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Crown Resorts sells US$800m stake in Macau casino venture

Move will cut its stake in project from 34% to 27%, stokes speculation of a Crown buyout

Published Thu, May 5, 2016 · 09:50 PM
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Hong Kong

CROWN Resorts, the gaming company of James Packer, sold a US$800 million stake in its Macau venture after a two-year downturn of the world's largest casino hub, fuelling speculation the billionaire is preparing to buy back some assets in Australia.

Crown is selling the shares back to Melco Crown Entertainment, cutting its stake in the company to 27 per cent from 34 per cent. Mr Packer will resign as co-chairman of Melco Crown and become deputy chairman, the Hong Kong-based company said late on Wednesday.

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