Crown abdicates from Melco with block trade

James Packer's Crown Resorts left with a residual stake in Melco Crown Entertainment after completing two separate equity transactions in the public and private markets.

Annus horribilis for James Packer after he loses his fiancee and Macanese assets?

Jackie Horne

December 15, 2016

Australia's casino king, James Packer, has all but cashed in his chips in Macau after completing two stake sales in Nasdaq-listed Melco Crown Entertainment Ltd MPEL.

A $669.9 million publicly marketed equity transaction on Thursday followed hot on the heels of a $1.18 billion stake sale to joint venture partner, Melco International Development Ltd, one day earlier.

Together the two transactions reduce ASX-listed Crown Resorts' holding in MPEL from 27.4% to 5.8%.

Timing of both transactions was highly symbolic.

The public equity transaction was launched and completed just before the opening bell on the Nasdaq -...

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