Australian casino operator Crown Ltd. last week announced it has raised over $1 billion to finance a payback of debt that wasn’t due until 2010. At the same time, the company gained financing to finalize purchase of the Las Vegas-based American operator Cannery Casinos.

The debt is being paid off to leave it with a total of $2.4 billion in net debt on its balance sheet.

“The outcome of the refinance is that Crown’s next major refinancing is not due until financial year 2012 (or in late calendar 2011),” Crown said in a statement. “The impact of the higher margins associated with the refinancing has been more than offset by a reduction in the base reference rate.”

While the Cannery purchase won’t be completed until the regulatory background checks are done, Nevada and Pennsylvania regulators recently spent several weeks in Australia looking into the company and its directors, including Chairman James Packer, his sister Gretel and CEO Rowen Craigie.

By GGB Staff

Staff writers for Global Gaming Business magazine. Las Vegas, Nevada.