Australian mogul James Packer’s Crown Resorts has reduced its stake in Melco Crown Entertainment (MCE) from 34.3 percent to 27.4 percent for HK$6.2 billion, Hong Kong-based Melco International Development (Melco) announced last night.
According to the deal, MCE has agreed to repurchase 155 million shares from a Crown Resorts subsidiary called Crown Asia Investments (CAI). After the repurchase agreement, Melco’s stake will rise to 37.9 percent from 34.3 percent.
Melco Crown Entertainment (MCE) is an associate of Melco.
This photo taken in September shows Melco Crown Entertainment’s flagship City of Dreams resort in Cotai. – Photo: Monica Leong
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