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Blackstone buys stake in Crown Resorts
Hong Kong based gaming giant Melco Resorts has sold its 10% stake in James Packer’s casino group Crown Resorts.
Private equity firm Blackstone has snapped up the stake for A$550 million.
It marks an exit for Melco, which had originally planned to buy 20% of Crown a year ago.
The first 10% was completed but the second part of the sale was held up after the New South Wales gaming regulator instigated an inquiry.
This centred on Melco’s current relationship with former chief Stanley Ho who has previously been accused of having close links with Asian organised crime.
Ho’s son Lawrence is now in charge at Melco Resorts.
Crown operates integrated resorts in Melbourne Perth and is currently constructing the A$2 billion Crown Sydney Hotel Resort at Barangaroo.
Blackstone has major interests on the Las Vegas Strip with the Cosmopolitan and recently acquired the Bellagio resort from MGM on a sale-and-leaseback deal.
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