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Crown Resorts Ltd sells its CrownBet stake

Crown Resorts Ltd (ASX: CWN) has continued its sale of non-essential assets by confirming today that it has entered into an agreement to sell its 62% stake of CrownBet, as well as the loans advanced by it to CrownBet, for $150 million.

The purchaser of the CrownBet stake is Matthew Tripp or associated entities, who was the founder and major shareholder.

The deal is expected to finalise by the end of February 2018, subject to satisfactory financing arrangements by Matthew Tripp.

Crown’s share price has risen by 13.5% over the past two months. The cash raised by Crown from this sale will likely be used to strengthen the balance sheet for the construction projects it has lined up, such as Crown Sydney.

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Motley Fool Staff has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Crown Resorts Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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