Australian billionaire businessman James Packer has sold almost half his stake in Crown Resorts for 1.76 billion Australian dollars ($1.22 billion) to Melco Resorts & Entertainment Limited, a developer, owner and operator of casino gaming and entertainment casino resort facilities in Asia.
Melco Resorts & Entertainment Limited (Melco), has entered into agreement to acquire 135.35 million shares of Crown Resorts from CPH Crown Holdings, a wholly-owned subsidiary of Consolidated Press Holdings Pty Limited, for a price of AUD13.00 per Crown share. These shares represent James Parker’s interest of approximately 19.99% in Crown.
The transaction will close in two equal tranches on June 6, 2019 and on or prior to September 30, 2019.
“I view Melco’s investment in Crown as an incredible opportunity to purchase a strategic stake in what I believe to be Australia’s premier provider of true integrated resort experiences. Crown’s Resorts in Perth and Melbourne are world class entertainment destinations and I believe that Crown Sydney, much like Melco’s Morpheus property, will create an architectural icon for the city, the country and the world.” said Mr. Lawrence Ho, Chairman and Chief Executive Officer of Melco Resorts & Entertainment
”In addition, Crown’s UK assets have qualities that are second to none. Like Melco, Crown is a leader in creating new and exciting luxury and entertainment experiences for its guests. We also both strive to be a leader in the communities in which we do business both through CSR work and helping to drive tourism and the local economy. Put simply, we share a similar core DNA with respect to how we view our businesses. In addition, I personally know the management at Crown and look forward to working with them to further enhance both Crown’s performance and development in Australia and the appeal of Crown’s properties to international patrons.” he added.
