By Colin Kellaher

Wynn Resorts Ltd. (WYNN) on Tuesday confirmed it is holding preliminary talks with Australia's Crown Resorts Ltd. (CWN.AU) on a potential transaction, but it cautioned that no agreement has been reached on the structure, value or terms of a deal.

Crown earlier Tuesday said the Las Vegas gaming giant made a takeover offer worth about 10 billion Australian dollars (US$7.1 billion), with half in cash and half in stock.

Wynn's offer would value Crown at A$14.75 a share, a 25.6% premium to Monday's closing price of A$11.74. Crown shares jumped 19.7% to A$14.05 on Tuesday.

In a filing with the U.S. Securities and Exchange Commission, Wynn said there is no assurance that its talks with Crown will lead to a deal, and said it won't comment further on a potential transaction unless required by law.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

April 09, 2019 06:41 ET (10:41 GMT)

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