James Packer In Trouble After $10 Billion Casino Takeover Deal Falls Through

Las Vegas casino giant, Wynn Resorts, pulled out of negotiations with the James Packer-owned Crown development in Barangaroo.

Wynn ended takeover deals overnight, citing premature disclosure of the negotiations in a statement.

Wynn Resorts asserted that they have "terminated all discussions with Crown Resorts concerning any transaction".

The $10 billion deal would have secured Wynn two Crown resorts in Australia as well as the Barangaroo Crown development, due to open in 2021.

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Crown stated earlier this week that the talks were in the preliminary stages and the companies had not agreed on a value or deal structure, adding that the proposal had not yet gone to the board.

Wynn had offered to acquire Crown at $14.75 per share and Packer owns 47 percent of Crown.

Following the termination of the talks, Wynn's shares were down 3.5 percent and Crown Resorts shares closed nearly 20 percent higher -- but still below the proposed buyout price at $14.05.

The deal would have secured Wynn a diverse global portfolio if its licenses in Macau are not renewed.

The dissolving of negotiations represents a severe hit for Packer, who would have ended his career with a $4.7 billion payout and 9.8 percent of Wynn's shares.