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.

Crown abdicates from Melco with block trade

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...

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