Crown Resorts, Australian casino operator, has started the process of selling their share of the stocks in Melco Crown to Melco Resorts, a partner company.
James Peker, the billionaire and the owner of Crown Resorts, reported about it today. According to Peker, the deal worth $1,34 billion will be completed by Monday.
Crown management has considered leaving the largest gambling market of Asia in May, 2016. In October, 2016 18 employees of Crown were arrested by the Chinese authorities within the repressive policy towards gambling operators, and thus they have sped up the decision about leaving China.
Funds received from the sale of Crown Resorts will be directed on repayment of a number of financial debts, as well as for development of the hotels-casinos network in Sydney, Melbourne and Perth.
Melco Crown Entertainment was founded in December, 2004. Since May, 2008 the company has been a joint venture of the Hong Kong Melco International Development group and the Australian casino operator Crown Resorts Limited.