Entertainment group says it will offload its 62% stake in online betting site as part of a string of asset sales

Crown Resorts has agreed to the $150m sale of its majority stake in the bookmaker CrownBet and expects to complete the divestment by the end of February.

On Friday Crown said it had entered into an agreement for the sale of its 62% stake – along with loans advanced by it to CrownBet – to investors including the CrownBet chief executive, Matthew Tripp.

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The deal was subject to the buyers arranging satisfactory financing, Crown said in a statement to the Australian Securities Exchange.

The divestment is part of a string of asset sales announced on 14 December that could raise nearly $700m.

The sales include a vacant lot in Las Vegas where it had planned to build a casino, a stake in gaming giant Caesars Entertainment Corporation, and two floors of its luxury Sydney development – the latter to its executive chairman, James Packer.

Packer will pay $60m for two residential floors of Crown Sydney at Barangaroo, which are located above the mid-levels of the luxury high-rise project that will include a casino for high rollers.

Crown already sold its interests in joint-venture casinos in Macau this year after the detention of staff by Chinese authorities amid a gambling clampdown.

Shares in Crown Resorts closed down 2.0 cents, or 0.15%, at $13.02.

