Packer sells $1.76bn Crown stake

James Packer has sold a $1.76 billion stake in Crown Resorts to Hong Kong-based Melco Resorts & Entertainment.

In a statement, Mr Packer’s Consolidated Press Holdings said the disposal equated to 20 per cent of the shares of Crown at price of $13 per share.

This leaves Consolidated Press with approximately 26 per cent of the company.

The remaining stake Packer holds equates to $2.3 billion.

Mr Packer said he remained optimistic about Crown’s future.

“Crown has been a massive part of my life for the last 20 years and that absolutely remains the case today,” he said.

“My continuing Crown shareholding represents my single largest investment.

“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.”

Crown owns a Burswood riverside casino and hotel complex, and is scheduled to open Crown Sydney at Barangaroo in the first half of 2021.

Last month, Las Vegas-based Wynn Resorts abruptly ended talks over its $10 billion takeover proposal for Crown Resorts, blaming the Australian casino operator for revealing the potential deal too early.

The Las Vegas gambling giant pulled the plug on talks less than 24 hours after Crown had made them public.

The Wynn 50-50 cash-and-stock proposal had an implied value of $14.75 per share.

Shares in Crown were down 4.26 per cent to trade at $12.37 each at 12.10pm AEST.