Australian casino operator Crown Resorts has proposed spinning off its international operations and launching an initial public offering of a real estate investment trust (REIT) for its Aussie hotel properties.

On Wednesday, Crown issued a statement saying it planned to create a separately listed holding company that would include its 27.4% stake in Melco Crown Entertainment, which operates casinos in Macau and Manila.

The new company will also include Crown’s stake in the Alon development site in Las Vegas, its 50% stake in UK casino operator Aspers, its $22.5m investment in US casino operator Caesars Entertainment and its 20% stake in high-end restaurant chain Nobu.

Following the demerger, Crown would retain ownership of its four existing Aussie casinos and the in-development Crown Sydney, as well as its wagering and online betting businesses, which include CrownBet, Betfair Australasia and the DGN Games social gaming division.