James Packer’s Crown Resorts has ended its 12-year adventure in Macau, selling the remainder of its stake in Melco Crown Entertainment for $1.34 billion.
Crown formally announced the sale on Tuesday morning, and said the proceeds from the sale of the 11.2 per cent stake would “initially be used to reduce Crown Resorts’ net debt”.
The selldown is the final part of Crown’s exit from Melco; in December 2014 it sold a 13.4 per cent stake in Melco, raising $1.6 billion.
Crown will also formally end its joint venture with Melco and its chief executive, gambling scion Lawrence Ho.
In a statement Mr Ho described Melco’s tie up with Crown as “the world’s most successful global gaming partnership” and thanked Mr Packer for “being…
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