Australian billionaire James Packer has sold almost half his stake in Crown Resorts for A$1.76 billion (US$1.21bn) to a Macau-based entertainment company owned by former business partner, Lawrence Ho.
Six weeks after a failed sale to a US group Wynn Resorts, Packer’s private company has offloaded a 19.9% stake in Crown Resorts to Melco Resorts and Entertainment.
Packer said he was “thrilled” that Ho, chairman of Melco, had chosen to invest in Crown.
The two companies were once partners in Macau before Crown sold out two year ago.
“Over the last 15 years Lawrence has built one of the world’s leading resort and gaming companies,” Packer said.
“Melco’s award-winning resorts have set the standard internationally and are a testament to Lawrence’s vision and efforts. Crown is a stronger company with Lawrence and Melco as a strategic shareholder.”