Hotels

James Packer offloads half of Crown Resorts stake to Melco for $1.76bn

Billionaire James Packer has cashed in half his stake in Crown Resorts, offloading it to casino hotel company Melco Resorts & Entertainment for $1.76 billion.

The share sale was announced yesterday by Packer’s investment company, Consolidated Press Holdings (CPH), which gives Melco 19.9 per cent control of Crown Resorts.

Following completion of the sale, CPH will own approximately 26 per cent of Crown with a value of approximately $2.3 billion at $13 per share). CPH will continue to be represented on the Crown board.

CPH said in a statement that it remains “very optimistic” about the future prospects of Crown and resort facilities in Melbourne and Perth, as well as with the opening of Crown Sydney at Barangaroo, which is set for the first half of 2021.

“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,” Packer said.

“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 thrilled Lawrence Ho and Melco have chosen to invest in Crown. Over the last 15 years, Lawrence has built one of the world’s leading resort and gaming companies.

“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.”

The sale comes not long after US casino and hotel giant Wynn Resorts abruptly terminated takeover talks with Crown due to details of the discussions being leaked.


SEE WHAT PEOPLE ARE SAYING

Leave a Reply

News

“Unfortunately, the world changed”: McGowan suspends WA border reopening indefinitely

The western state will be keeping its borders firmly closed, as Premier Mark McGowan buys more time to bolster citizens against a “flood of the disease”.

Share

CommentComments

Tourism

Thailand to resume ‘Test & Go’ quarantine waiver from February

Pack your suitcase and ready your sinuses for a holiday in Thailand that promises to greet you with a lovely PCR test.

Share

CommentComments

Hotels

AUSSIE FIRST: Accor unveils next gen Mercure Hotels with new Melbourne property

While away your Friday afternoon by perusing through some stunning pictures of Accor’s swanky new-look Mercure in Doncaster.

Share

CommentComments

Aviation

Qantas threatens to slash cabin crew wages by “almost half” in latest union pay row

by Ali Coulton

The national carrier is once again facing condemnation from unions after applying to scrap its long-haul crew contract in an effort to “push through” a new deal.

Share

CommentComments

Aviation

Operation nest egg: Air New Zealand helps relocate rare kiwi chicks

The airline is doing gods work by flying these three little cuties to their new home where they were treated to an all-you-can-eat worm buffet.

Share

CommentComments

Tourism

Say ‘Aloha’ to the Hawaiian Islands and take a trip that gives back

by James Harrison

Check out the beauty, wonder, and excitement of the islands of Hawaii and explore a holiday destination where you can malama.

Share

CommentComments

Cruise

Crystal Cruises suspends operations as parent company files to windup business

The Hong Kong supercruise operator is winding up operations, leaving the future of its subsidiaries unknown.

Share

CommentComments

Tourism

Celebrity chef duo Gary Mehigan and Manu Feildel star in new tourism campaign for Japan

The staff at Travel Weekly have been rewatching our favourite anime to reminisce about Japan, but Gary and Manu might appeal to a broader audience than Pokemon reruns.

Share

CommentComments

Tourism

Aussie tourism took off in December, but remians well below 2019 levels

If these stats are anything to go by, we’ll be back to worrying about overtourism and carbon footprints in no time! Wait…

Share

CommentComments

Destinations

US slaps “do not travel” warning on Australia as Europe tightens border restrictions

The prospect of fewer American tourists milling about at Darling Harbour we can deal with, but if we have to go one more year without a European summer we’re going to go over the deep end.

Share

CommentComments

Aviation

Union survey reveals transport workers asked to return while COVID positive

Workers who answered the survey, which included passenger transport and aviation workers, are also calling for free RATs. That’s rapid antigen tests, not rodents as we first assumed.

Share

CommentComments

Wholesalers

“This isn’t a label we wish to keep”: Intrepid recertified as world’s largest travel B Corp

The tour operator has gone through another extensive company-wide audit to maintain its title, so why is it looking to pass the baton you may ask? Click here.

Share

CommentComments