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3 months ago
Australia's Crown Resorts quits Macau as Packer sells Melco stake
May 8, 2017 / 11:52 PM / 3 months ago

Australia's Crown Resorts quits Macau as Packer sells Melco stake

SYDNEY, May 9 (Reuters) - Australian billionaire James Packer's casino group Crown Resorts Ltd agreed late on Monday to sell its remaining stake in Macau-focused Melco Resorts and Entertainment Ltd for $1.16 billion, ending its exposure to the Asian gaming hub.

Melco said in a statement it would buy back Crown's 11.2 percent stake in the company, while Crown said separately the agreement was expected to be completed on May 15. (Reporting by Tom Westbrook; Editing by Stephen Coates)

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