Packer's shock Crown sale triggers fresh casino reviews


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James Packer’s shock decision to offload half of his shares in Crown Resorts to Hong Kong-based gambling giant Melco for $1.8 billion will trigger fresh regulatory reviews relating to the company’s casino licences in Sydney and Melbourne, and adds to speculation the billionaire may not return to Australia.


James Packer's sale to Melco comes at a critical time for Crown as it prepares to launch its $2.2 billion Crown Sydney complex.

James Packer’s sale to Melco comes at a critical time for Crown as it prepares to launch its $2.2 billion Crown Sydney complex. Credit:Dilmex


Mr Packer is preparing to head to Europe this weekend where he will spend “several months”.


On Friday shares in Crown closed down 3.25 per cent to $12.50, amid concerns the sale has killed off a bidding war for the company.


In a deal announced late on Thursday, Mr Packer sold down his 46 per cent holding in Crown to Melco, a casino company headed by Lawrence Ho, the son of gaming tycoon Stanley Ho. Melco, which once had a joint venture casino with Crown in Macau, will hold 19.9 per cent of Crown and has flagged it may seek to increase its stake and seek a position on the board of directors over time.


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