The acquisition by U.S. casino giant Wynn Resorts of high-end casino Crown London will boost the company’s regional brand power and build a global database ahead of the launch of its US$5.1 billion Wynn Al Marjan Island, according to CBRE Equity Research.
In a note, CBRE’s John DeCree described the acquisition of the 20-table members-only casino, formerly known as London Aspinalls, as “small but strategically significant” – even if the property itself is not seen generating meaningful cash flow.
“The London VIP casino market had been in decline prior to the pandemic, and we suspect the asset probably doesn’t generate much cash flow (if any) today,” he wrote.
