Monday, November 23,  11:59 pm

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Crown Ltd. secured the option Friday to scale back the previously agreed $1.8 billion purchase of Cannery Casino Resorts LLC from Oaktree Capital Management LP and Millennium Gaming Inc. amid delays in obtaining gaming licenses and concerns about Crown's debt.

The purchase of Cannery, of Las Vegas, would have been a major plank of Crown's U.S. expansion and under the terms agreed in December 2007 it would have secured Oaktree a highly lucrative exit. Under the new deal, Crown, of Melbourne, Australia, has the option to buy the casino operator in three stages over the next two years. It can choose to cap its holding at 24.5%.

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