Packer’s sale of $1.76b stake in Crown Resorts puts spotlight on Barangaroo pledge

Original article by Nick Bonyhady, Nick Toscano
The Brisbane Times – Page: Online : 31-May-19

James Packer has sold half of his stake in Crown Resorts to Hong Kong-based Melco Resorts & Entertainment, a company with which Crown once operated a casino in Macau under a joint venture. The $1.76 billion deal was transacted via Packer’s private company Consolidated Press Holdings, and leaves Packer with around 25 per cent of Crown. However, there are suggestions that the share sale may breach the conditions of Crown’s operating licence in New South Wales; a condition of the agreement requires Crown to have no associations with Stanley Ho, the father of Melco owner Lawrence Ho.

CORPORATES
CROWN RESORTS LIMITED – ASX CWN, MELCO RESORTS AND ENTERTAINMENT

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