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You can find the current article at its original source at https://www.theguardian.com/business/2019/may/31/james-packer-sells-almost-half-his-stake-in-crown-resorts
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| James Packer sells almost half his stake in Crown Resorts | James Packer sells almost half his stake in Crown Resorts |
| (3 months later) | |
| James Packer has sold almost half his stake in Crown Resorts for $1.76bn to a Hong Kong-based entertainment company. | James Packer has sold almost half his stake in Crown Resorts for $1.76bn to a Hong Kong-based entertainment company. |
| Consolidated Press Holdings, Packer’s private investment company, confirmed on Thursday night it had sold 19.99% of its shareholding in Crown Resorts to Melco Resorts and Entertainment. It was sold for an aggregate purchase price of $1.76bn, equivalent to $13 a share. | Consolidated Press Holdings, Packer’s private investment company, confirmed on Thursday night it had sold 19.99% of its shareholding in Crown Resorts to Melco Resorts and Entertainment. It was sold for an aggregate purchase price of $1.76bn, equivalent to $13 a share. |
| US casino giant Wynn ends takeover talks with James Packer's Crown Resorts | US casino giant Wynn ends takeover talks with James Packer's Crown Resorts |
| Once the share sale is completed, CPH will own about 26% of Crown, worth about $2.3bn, and will remain represented on the Crown board. | Once the share sale is completed, CPH will own about 26% of Crown, worth about $2.3bn, and will remain represented on the Crown board. |
| Packer said Crown was a stronger company with Melco as a strategic shareholder. “Crown has been a massive part of my life for the last 20 years and that absolutely remains the case today – my continuing Crown shareholding represents my single largest investment,” he said of the deal. | Packer said Crown was a stronger company with Melco as a strategic shareholder. “Crown has been a massive part of my life for the last 20 years and that absolutely remains the case today – my continuing Crown shareholding represents my single largest investment,” he said of the deal. |
| “I am still vitally interested in Crown’s success as a world-class resort and gaming business. The sale allows me to continue my long-term involvement with Crown and at the same time to better diversify my investment portfolio.” | “I am still vitally interested in Crown’s success as a world-class resort and gaming business. The sale allows me to continue my long-term involvement with Crown and at the same time to better diversify my investment portfolio.” |
| Melco’s chief executive, Lawrence Ho, said the stake was a great opportunity for his company, which operates casinos across Asia, including in Macau and the Philippines. | Melco’s chief executive, Lawrence Ho, said the stake was a great opportunity for his company, which operates casinos across Asia, including in Macau and the Philippines. |
| “It is certainly our intention to continue if the opportunity arises to increase our stake in Crown,” Ho said. | “It is certainly our intention to continue if the opportunity arises to increase our stake in Crown,” Ho said. |
| CPH will lodge a notice of change in substantial holding with Crown and the Australian Securities Exchange. | CPH will lodge a notice of change in substantial holding with Crown and the Australian Securities Exchange. |
| – with Reuters | – with Reuters |
| James Packer | James Packer |
| Crown Resorts | Crown Resorts |
| Gambling | Gambling |
| Business (Australia news) | |
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