Development plans include Strip resort
Crown Resorts Ltd. will sell millions of dollars worth of subordinated notes to fund general corporate plans “including financing Crown Sydney, Crown Towers Perth and other anticipated growth projects,” the firm has announced.
The notes, which will be available starting March 25, are due for repayment in April 2075, though Crown has the right to redeem the debt any time from 2021, reported GGRAsia.
The company, owned by Aussie billionaire James Packer, is a joint venture partner in Melco Crown Entertainment Ltd., with projects in Macau and the Philippines. Crown’s plans for Australia include a resort in Sydney Harbor and plans for Brisbane. In the United States, it plans to invest about US$1.9 billion in a new casino complex on the Las Vegas Strip.
“Crown has an exciting pipeline of future development projects that will enhance Crown’s position as one of the leading operators of integrated resorts globally,” Ken Barton, chief financial officer of Crown, said in a statement.