Crown proposes IPO of Australian properties

    Australia-listed Crown Resorts is planning to implement a potential IPO of a 49 percent interest in some of its Australian hotels and associated retail property.

    According to a filing to the Australian Stock Exchange, the IPO is likely to include Crown Promenade hotels in Melbourne and Perth and the Crown Metropol hotels in Melbourne and Perth.

    “If implemented, the IPO could realize significant value for Crown Resorts shareholders, while providing the ability to maintain a majority interest in key assets within the Australian business,” said Crown.

    “Such an IPO would support Crown Resorts’ ongoing capital management strategy and allow Crown Resorts to maintain a strong balance sheet and credit profile to fund existing development projects,” it added.

    Crown notes the potential IPO is independent of the proposed demerger of Crown Resorts’ international assets, which was announced in June of this year.