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Companies & Markets

James Packer's Crown Resorts stake sale hits regulatory roadblock

Published Thu, Aug 29, 2019 · 04:51 AM
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[BENGALURU] Australia's Crown Resorts on Thursday said it had been informed that a planned US$1.2 billion stake sale by casino mogul James Packer to Melco Resorts & Entertainment had been delayed.

Melco on Wednesday said the second tranche of the 19.99 per cent stake sale by Packer's Consolidated Press Holdings would be deferred by up to 60 business days after Australian regulators complete a review of the deal.

An Australian gaming regulator in August said it would investigate Melco's planned purchase in Crown following media reports that Crown had flouted rules to lure big Chinese gamblers to Australia.

REUTERS

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