Crown announces US casino expansion

2008-02-20 11:23:55

Australian gaming company Crown casinos has revealed it will continue to expand its operations in the US.

In its profit announcement, the company said it had invested $172 million in Harrah's Entertainment in order to give it a strategic foothold in the market, the Australian Associated Press reports.

The 2.5 per cent share purchase follows on from last year's announcement that Crown would buy Cannery Casino Resorts, which has a presence in Nevada.

Crown has also acquired a $242 million stake in Stations Casino Group.

The firm said its operations were doing well, both inside and outside of Australia.

It was recently uncovered that Crown Macau takes $8 billion in revenue every month, a figure four times higher than half a year ago.

The casino has a 16 per cent share in the world's largest gambling market, according to UBS estimates reported by news.com.au.