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Archive for the ‘Perth’ Category

Crown’s $281m plans for Burswood

Wednesday, May 11th, 2011
Crown Promenade Perth

CROWN Limited's spending $281 million so the Burswood resort can acquire the neighbouring Crown Promenade Perth and expand the casino's gaming floor and VIP suites.

Crown said it will restructure the existing relationship it has with the Intercontinental Hotel Group, allowing the acquisition of the Crown Promenade Perth building and associated assets and dissolve the partnership under which the Intercontinental and Holiday Inn hotels are operated.

This, Crown said, means Burswood will be entitled to a greater share of hotel profits.

Burswood already owns the land on which the Holiday Inn hotel building is located.

“The total cost of acquiring the Crown Promenade Perth buildings and associated assets plus the costs of dissolving the partnership will be approximately $79 million, subject to usual sale adjustments,” the company said.

The deal, which is subject to a number of regulatory conditions, is expected to be completed early in July 2011.

Crown’s board … Read the rest

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