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US Wynn abandons Crown Resorts deal

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America’s casino giant Wynn Resorts has abruptly abandoned it’s pre-mature $10 billion takeover bid for James Packer’s Crown Resorts.

Crown Resorts has casino’s in Melbourne and Perth and is building a new harbourside casino in Sydney.

A statement issued by Wynn Resorts says “following the premature disclosure of preliminary discussions, Wynn Resorts has terminated all discussions with Crown Resorts concerning any transaction”.

Director of the Centre Corporate Law at Melbourne University Professor Ian Ramsay tells Ross Greenwood both parties would be disappointed with the result.

“I’m sure Wynn itself would be deeply concerned that in a sense it had to walk away from this deal because it was disclosed.

“We come to this interesting and important question, why the information might have been leaked.”

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