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Crown to raise $400m for casino  expansion
Crown to raise $400m for casino expansion

James Packer's casinos and hotels company Crown wants to raise $400 million to help pay for its expansion plans.

The move follows announcements by Crown to spend $568 million building a new six-star hotel at its Burswood complex in Perth.

Crown will issue dated, unsecured, subordinated, cumulative notes to raise the money from retail and institutional investors.

Chief financial officer Ken Barton said Crown was undertaking a range of capital expenditure programs at Burswood and its Melbourne casino and hotels complex.

"The proceeds from the offer will be used for general corporate purposes and will support Crown's strategy of improving and growing its portfolio of well-recognised, premium branded assets," he said in a statement on Monday.

"The offer demonstrates Crown's diligent approach to capital management, will diversify Crown's funding sources and will provide greater flexibility to refinance upcoming debt maturities."

One of Crown's major shareholders, Consolidated Press Holdings, will subscribe for $100 million of the notes on offer.

The offer will open on August 21, with the notes to be issued on September 14 and begin trading on the Australian Securities Exchange on September 19.

Crown on Friday posted a net profit of $513.3 million for the year to June 30, a 53 per cent increase on the previous year.