Crown acquires stake in Nobu

Company News

Crown Resorts Limited (ASX:CWN) has snapped up a 20 percent stake in international restaurant and hotel company Nobu, for US$100 million.
 
Crown Chairman Rob Rankin said the Nobu brand was complementary to Crown Resorts’ global luxury entertainment positioning. Mr Rankin also said the Nobu business has an attractive near-term growth profile, with a number of new restaurant and hotel openings planned.
 
The remaining 80 percent of Nobu will continue to be owned by the existing owners, entities associated with Nobu Matsuhisa, Robert De Niro and Meir Teper.
 
As part of the acquisition, Crown will nominate Mr Packer to join the Nobu board as one of four directors.
 
Crown Resorts recorded a net profit of $378.3 million at 30 June 2015.

Subscribe to our Daily Newsletter?

Would you like to receive our daily news to your inbox?