Australian Retail Sales Rise 0.6%, Crown Resorts to Develop Las Vegas Site

Marcus Jacob
04 Aug, 2014
New York City

Australian retail sales in June increased 0.6% but market indexes struggled to rebound from the sharply lower opening. Crown Resorts formed a joint venture to develop a casino site in Las Vegas. Treasure Wine Estates confirmed a takeover offer.

[R]5:00 PM Sydney, Australia – Australian retail sales in June increased 0.6% but market indexes struggled to rebound from the sharply lower opening. Crown Resorts formed a joint venture to develop a casino site in Las Vegas. Treasure Wine Estates confirmed a takeover offer.[/R]

Australian markets opened sharply lower and struggled to reach positive zone on the first day of trading this week and retail sales in June extended the increase for the second month in a row.

The Australian Bureau of Statistics reported seasonally adjusted retail sales in June jumped 0.6% following the 0.3% decline in May.

Australian dollar closed at 93.15 U.S. cents and stock trading turnover declined to 433 million shares worth $2.47 billion.

ASX 200 index fell 15.50 or 0.3% to 5,540.90 and the broader All Ordinaries slid 14.30 to 5,533.30.

Stocks in Review

Crown Resorts Ltd slipped 1.1% to $15.82 after the gaming and entertainment group formed a new joint venture with former Wynn Las Vegas president Andrew Pascal to open a casino on the Las Vegas Strip in financial partnership with Oaktree Capital Management.

The casino venture is expected to focus on 35 acre land site on Las Vegas Boulevard in Las Vegas.

Roc Oil Company Limited surged 7.1% to 67.5 cents after the China-based conglomerate Fosun International Ltd. agreed to acquire the company for $474 million in cash.

Treasury Wine Estates Ltd soared 4.2% to $5.15 after wine-maker received a revised proposal from the U.S.-based private equity group KKR & Co to acquire the company at $5.20 cash per share, more than the previous offer of $4.70 valuing the company at $3.38 billion.