CROWN in hunt for new casinos

CROWN says it is still in the hunt for “compelling” US casino acquisitions despite slashing some of its existing US investments by $181 million.

Crown took the knife to the $414 million book values of minority stakes in Harrah’s Entertainment and Stations Casino Group, just six months after buying them.

Its 19.6 per cent stake in Fontainebleau in Las Vegas was included in the writedown, along with a $45 million loss flagged earlier this year when it quit plans for a Crown Las Vegas casino resort.

Despite the new writedowns Crown chief executive Rowen Craigie said the company, while cautious, had not become completely gun shy.

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