Wynn Resorts Ltd. on Tuesday said it sold a hefty stake in the luxury retail operations at its Las Vegas location to Crown Acquisitions for $472 million.

Upon a preliminary payment of $292 million—at closing, expected in 2016 or early 2017—Crown will take a 49.9% stake in a portion of Wynn Las Vegas' owned and leased retail. Wynn will receive a second fixed installment, for $180 million, following the completion of Wynn Plaza in 2017.

The newly formed retail joint venture will own about 88,233 square feet of existing retail space at Wynn and Encore Las Vegas as well as the 72,851 square foot Wynn Plaza currently under construction at Wynn Las Vegas. Wynn Resorts, which will maintain 50.1% ownership, will act as the managing member.

Write to Anne Steele at Anne.Steele@wsj.com

(END) Dow Jones Newswires

December 13, 2016 10:25 ET (15:25 GMT)

Copyright (c) 2016 Dow Jones & Company, Inc.
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