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SYDNEY, Oct 20 (Reuters) - Australia's top casino company Crown Resorts (CWN) said on Thursday it plans to spin off some of its Australian hotels and retail property in an initial public offering.
The move would split Crown's domestic assets from its resorts in the Asian gambling hub of Macau, where turnover has been subdued and the company is facing a crisis, with 18 of its staff detained for suspected breaches of Chinese gambling laws.
"The Crown Resorts board has now endorsed the implementation of a potential IPO of a 49 percent interest in some of its Australian hotels and associated retail property," the company said in a statement to the Australian Securities Exchange. The spun-off unit will include hotels in Melbourne and Perth, the company said.
The company first announced it was considering such a move in June, and it has not put a price tag on the hotel assets.
The detention of Crown staff since last week, including the head of international VIP gambling Jason O'Connor, sent shares of the business tumbling 14 percent on Monday, amid fears of a broader crackdown on the industry in China.
Crown's Macau operations were already facing a downturn, with gaming revenue there down 22.5 percent for the year to June 30, the company said in August.
Billionaire James Packer, who is the company's largest shareholder but quit the board in 2015, said in June that he supported the proposal to split the business.
