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

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6 years ago

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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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