Melco Resorts delays plans for Crown Resorts

Company News

by Rachael Jones

Melco Resorts is delaying its full $1.2 billion share acquisition stake in Crown Resorts (ASX:CWN) waiting on conclusion from the inquiry of the NSW Independent Liquor and Gaming Authority.

Consolidated Press Holdings announced on 30 May 2019 that it had entered into a share sale agreement to sell a 19.99 per cent interest in Crown Resorts to Melco Resorts and Entertainment.

The share sale agreement provided for the sale to occur in two tranches each representing an approximate 9.99 per cent interest in Crown.

The sale of the first tranche of shares completed on 6 June 2019.

CPH and Melco have today agreed to amend the share sale agreement.

Shares in Crown Resorts (ASX:CWN) are trading 0.16 per cent lower at $12.15.
 

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.