Wynn Resorts Ltd. is partnering with Crown Acquisitions Inc. to form a joint venture that will own and operate the luxury retail space at the Wynn-Las Vegas casino resort.

Crown will pay $472 million in gross proceeds in two installments under the terms of the agreement for a 49.9% interest in a portion of Wynn's owned and leased retail space, reflecting a cap rate of 4.7%.

The joint venture will own approximately 88,233 square feet of existing retail space at Wynn and Encore Las Vegas and the 72,851-square-foot Wynn Plaza retail venue that is under construction at Wynn Las Vegas.

The first payment of $292 million is payable at closing, which is expected in 2016 or early 2017, and the remaining fixed payment of $180 million is due following the completion of Wynn Plaza in 2017.

Wynn will act as the managing member and maintain 50.1% ownership in the joint venture.