Crown Ltd. announced last month that it raised $1 billion in financing that it will use to repay debt due in August 2010 to close the company’s purchase of Cannery Casino Resorts.

The announcement means that Crown won’t face any financing issues regarding its $1.75 billion acquisition of Cannery until late 2011.

Once the purchase is complete, Crown will have about $900 million in debt with an interest rate of 5.9 percent.

The company is still working to finalize regulatory approval in Pennsylvania and Nevada.

With the Cannery’s Las Vegas properties currently suffering from the economic downturn, the Meadows Racino in Pittsburgh is perhaps the strongest component of the Cannery portfolio right now.

By Casino Connection Staff