes,' according to a statement released by Wynn.
When Crown London takes the Wynn name – one of the most valuable brands in the gaming industry – it will be the first time the operator's name has been attached to a European casino.
Wynn Crown London Buy a UAE 'Conduit'
Wynn is hoping to leverage the London casino to drive business to its upcoming Wynn Al Marjan Island in Ras Al Khaimah (RAK) in the United Arab Emirates. That casino resort is scheduled to open in early 2027.
This is a sensible approach by Wynn because, by some estimates, the London area is home to around 200,000 people of Arab heritage. According to Statista, in 2019, approximately 1.5 million tourists from the Middle East, including the UAE, visited the UK. This could mean it is a smart move by Wynn to establish a footprint in London ahead of the opening of its UAE integrated resort.
“This acquisition of an iconic property provides us with a presence in a global gateway city and for Wynn guests to visit our resorts, particularly Wynn Al Marjan Island, which is scheduled to open in the first quarter of 2027 in Ras Al Khaimah Will create a groove to do. United Arab Emirates,” CEO Craig Billings said in a statement.
The venue has no hotel on its premises, but it does have a dining room with Middle Eastern, European, Chinese and Indian cuisine. It is located near Green Park station, Hyde Park Corner and Knightsbridge station stops. Information on membership cost is not available on Crown's website.
Crown, Wynn History
Wynn and Crown Resorts have a history. In January 2018, Wynn completed the purchase of $300 million of land on the Las Vegas Strip that was previously owned by an Australian gaming company. Fifteen months later, the Encore operator walked away from takeover talks with its Australian counterpart after Crown reportedly leaked details of a $7.1 billion offer to the press.
US private equity giant Blackstone (NYSE: BX) acquired Crown Resorts for $6.6 billion in June 2022. The operator's other casinos are designated locations in Melbourne, Perth and Sydney.
Wynn's current portfolio includes Wynn and Encore Las Vegas, Encore Boston Harbor, Wynn Palace and Wynn Macau.
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