Crown Resorts sells One Queensbridge for AU$85M
In order to cover its financial issues, Crown Resorts has officially sold One Queensbridge in Melbourne for AU$85m, which equals $57.05m.
An Australian gaming and entertainment group, Crown Resorts Limited, owns and operates various entertainment complexes in Australia. After being acquired by Blackstone for AU$8.9 billion in 2022, Crown Resorts has been actively working to cover its financial issues by selling its non-core assets.
The sale of One Queensbridge, finalized in August 2024, comes after Crown’s earlier plan to sell 20$ shares in the famous Nobu restaurant chain with an AU$1.3 billion deal. While development plans for One Queensbridge have been abandoned, the sale includes a profit-sharing agreement that could benefit Crown if the new owner, PDG, secures the necessary permit.
Only in 2023, almost AU$500 million was invested into the company to address its penalty issues for avoiding anti-money laundering laws.
In its recent reports, despite the slight drop in revenues, Crown highlighted the loss of AU$164.8 million for the fiscal year ending June 30, 2024, showing some improvements thanks to cost-cutting. These challenges arose after multiple inquiries found the company unsuitable to hold casino licenses in key Australian cities.
Crown Resorts aims to regain its leading position in the competitive gaming industry. It is also reportedly looking to sell its Melbourne golf club and the upscale Aspinall’s Club in London as part of its financial strategy.