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 -...