Australia

Melco to Buy 20% Stake of Crown Resorts from Casino Magnate James Packer

Published

6 years ago

June 3, 2019

Niji Narayan

Melco to Buy 20% Stake of Crown Resorts from Casino Magnate James Packer

Photo Source: gigabitmagazine.com

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Melco Resorts and Entertainment is going to buy 20% stake of Crown Resorts from casino magnate James Packer for $1.22 billion. Packer’s investment company, CPH Crown Holdings, owns 47% of Crown Resorts.

“It is certainly our intention to continue, if the opportunity arises, to increase our stake in Crown,” Chief Executive of Melco, Lawrence Ho said.

Melco and Crown have worked together previously. In 2006 they gained a subconcession from the Macau government to operate casinos and remained in partnership until 2017. Ho said his relationship with Packer remains very strong and he is excited to be working with executives at Crown that he already knows well.

Packer said his remaining Crown shareholding represents his single largest investment and that the sale allows him to diversify his investment portfolio.

Melco will buy 135.35 million Crown Resorts shares at A$13 per share, with the transaction closing in two equal tranches on June 6 and on or before September 30.

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Niji Narayan

Niji Narayan has been in the writing industry for well over a decade or so. He prides himself as one of the few survivors left in the world who have actually mastered the impossible art of copy editing. Niji graduated in Physics and obtained his Master’s degree in Communication and Journalism. He has always interested in sports writing and travel writing. He has written for numerous websites and his in-depth analytical articles top sports magazines like Cricket Today and Sports Today. He reports gaming industry headlines from all around the globe.