Melco Resorts and Entertainment has announced the conclusion of its joint venture partnership with Australia-listed Crown Resorts.
Melco announced it would be conducting a secondary sale of shares, as well as a concurrent repurchase of shares from Crown Resorts, which finalises the complete sell-down of Crown’s stake.
“Upon completion of this offering and repurchase, Crown Resorts will no longer hold any shares in Melco,” said the company in a press release. According to Bernstein, prior to the transaction Crown held 11.2 per cent of Melco shares.
According to the company press release, the move also nullifies any shareholder arrangements between Melco International Development and Crown Resorts, including the joint venture arrangements for the Japan market.
Source: Asia Gaming Brief
