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BRIEF-Wynn Resorts partners with Crown Acquisitions to develop and operate retail offerings at Wynn Las Vegas
December 13, 2016 / 2:17 PM / 9 months ago

BRIEF-Wynn Resorts partners with Crown Acquisitions to develop and operate retail offerings at Wynn Las Vegas

Dec 13 (Reuters) - Wynn Resorts Ltd

* Wynn Resorts partners with Crown Acquisitions to develop and operate retail offerings at Wynn Las Vegas

* Crown will pay $472 million in gross proceeds in two installments

* Wynn will receive second fixed payment of $180 million following completion of Wynn Plaza in 2017

* Signed an agreement to form a joint venture to own and operate premier luxury retail space at Wynn Las Vegas

* Crown will pay Wynn first payment of $292 million at closing, which is expected to be in 2016 or early 2017

* The joint venture will own approximately 88,233 square feet of existing retail space at Wynn and Encore Las Vegas

* The joint venture will own the 72,851 square foot Wynn Plaza currently under construction at Wynn Las Vegas

* Wynn Resorts will act as managing member and maintain 50.1% ownership of newly formed retail joint venture Source text for Eikon: Further company coverage:

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