Hong Kong gambling giant Melco Resorts has bailed on its plans to buy another bundle of shares in James Packer's casino group Crown Resorts | pwhatch
Hong Kong gambling giant Melco Resorts has bailed on its plan to build up a large stake in James Packer's casino group Crown Resorts, just as a powerful local inquiry prepares to dig through the innerMelco announced late on Thursday night it had decided not to go ahead with a deal to buy another bundle of shares in Crown from Mr Packer worth $880 million because it needed to focus on its core business in Asia, which is being hit heavily by the coronavirus crisis.
The second tranche was put on hold after the NSW gambling regulator launched an unprecedented public inquiry into probity issues around Crown and Melco, including whether the share sale breached the terms of Crown's Sydney casino licence.The licence for Crown's casino under construction at Barangaroo bans Mr Ho's father, Stanley Ho and a number of associated individuals and companies from any involvement in Crown because of a longstanding allegation of links to organised crime.
"Melco does not currently intend to increase its existing shareholding in Crown from its current position. Melco also does not intend to seek representation on Crown’s board."
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