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.
