Crown Limited (ASX:CWN) has confirmed it has sold its 10 per cent stake in rival Echo Entertainment Group Limited (ASX:EGP).
Crown says it has sold its 82 million shares for $264 million, or $3.20 per Echo share.
According to media reports Mr Packer's decision to quit Echo at a loss may be a sign of his confidence that his proposal for a second Sydney casino will be approved by the NSW government.
Earlier this month James Packer won a bid to more than double his stake in rival Echo to 23 per cent after getting the green light from the New South Wales gaming regulator.
Crown's stake in Echo was viewed as an insurance policy should the government reject its Barangaroo proposal.
Crown generated a net profit of $180.7 million in the first half of the current financial year.
