Published
Land-BasedCasinoFinancialIndustry

Melco sells Crown stake, senior executives to depart

Melco Resorts & Entertainment has sold its 9.99% stake in Crown Resorts to The Blackstone Group.

melco

The casino operator only acquired shares in its Australian counterpart last June, with an announcement coming in late May.

However, a public inquiry into Crown Resorts, which has been running since January, has prompted Melco to re-evaluate its interest in the company.

Among other issues, the inquiry is assessing the Melco transaction itself and whether it constituted a breach of Crown’s license for the Crown Sydney development.

Melco is additionally looking to the sale as a potential source of liquidity during the COVID-19 pandemic.

To that end, Melco Chairman and CEO Lawrence Ho will also forgo his salary for the remainder of 2020, according to GGRAsia.

The report states a number of unspecified senior executives will, too, be leaving the company "only due to the current state of the business environment."

Premium+ Connections
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
 
Premium Connections
Consultancy
Executive Profiles
Crown Melbourne
Resorts World Las Vegas
Crown Melbourne
Global Gaming Women
Svenska Spel
Follow Us

Facing facts: FY revenue figures reflect a turbulent '24

Who soared high and who fell behind in 2024? Gambling Inside...

Taking stock: Moving through to Q2

Gambling Insider tracks online casino operator and supplier...

Preview: This year's Global Gaming Awards Asia-Pacific and Americas

It’s that time of year once again, as the Global Gaming Aw...

Costa Rica: Effective regulation is the industry's path forward

Gambling Insider Senior Staff Writer Beth Turner spoke with...

Preview: Global Gaming Awards Asia-Pacific 2025

The Global Gaming Awards Asia-Pacific’s highly anticipated...

Preview: SiGMA Manila 2025

The return of the Philippines’ annual summer gaming summit...

Company profile: Gameplay Interactive

A multi-currency & multilingual white-label and turnkey solu...

Company profile: Lynon

Expertise & commercial flexibilities: In the ever-changing l...