Crown sells part of stake in casino
Print Edition
CASINO mogul James Packer’s Crown Resorts has offloaded part of its stake in Macau-focused Melco Crown Entertainment for US$800 million, as gaming revenue slumps in the city.
Melco repurchased 155 million shares at US$5.17 each from a Crown subsidiary to lower the Packer company stake from 34.3 percent to 27.4 percent, the Australian-listed firm said in a statement.
“Crown intends to maintain a significant investment in Melco Crown Entertainment,” the company added.
As part of the deal, Packer, who is engaged to pop diva Mariah Carey, will step down as co-chair of Melco and become deputy chair.
The Australian owns 53 percent of Crown but in December resigned from the firm’s day-to-day running to focus on projects in Australia and the United States.
Gambling revenue in Macau has been hit hard by China’s corruption crackdown, and fell 34.3 percent to a five-year low of 230.8 billion patacas (US$28.9 billion) in 2015, the second-straight year of declines.
Casino operators in the city are trying to lure mass-market visitors to offset the drop in high-roller gamblers.
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