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BRIEF-Crown Resorts to not proceed with international demerger plans
December 14, 2016 / 11:57 PM / 9 months ago

BRIEF-Crown Resorts to not proceed with international demerger plans

Dec 15 (Reuters) - Crown Resorts Ltd :

* Has entered into a bilateral agreement with Melco International Development limited for sale of 198 million MCE shares

* Board has also determined not to proceed with proposed demerger of company’s international investments

* Proceeds intended to be used to reduce company’s net debt by approximately $800 million

* Proceeds also intended to be used fund a special distribution of approximately $500 million and enable a share buy-back of approximately $300 million

* HY total revenue across company’s australian resorts declined by approximately 12%

* Update in relation to major initiatives to enhance shareholder value

* Sale to Melco is expected to generate proceeds of approximately $1.6 billion

* Board has resolved not to proceed with Alon project in Las Vegas at this time

* Sale of 198 million MCE shares for US$6.00 per MCE share

* Company continues to prepare for proposed IPO of a 49% interest in some of its Australian hotels and associated retail property Source text for Eikon: Further company coverage:

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